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The second part of the New Right's policy package has been the belief that free-market solutions are always best. It is this latter view which is profoundly mistaken. Markets and profits are crucial, but the pure free-market model itself is deeply flawed.
Paul Ormerod
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Keynes tried to show that market economies could settle in equilibrium states in which the labour market did not clear, and in which the level of unemployment was high. He believed that this was due to a particular example of market failure, developed in his concept of effective demand.
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Even in financial markets, the concept of market efficiency does not hold.
Paul Ormerod
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In England, the profession of the law is that which seems to hold out the strongest attraction to talent, from the circumstance, that in it ability, coupled with exertion, even though unaided by patronage, cannot fail of obtaining reward.
Charles Babbage
Paul Ormerod
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