Newmark's Door

Very nicely done by Donald Boudreaux.

Put differently, to say “let the market handle it” is just a shorthand way of saying “Let whoever is most willing, most able, most experienced, most knowledgeable, and best equipped be free to try his or her hand at dealing with each specific problem.” And to say “let the market always handle it” is not – contrary to what Rodrik’s argument suggests – to propose a single, simple fix for all problems; it is to propose that the field be left open for as many fixes as are feasible to be tried. To say “let the market always handle it” is to warn that using government as a fix crowds out – prevents – experimentation with many other possible fixes.