The feedback on Eli Noam’s now famous article in the Financial Times has elicited many and varied reforms. The latest comes from Russell Nelson who runs a weblog called the Angry Economist. In his post, Bad Economist, No Donut Russell writes:
bq. One thing that you must, must know, is that any economist who talks about “market failure” needs to put his feet on his shoulders and push. Markets do not fail any more than gravity fails. What would you think of a physicist who talked about “gravity failure”? Probably not much. You should think as little of an economist who talks about market failure.
Another reader, Lucas, who has left out his email address or URL writes, “The failure has been in creating new markets, not in halting the inevitable advance of commoditization. In a disintermediated environment like the internet where collusion can be routed around commoditization of existing markets must take place, and rapidly.”