Economics

Equality of Opportunity vs Equality of Outcome: The Manufactured “Debate”

Claim: Social safety nets are intended to provide equality of outcome. What really matters is equality of opportunity. Fact: Social safety nets are intended to provide equality of opportunity (or at least narrow the gap), not the outcome (which is impossible anyhow). Touting “equality of opportunity” often implies that the market provides such equality, and […]

Economics

Free Market Failures

Many have an exaggerated opinion of what markets can achieve. They mistakenly think of markets (and more so, free markets) as some magical force that acts in the best interests of society and makes us all better off in the end. The problem with this assessment is that it is unrealistic and misunderstands how markets […]