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In over twenty-five years of teaching undergraduate students, I have heard the same refrain countless times: free markets have many problems that government has to step in to solve. Indeed, students expect government to “step in” so much that markets occupy a peripheral role in their idealized economic system. Even students with an ideological predilection toward markets will be quick to argue that certain problems, such as pollution, require extensive government regulation and probably copious spending of tax dollars.

United statesUnited kingdomNew yorkAlfred marshallWilliam baumolJonathan adlerRobert mcgeeWalter blockArthur cecil pigouMark whiteTimothyd terrellBob murphyNed stringhamMurray rothbardJames buchananMises institute