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BOOK REVIEW - Robert M. Solow
John Cassidy, How Markets Fail: The Logic of Economic Calamities; Farrar, Straus and Giroux, 390 pp., $28
The subtitle of John Cassidy’s book illustrates the problem. Most market failures--they occur every day--are not even nearly calamities. They start with the existence of partial monopoly power in this or that industry, with the result that the...
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