Market failure is one of the most widespread and influential ideas in contemporary economics. Not only that, it is perhaps the most important reason now given for expanding the role of government. Market failure, properly understood, exists in many contexts other than markets. It is a reason why a free market will not always produce the best possible result, but also a reason why the political alternatives will not.

David Friedman is one of the best known figures in contemporary libertarian thought. He teaches at the Law School at Santa Clara University, California. Among the subjects he has recently taught are “Legal Systems Very Different From Ours”, “Legal Issues of the 21^st Century” and “Economic Analysis of Law”. His many areas of expertise include economics, MMORPGs, Icelandic sagas and the works of Kipling. His published works include The Machinery of Freedom: Guide to a Radical Capitalism, Law’s Order: What Economics Has to Do With Law and Why It Matters, Hidden Order: The Economics of Everyday Life, and Future Imperfect: Technology and Freedom in an Uncertain World.

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