There is no reason to believe that ad hoc attempts to repair market failures, such as determining shadow prices for unpriced social goods, or exempting social goods from the market, or using the law to address social goods that are unattainable through individual choice, are socially inadequate.

Question

Quizplus · Accepted Answer

Ad hoc attempts to repair market failures, such as determining shadow prices for unpriced social goods, exempting social goods from the market, or using the law to address social goods that are unattainable through individual choice, can be socially inadequate because they may not fully capture the true value of these goods, may lead to inefficiencies, or may not address the root causes of the market failure.

There Is No Reason to Believe That Ad Hoc Attempts