Markets are not always selfregulating from "summary" of 23 Things They Don't Tell You About Capitalism by Ha-Joon Chang
The idea that markets are always self-regulating is a popular myth that has been perpetuated for many years. This myth suggests that markets have a natural ability to correct themselves and find the optimal equilibrium without any external intervention. However, this is far from the truth. In reality, markets are not always self-regulating and often require intervention to function properly. One of the main reasons why markets are not always self-regulating is due to the presence of externalities. Externalities are the side effects of economic activities that are not reflected in the prices of goods and services. For example, pollution is a negative externality that is often not accounted for in market transactions. As a result, markets may fail to allocate resources efficiently and may require government intervention to address these externalitie...
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