Except there are problems that the market hasn’t solved, and probably can’t. A century into this worldwide experiment, the market hasn’t solved mass education, it’s made obesity and health problems worse, and it has dumped an enormous amount of long-term toxic waste into the world where we all live.
Patient capital can work wonders, but networked economies are becoming ever more impatient in their race for basis points and shortcuts.
When we hand a chronic problem over to the market, it might be because we can’t bear to look at it or take responsibility for the hard work and sacrifice it will take to solve it.
If the market can solve a problem, it’s a bargain. Markets are effective listening devices and resilient and often self-coordinating. But expecting the market to solve every problem isn’t useful.
Sometimes, the specific tools of the open market aren’t aligned with the problem at hand. Externalities, patience and incentives are all worth considering before we decide the problem will solve itself.