“Many writers within the NIE have argued for the efficiency of market and spontaneous processes very broadly, utilizing only weak arguments by analogy. A closer analysis of invisible- hand, common law, and even competitive market processes reveals that there are no guarantees that the inefficient will be eliminated in favour of the efficient or socially beneficial. This may occur, but whether or not it does will depend on the specifics of the case.”

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About Malcolm Rutherford

Malcolm Rutherford is quoted here; further biographical details are not publicly available.

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