The Myth of 'Market Failure'

"Stiglitz argues that technological improvements are a market failure, even though most of the transition from agriculture to manufacturing occurred 20–30 years prior to 1929. Like many in the mainstream, he focuses on the seen as opposed to the unseen effects of policy — because these effects, after all, can be easily inserted into elegant econometric models — and he ignores much economic theory and economic history to make his particular story work."