Let me share a quote from Michael Spence's recent piece (titled, Adam Smith at 250) in the Project Syndicate.
"...the “invisible hand” of markets efficiently allocates resources, as long as certain conditions – including a stable currency, a degree of trust and moral rectitude among economic actors, and credible property rights – are in place. Externalities (the unpriced impact of an entity’s activities on others) and informational gaps and asymmetries diminish the invisible hand’s efficiency and performance."
Those externalities and market imperfections indeed prove the point of marketcraft as a development imperative.
Let me share a quote from Michael Spence's recent piece (titled, Adam Smith at 250) in the Project Syndicate.
"...the “invisible hand” of markets efficiently allocates resources, as long as certain conditions – including a stable currency, a degree of trust and moral rectitude among economic actors, and credible property rights – are in place. Externalities (the unpriced impact of an entity’s activities on others) and informational gaps and asymmetries diminish the invisible hand’s efficiency and performance."
Those externalities and market imperfections indeed prove the point of marketcraft as a development imperative.