Over the last decade or so there has been something of a revolution in economics. The long held belief that unfettered markets deliver good outcomes for all is now overwhelmingly discredited.
Some of the most prominent economists in the world have been changing their minds about the efficacy of markets. A Nobel Prize-winning economist at Princeton University, Angus Deaton, for example, had this to say in a recent article:
Our emphasis on the virtues of free, competitive markets and exogenous technical change can distract us from the importance of power in setting prices and wages.
