Solow: Everyone has known for a long time that a complicated industrial economy is either a market economy or a mess.
Read more: Hayek, Friedman, & The Illusions Of Conservative Economics (The New Republic)
Solow, again: The real issues are pragmatic. Which of the defects of a “free,” unregulated economy should be repaired by regulation, subsidization, or taxation? Which of them may have to be tolerated (and perhaps compensated), at least in part, because the best available fix would have even more costly side-effects?
Solow provides several useful links in the article, all of them many years older than the initial nod to Planet Money co-founder Adam Davidson’s pre-election piece: Prime Time for Paul Ryan’s Guru (the One Who’s Not Ayn Rand) The New York Times