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When economists could not solve their problems, they sought excuses in something called market failure. For example, when some old people could not find insurance coverage, economists blamed them for hiding their true and high risk, such that no insurance company dared to accept their premium. Economists called that asymmetric information. It was also called moral hazard, as if the old people were cheating for insurance compensation. For another example, when a factory emitted pollution, instead of suing the factory, economists simply attributed the pollution to social cost, and asked everybody to bear their share. Actually, all these things can be settled rationally and have nothing to do with market failure. In contrast, the only culprit that causes truly market failure is monopoly, whose damage was, however, greatly overlooked by economists.
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