My name is Jon Murphy. I am a econ PhD student at George Mason University. In my off time, I am also a deacon for the First Congregational Church of Concord UCC, baseball fanatic, horseback rider, mountain climber, and sci-fi guy.
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A Force for Good 
The term “market failure” or the idea that markets ever fail or fail to provide a particular product or service makes me boil over.
Markets transmit information, nothing more and nothing less. People provide products and services. Markets “fail” only when outside agencies, like government, gum up the works.
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Of course markets fail. The information transmitted in markets is neither perfect nor instantaneous. Do markets self correct? I would say yes. Would you? I hope that you would say yes. From what (?) do markets correct: failure. Arbitrage is a failure of information (and timing) that allows the possessor of information not universally available to earn ‘rents’….wealth above and beyond normal profits which normally might be earned. Monopolies and Cartels are proof that monsters truly sleep under the beds of perfect markets. In a perfect world there should be no market failures, however in our imperfect world the platonic ideal often fails. That markets fail due to human (sic…government) intervention is kind of a perverse thought since markets are created by and to serve … humans, whom by our greedy, acquisitive natures are always hoping for a market failure…that favors us. Typically government intervention occurs after a market failure so big, or persistent that it seems like the only market correction that will succeed is one provided by government intervention. Whether or not government intervention is going to be effective, is beside the main point: the market has failed in such a fashion as to attract attention to the failures of the market. Perfect markets might exist in the perfect world of perfect people where altruistic people are satisfied with their lot in life and do not seek an advantage over their trading partners for his/her own benefit.
I’m being obtuse here since the concept you present is simply, government intervention is more likely to screw up a market than help it, and worse yet, through the laws of unintended consequences have ripple effects through the entire economy in which a market operates. And, I do agree with that thought.
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