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Richard R. Nelson

years later the Republican President Richard Nixon would say ‘We are all Keynesians’ (see US Government, 1960, 1967). Market organisation was assumed to be the basic way of governing and managing industry, broadly defined. However, the theory of ‘market failures’, to use a term I will unpack later, was very much part of the neoclassical synthesis. The provision of public goods, like national security and scientific knowledge, required public support and in some cases public undertaking. Externalities required regulation or a regime of taxes and subsidies. Anti

in Market relations and the competitive process