Quote Originally Posted by wufwugy View Post
I've never heard the term in my studies. So I looked it up and notice Joe Stiglitz has popularized it (or helped to do so). It's worth noting that his thesis regarding why market fundamentalism doesn't work is contradicted by his explanation for why it doesn't work. He makes a common mistake of saying that we don't have a free market therefore when our non-free market failed it means the free market failed. This sounds really stupid when put in direct terms like I did, but trust me it's a very common mistake.
You do the inverse all the time.

"Even though we don't have a planned economy, this problem with the economy is due to these aspects of it which resemble a planned economy."