Does A Self Regulating Market Produce Desirable Results?

Brad DeLong is an economic historian.  He gives his answer to this question by reviewing the ideas of some thoughtful economists from the past.  Any article that includes Keynes, Hayec and Polanyi in it will be thought provoking.  I am traveling today and I brought a book by Polanyi with me.  If you are in a philosophical mood, there are some choice ideas about economics in this short article.  You may have to read it twice, but the time will be well spent. There is no such thing as a self regulating market and that is a good thing. Our problem is not to let the market regulate itself.  It is to do a better job of regulating it.  Some of this can be learned from economic history.