Part of the answer is that labour markets work particularly badly for older workers.
And, he certainly appreciates the need for hard money to ensure that markets work properly.
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Quite the contrary, according to the FDA, free markets work just fine 99.5% of the time.
The world still does not fully understand how financial markets work, according to investor George Soros.
Macroeconomists also had a blindspot: their standard models assumed that capital markets work perfectly.
Indeed, health care markets work best when devoid of cross-subsidies from the young to the old.
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Mr. Clinton wouldn't say something like that if he actually believed in or understood how markets work.
This surge in energy production is a fabulous reminder of how markets work.
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America can once again prosper if we put our trust in first principles and let the free markets work.
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Mr Greenspan is right: Europe does need structural reforms to make its labour, product and capital markets work better.
Price rationing facilitates this and as competitive markets work their magic we notice that quantities and quality are both robust.
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Much of the time, market solutions that address information problems, moral hazard and other frictions in markets work reasonably well.
But I also know how markets work and that they have no equal as the core organizing principle for our society.
Most commentators have gone on to point out that this is really an artefact of the way that different housing markets work.
The title comes from testimony by Alan Greenspan when he admitted there was a flaw in his worldview of how markets work.
That Avik Roy would even make this comparison reveals so much about those dedicated to the fallacy that free-markets work in health care.
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"Markets work on a second-by-second basis, while politicians seem to be working to a monthly calendar, " Jeremy Stretch from CIBC told the BBC.
Half-baked ideas for new Fund programmes are not as helpful as would be concrete, albeit more modest-seeming, measures to help financial markets work better.
Some may question whether economics or labor markets work this way.
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Entirely missing the way that markets work which is that companies are motivated to change their actions by the profits that can come from changing those actions.
Economists need to reach out from their specialised silos: macroeconomists must understand finance, and finance professors need to think harder about the context within which markets work.
Markets work most efficiently when actors have perfect information.
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We also are going to have to make sure that we set up financial regulations so that not only does this never happen again, but you start having some sort of trust in how the credit markets work again.
Most new markets work that way.
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The best way to boost national economic prosperity is to make labour and product markets work more efficiently, speed up the shift of jobs from old industries to better-paying new ones, and improve education and training to prepare workers for tomorrow's jobs.
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