Even within the dominant school of economics, that is, the neo-classical school, which provides much of the foundation for free-market economics, there are theories that explain why free markets are likely to produce sub-optimal results. These are theories of 'market failure' or 'welfare economics', first proposed by the early twentieth-century Cambridge professor Arthur Pigu, and later developed by modern-day economists such as Amartya Sen, William Baumol and Joseph Stiglitz [...]