Re: UK Prime Minister Theresa May has suggested her government could intervene in failing markets
intervene in failing markets
Absent criminality, there is no such thing as a failing market. What fuckwit politicians mean by "failing market" is usually a "fully functional market whose results I disapprove of".
By definition, for a market to work, it requires that you accept that anybody not able and willing to pay the lowest offered price goes without. In some areas (say petrol) the politicians are willing to say that's acceptable, in others (electricity) they are not. What this SHOULD mean is that they don't set up any market whose outcome they may not like. What it usually means is that politicians contrive a pseudo market, and then invent a thousand and one interventions to try and steer the outcome to something closer to what they see as the correct answer. Hence the multiple, chaotic, subsidy and distortion ridden domestic energy markets.