Francis Bator, the economist who popularized the term “market failure”, has died at the age of 92 after being hit by a car. His NY Times obituary is here.
Francis’ passing is a cause of sadness for me as my book, Economics In Two Lessons draws heavily on his work from the 1950s and 1960s. He had read excerpts on Crooked Timber and corresponded with me about it, much to my surprise and delight. I was looking forward to sending him the manuscript but now I won’t get the chance.