A perfectly functioning market is a beautiful thing. It’s also vanishingly rare, the New York Times reports. The main work of economists is figuring out how to make markets function well when the messy, real world intrudes on our textbooks’ elegant models.

The pandemic, unfortunately, provides instructive examples of markets that are failing in predictable and harmful ways. The failures are particularly glaring in dozens of college towns across the United States that are coronavirus hot spots.

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