One of Texas' most prominent left-leaning economists knows exactly why its power grid failed

Power lines in Texas City, Texas.
THOMAS SHEA/AFP via Getty Images
Economist James K. Galbraith said policymakers failed Texas during the state's recent power outage.
Texas' deregulated electrical system incentivized the cheapest production without accounting for resilient machinery.
Galbraith says the only way to fix the system is to turn it into a public utility.
Visit the Business section of Insider for more stories.
Millions of Texans lost power last week and were stuck living in freezing c