Market Failure
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Market Failure

Stephen Martin

The powerful theorems of welfare economics operate under a range of assumptions. Two of the most significant are the existence of competitive markets for all goods and services – including futures markets – and the unbounded rationality of all economic agents who act independently to maximize payoffs. In the contributions discussed in this research review, economists come to grips with the consequences of markets falling short of assumptions, as well as the response of institutions to observed market characteristics. This comprehensive study will be of interest to economists and policymakers who wish to understand the strengths and limitations of the market mechanism of resource allocation.
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About this Research Review

Stephen Martin

About Elgar Research Reviews

Elgar Research Reviews consist of two principal components: a scholarly literature review article and a list of recommended readings.

Each literature review article is prepared by a leading scholar and introduces the relevant field of academic study by surveying the seminal and most transformative articles within that field. The article sets the recommended readings into context, revealing how they have shaped scholarship and why they are important to the development of the field. To facilitate further research the recommended readings are fully referenced.

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Market Failure

Stephen Martin (ed.)

ISBN 9781786432285 (3 volume set)

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