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Please use this identifier to cite or link to this item: http://hdl.handle.net/10092/2597

Title: Market Failure
Authors: Crampton, E.
Clark, D.S.
Keywords: Market Failure
Microeconomics
Issue Date: 2007
Citation: Crampton, E. (2007) Market Failure. In D.S. Clark (Ed.). Encyclopedia of Law and Society (pp. 983-985). Thousand Oaks: Sage.
Abstract: Market failure theories underlie most economic arguments for government intervention in the economy. When markets operate in accordance with standard economic assumptions, no person can be made better off except by making someone else worse off. The range of government activity in such a world consequently is constrained. However, when markets fail to operate in accordance with the standard model, government policy may improve economic outcomes by ameliorating the market failure.
Publisher: University of Canterbury. Economics.
Sage
Description: Encyclopedia entry
Research Fields: Fields of Research::350000 Commerce, Management, Tourism and Services::359900 Other Commerce, Management, Tourism and Services
URI: http://hdl.handle.net/10092/2597
Rights URI: http://library.canterbury.ac.nz/ir/rights.shtml
Appears in Collections:Business and Law: Chapters and Books

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