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| 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: | Chapters and Books
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