Market Failure
Type of content
Chapters
UC permalink
Publisher's DOI/URI
Thesis discipline
Degree name
Publisher
University of Canterbury. Economics.
Sage
Sage
Journal Title
Journal ISSN
Volume Title
Language
Date
2007
Authors
Crampton, E.
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.
Description
Encyclopedia entry
Citation
Crampton, E. (2007) Market Failure. In D.S. Clark (Ed.). Encyclopedia of Law and Society (pp. 983-985). Thousand Oaks: Sage.
Keywords
Market Failure, Microeconomics