Abstract
Market failures refer to situations where market forces fail to fulfil their ‘responsibility’ of the optimal allocation of resources. They may be due to information imperfection, externalities, or imperfect competition and may justify public intervention. In this chapter we discuss the three kinds of market failures.
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© 2009 Pierre-André Buigues and Khalid Sekkat
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Buigues, PA., Sekkat, K. (2009). Cases for Public Support: Market Failures. In: Industrial Policy in Europe, Japan and the USA. Palgrave Macmillan, London. https://doi.org/10.1057/9780230244351_2
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DOI: https://doi.org/10.1057/9780230244351_2
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-36830-3
Online ISBN: 978-0-230-24435-1
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)