Encyclopedia of Law and Economics

2019 Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Market Failure: History

  • José Luis Gómez-BarrosoEmail author
Reference work entry
DOI: https://doi.org/10.1007/978-1-4614-7753-2_620


The existence of market failures is linked to any opinion on the role reserved for the State in the economy. In practice, this means that the notion of market failure (though not necessarily the term) can be traced back throughout all contributions made to economic science. This entry reviews the historical evolution of the opinion on market efficiency and, consequently, of the opinion on the existence of market failures.

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© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.Dpto. Economía Aplicada e Historia EconómicaUNED (Universidad Nacional de Educación a Distancia)MadridSpain