Encyclopedia of Law and Economics

Living Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Market Failure (Analysis)

  • José Luis Gómez-Barroso
Living reference work entry
DOI: https://doi.org/10.1007/978-1-4614-7883-6_619-1

Abstract

Given that there is no agreement on the procedure by which economic efficiency should be measured, a closed catalogue of market failures cannot be talked about. There is however a reasonable agreement in economic literature on the identification of up to a total of five reasons for the existence of market failures: public goods, externalities, imperfect competition, information failures, and incomplete markets. There are three other situations that some authors also include in the list of market failures: merit goods, an unbalanced macroeconomic situation, and economic situations that assault criteria of equity.

Keywords

Public Good Market Structure Market Failure Network Externality Imperfect Competition 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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Copyright information

© Springer Science+Business Media New York 2016

Authors and Affiliations

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