Encyclopedia of Law and Economics

Living Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Market Failure (History)

  • José Luis Gómez-Barroso
Living reference work entry
DOI: https://doi.org/10.1007/978-1-4614-7883-6_620-1

Abstract

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.

Keywords

Market Failure Austrian School Invisible Hand Economic Thought Public Intervention 
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