What is Market Failure
The term “market failure” comes from the field of neoclassical economics and refers to a scenario in which the distribution of commodities and services by a free market is not Pareto optimal. This circumstance frequently results in a loss of significant economic value. Failures in the market can be understood as situations in which people' pursuit of their own self-interest leads to outcomes that are not efficient, outcomes that, from the perspective of society, have room for improvement. The concept can be traced back to the Victorian philosopher Henry Sidgwick, who is credited with being the first person to use the term in the field of economics around the year 1958.A number of factors, including public goods, time-inconsistent preferences, information asymmetries, non-competitive markets, principal-agent difficulties, and externalities, are frequently linked to market failures.
How you will benefit
(I) Insights, and validations about the following topics:
Chapter 1: Market failure
Chapter 2: Economics
Chapter 3: Microeconomics
Chapter 4: Ronald Coase
Chapter 5: Pareto efficiency
Chapter 6: Environmental economics
Chapter 7: Free-rider problem
Chapter 8: Externality
Chapter 9: Participatory economics
Chapter 10: Index of economics articles
Chapter 11: X-inefficiency
Chapter 12: Coase theorem
Chapter 13: Pigouvian tax
Chapter 14: Social cost
Chapter 15: Welfare economics
Chapter 16: Allocative efficiency
Chapter 17: Robin Hahnel
Chapter 18: Government failure
Chapter 19: Market (economics)
Chapter 20: Property rights (economics)
Chapter 21: Public economics
(II) Answering the public top questions about market failure.
(III) Real world examples for the usage of market failure in many fields.
Who this book is for
Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Market Failure.
