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.
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© 2016 Springer Science+Business Media New York
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Gómez-Barroso, J.L. (2016). Market Failure (Analysis). In: Marciano, A., Ramello, G. (eds) Encyclopedia of Law and Economics. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7883-6_619-1
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DOI: https://doi.org/10.1007/978-1-4614-7883-6_619-1
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Publisher Name: Springer, New York, NY
Online ISBN: 978-1-4614-7883-6
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