Re-thinking market failure in the light of the imperfect state
We propose a formal re-definition of the concept of market failure based on the idea of the imperfect state. In the neoclassical taxonomy, a decentralized regime of exchange is a market failure if its laissez-faire equilibrium solution is welfare-dominated by a technically feasible alternative. If t...
| Publié dans: | The Philippine Review of Business and Economics Vol. LIII, No. 2 (December 2016), p. [28]-46. |
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| Auteurs principaux: | , |
| Format: | Analytics |
| Langue: | English |
| Publié: |
2016.
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| Sujets: | |
| Accès en ligne: | https://forms.gle/KZjBv7aRtY6jiL5E9 |