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...
| 发表在: | The Philippine Review of Business and Economics Vol. LIII, No. 2 (December 2016), p. [28]-46. |
|---|---|
| Main Authors: | , |
| 格式: | Analytics |
| 语言: | English |
| 出版: |
2016.
|
| 主题: | |
| 在线阅读: | https://forms.gle/KZjBv7aRtY6jiL5E9 |