The powerful theorems of welfare economics operate under a range of assumptions. Two of the most significant are the existence of competitive markets for all goods and services - including futures markets - and the unbounded rationality of all economic agents who act independently to maximize payoffs. In the contributions discussed in this research review, economists come to grips with the consequences of markets falling short of assumptions, as well as the response of institutions to observed market characteristics. This comprehensive study will be of interest to economists and policymakers who wish to understand the strengths and limitations of the market mechanism of resource allocation.
| ISBN: | 9781786432285 |
| Publication date: | 5th December 2019 |
| Author: | Stephen Martin |
| Publisher: | Edward Elgar Publishing |
| Format: | Hardback |
| Pagination: | 2120 pages |
| Series: | The International Library of Critical Writings in Economics |
| Genres: |
Economics of industrial organization Welfare economics Economic systems and structures |
The powerful theorems of welfare economics operate under a range of assumptions. Two of the most significant are the existence of competitive markets for all goods and services - including futures markets - and the unbounded rationality of all economic agents who act independently to maximize payoffs.
Market Failure features in the following genres: Economics of industrial organization, Welfare economics, Economic systems and structures
Hardback. Not Available.
Market Failure was written by Stephen Martin and published by Edward Elgar Publishing
Market Failure has 2,120 pages
Yes it is part of The International Library of Critical Writings in Economics series