Most introductory economics textbooks have a section on “market failure.” It is here that students learn that markets may fail to achieve their potential – leaving people worse off than they ...

First, the ideological and economic incentives that play a role in ways in which economists often get it wrong, and second, there’s the market failure that Ritholtz seems to be documenting: if ...

John Cassidy writes about the work of Bill Nordhaus and Paul Romer, the scholars who won this year’s Nobel Prize in Economics, which studies how market economies sometimes fail to work as ...

A market failure, in the parlance of economics, means a situation in which free markets produce wasteful outcomes. If the advocate can’t produce a theory justifying the policy, the critic claims ...

At UC Berkeley, introductory economics includes three weeks on market successes — enough to get the concept of markets and equilibrium — and ten weeks on market failures. And here at Princeton last ...

As an economic system, capitalism is prone to market failure due to the inefficiency of the market to allocate certain goods and resources. Invariably, the freedom of individuals and firms to use any ...

Then, controlling for trust in the regression of market failures on regulation, the latter is no longer associated with worse economic outcomes. The same result is confirmed when I exploit country ...

As a rhetorical strategy, Benabou’s probably right. Non-economists are much more anti-market than economists. If we told them that the economic way of thinking is consistent with (or better yet ...

New Labour economics, in both private and public sectors, is based on the idea of market failure. But the doctrine smuggles in too many neoliberal ass ...

Economic arguments for interfering with market dominance should establish the presence of “market failure” — that is, some feature of the market that means it does not in practice produce ...