The Anatomy of Market Failure
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What is it we mean by “market failure”? Typically, at least in allocation theory, we mean the failure of a more or less idealized system of price-market institutions to sustain “desirable” activities or to estop “undesirable” activites.1 The desirability of an activity, in turn, is evaluated relative to the solution values of some explicit or implied maximum-welfare problem.
[1] P. Samuelson. The Pure Theory of Public Expanditure , 1954 .
[2] K. Arrow,et al. EXISTENCE OF AN EQUILIBRIUM FOR A COMPETITIVE ECONOMY , 1954 .