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Market failure

In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value. The first known use of the term by economists was in 1958, but the concept has been traced back to the Victorian writers John Stuart Mill and Henry Sidgwick.

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Market failure

Nodes168
Edges167
Triples142
Avg. degree1.99
Density0.011905
Components1

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Market failure

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related to Further reading · 36
Market failure → Behavioural Economics, Book, CA, Capital, Cato Institute, Cowan, Economy Working Papers, Fast, In Hamowy, ISBN, Kahneman, Labour Law, LCCN, Libertarianism, LSE Law, Mazzucato, McGaughey, Nations, OCLC, Public Sector
related to Ecological · 15
Market failure → Any, Daly, Earth, Earth's, Georgescu-Roegen, Hence, Herman Daly, However, Imposing, In, It, Nicholas Georgescu-Roegen, Pareto, The, This
related to Information failures · 12
Market failure → Economics, Examples, From, George Akerlof, Information, Joseph, Michael Spence, Most, Nobel Prize, One, Stiglitz, This
related to Unequal bargaining power · 10
Market failure → Capital, Fleeming Jenkin, In The Wealth, Nations Adam Smith, Notably, Ronald Coase, Thomas Piketty, Twenty-First Century, Unequal, While
related to Austrian · 9
Market failure → Austrian School, Austrians, Efficiency, However, Inefficiency, Israel Kirzner, Pareto, Some, This
related to Interpretations and policy examples · 9
Market failure → For, Keynesian, New York Stock Exchange, NYSE, Pareto, Policies, The, This, Walrasian
related to Marxian · 7
Market failure → Colloquial, In, Marxian, Marxists, Objections, Pareto, This
related to Public choice · 7
Market failure → Beyond, Chicago, Conditions, Economists, Milton Friedman, Public Choice, This
related to External links · 5
Market failure → David, Encyclopædia BritannicaMarket Failures, Friedman, Market, Price Theory
related to Macro-economic failures · 5
Market failure → Macroeconomic, Therefore, These, They, Unemployment

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market failure externalities cost costs public information economists rights failures economy government may power ecological would economic economics agents also

Entity relationships Subject–Predicate–Object triples

SubjectPredicateObjectConfidenceSrc
Market failureis asituation in which the allocation of goods and services by a free market is not Pareto efficient0.90text
unemployment or inflation.Failure of competition.mw-parser-output .hatnoteinstance ofand if there are macro-economic failures0.80text
these form an important part of the work of institutional economicsinstance ofConsiderations0.80text
corninstance ofwho considered that the wages of labour could not be equated with ordinary markets for commodities0.80text
because of labour's unequal bargaining power.Bounded rationalityIn Models of Maninstance ofwho considered that the wages of labour could not be equated with ordinary markets for commodities0.80text
Herbert Ainstance ofwho considered that the wages of labour could not be equated with ordinary markets for commodities0.80text
chambers of commerceinstance ofbusiness associations0.80text
trade associations or employers' organizations would generally lobby to governments for an increase of the inward immigration of foreign workers from countries which are less developedinstance ofbusiness associations0.80text
have lower salariesinstance ofbusiness associations0.80text
because of labour's unequal bargaining powerinstance ofwho considered that the wages of labour could not be equated with ordinary markets for commodities0.80text
Milton Friedman from the Chicago schoolinstance ofObjectionsPublic choiceEconomists0.80text
others from the Public Choice schoolinstance ofObjectionsPublic choiceEconomists0.80text

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