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Understanding Market Failure in the Developing Country Context

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  • Jackson, Emerson Abraham
  • Jabbie, Mohamed

Abstract

Market failure makes it difficult to achieve the condition of economic efficiency by distorting price mechanisms and normal distribution of goods and services thereby, leading to welfare loss. They are entrenched in the socio-economic fabrics of most developing countries, underpinned by the lack of well-functioning market structures and economic systems – which are supposed to make the market economy resilient to such economic shortcomings.

Suggested Citation

  • Jackson, Emerson Abraham & Jabbie, Mohamed, 2019. "Understanding Market Failure in the Developing Country Context," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 1-10.
    • Handle: RePEc:zbw:espost:198043
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    References listed on IDEAS

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    1. Douglas J. McCauley, 2006. "Selling out on nature," Nature, Nature, vol. 443(7107), pages 27-28, September.
    2. Jackson, Emerson Abraham, 2018. "Political Economy of Forest Ecology in Sierra Leone: A focus on the Western Area Peninsular Forest (WAPFoR)," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 9(1), pages 63-90.
    3. Jackson, Emerson Abraham, 2016. "Phronesis and Resource Curse Hypothesis in Post-Independent Sierra Leone," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 3, pages 1-11.
    4. R. G. Lipsey & Kelvin Lancaster, 1956. "The General Theory of Second Best," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 24(1), pages 11-32.
    5. Altenburg, Tilman, 2011. "Industrial policy in developing countries: overview and lessons from seven country cases," IDOS Discussion Papers 4/2011, German Institute of Development and Sustainability (IDOS).
    6. Wolf, Charles, Jr, 1979. "A Theory of Nonmarket Failure: Framework for Implementation Analysis," Journal of Law and Economics, University of Chicago Press, vol. 22(1), pages 107-139, April.
    7. Rai, Shirin M. & Brown, Benjamin D. & Ruwanpura, Kanchana N., 2019. "SDG 8: Decent work and economic growth – A gendered analysis," World Development, Elsevier, vol. 113(C), pages 368-380.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Rafael Sánchez & Javier Finot & Mauricio G. Villena, 2022. "Gender wage gap and firm market power: evidence from Chile," Applied Economics, Taylor & Francis Journals, vol. 54(18), pages 2109-2121, April.
    2. Jackson, Emerson Abraham, 2020. "Economics of Technology Innovation for Sustainable Growth – With reference to Sub-Saharan Africa (SSA)," MPRA Paper 101787, University Library of Munich, Germany, revised 27 May 2020.
    3. Jackson, Emerson Abraham, 2020. "Understanding SLL / US$ exchange rate dynamics in Sierra Leone using Box-Jenkins ARIMA approach," MPRA Paper 97965, University Library of Munich, Germany, revised 03 Jan 2020.
    4. Jackson, Emerson Abraham, 2020. "Importance of the Public Service in Achieving the UN SDGs," MPRA Paper 101806, University Library of Munich, Germany, revised 02 Jun 2020.
    5. Jackson, Emerson Abraham, 2019. "Systemic health care failure as a symptom of Market Failure in Sierra Leone," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue Forthcomi.
    6. Jackson, Emerson Abraham & Jackson, Elijah & Jackson, Hudson, 2020. "Nurturing Career Development for Human Sustainablel Development," MPRA Paper 110820, University Library of Munich, Germany, revised 01 Jan 2020.
    7. Sanchez, Rafael & Finot, Javier & Villena, Mauricio G., 2019. "Gender Wage Gap and Firm Market Power in Chile," MPRA Paper 99149, University Library of Munich, Germany, revised 01 Sep 2019.
    8. Jackson, Emerson Abraham, 2020. "Emerging Innovative Thoughts on Globalization amidst the Contageon of COVID-19," MPRA Paper 101789, University Library of Munich, Germany, revised 27 May 2020.
    9. Jackson, Emerson Abraham, 2020. "Fostering Sustainable Innovation through Creative Destruction Theory," MPRA Paper 102174, University Library of Munich, Germany, revised 21 Mar 2020.
    10. Emerson JACKSON & Mohamed JABBIE, 2020. "Twin Deficits Hypothesis as an Indication of Government Failure in Sierra Leone: An Empirical Investigation (1980-2018)," Journal of Economic Policy Researches, Istanbul University, Faculty of Economics, vol. 7(1), pages 42-68, January.
    11. Jackson, Emerson Abraham, 2019. "Informal Employment," MPRA Paper 97902, University Library of Munich, Germany, revised 02 Dec 2019.
    12. Jackson, Emerson Abraham, 2021. "Causal relationship between Education and Economic Growth in Sierra Leone," MPRA Paper 114686, University Library of Munich, Germany, revised 06 Apr 2021.
    13. Jackson, Emerson Abraham & Jabbie, Mohamed, 2020. "Import Substitution Industrialization [ISI]: An approach to Global Economic Sustainability," MPRA Paper 102316, University Library of Munich, Germany, revised 03 Jul 2020.
    14. Jackson, Emerson Abraham & Tamuke, Edmund & Jabbie, Mohamed, 2019. "Disaggregated Short-Term Inflation Forecast (STIF) for Monetary Policy Decision in Sierra Leone," MPRA Paper 96735, University Library of Munich, Germany, revised 26 Nov 2019.
    15. Jackson, Emerson Abraham & Jackson, Elijah & Jackson, Hudson, 2020. "Nurturing Career Development for human resource sustainable development," MPRA Paper 114161, University Library of Munich, Germany, revised 01 Jan 2020.
    16. Jackson, Emerson Abraham, 2019. "Global Perspectives on Gender Sensitivity and Economic Benefits," MPRA Paper 101788, University Library of Munich, Germany, revised 27 May 2020.

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    More about this item

    Keywords

    Market Failure; Developing countries;

    JEL classification:

    • H0 - Public Economics - - General
    • H44 - Public Economics - - Publicly Provided Goods - - - Publicly Provided Goods: Mixed Markets

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