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Market Failure or Success

Editor

Listed:
  • Tyler Cowen
  • Eric Crampton

Abstract

Recent years have seen the development of new theories of market failure based on asymmetric information and network effects. According to the new paradigm, we can expect substantial failure in the markets for labor, credit, insurance, software, new technologies and even used cars, to give but a few examples. This volume brings together the key papers on the subject, including classic papers by Joseph Stiglitz, George Akerlof and Paul David. The book provides powerful theoretical and empirical rebuttals challenging the assumptions of these new models and questioning the usual policy conclusions. It goes on to demonstrate how an examination of real markets and careful experimental studies are unable to verify the new theories. New frontiers for research are also suggested.

Individual chapters are listed in the "Chapters" tab

Suggested Citation

  • Tyler Cowen & Eric Crampton (ed.), 2002. "Market Failure or Success," Books, Edward Elgar Publishing, number 2759.
    • Handle: RePEc:elg:eebook:2759
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    Citations

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    Cited by:

    1. Daniel B. Klein, 2004. "Statist Quo Bias," Econ Journal Watch, Econ Journal Watch, vol. 1(2), pages 260-271, August.
    2. John Meadowcroft & Mark Pennington, 2008. "Bonding and bridging: Social capital and the communitarian critique of liberal markets," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(2), pages 119-133, September.
    3. Howard Baetjer Jr., 2015. "Regulating Regulators: Government vs. Markets," Cato Journal, Cato Journal, Cato Institute, vol. 35(3), pages 627-656, Fall.
    4. Gerhard Wegner, 2009. "Substantive versus Procedural Liberalism: Exploring a Dilemma of Contemporary Liberal Thought," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 165(3), pages 535-557, September.
    5. Marta Gancarczyk, 2009. "Ocena publicznej i prywatnej formy świadczenia usług dla przedsiębiorców w Małopolsce," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 5-6, pages 91-111.
    6. Daniel B. Klein, 2008. "Colleagues, Where Is the Market Failure? Economists on the FDA," Econ Journal Watch, Econ Journal Watch, vol. 5(3), pages 316-348, September.
    7. Maciej K. Dudek, 2009. "Demand-Side Shocks and Macroeconomic Policy," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 7-8, pages 17-35.
    8. Nikolai G. Wenzel, 2012. "Rent-Seeking and Decline in the French Wine Industry," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 27(Spring 20), pages 63-81.
    9. Anupam Nanda & Stephen Ross, 2012. "The Impact of Property Condition Disclosure Laws on Housing Prices: Evidence from an Event Study Using Propensity Scores," The Journal of Real Estate Finance and Economics, Springer, vol. 45(1), pages 88-109, June.
    10. Kacper Ochocki, 2020. "The ability of excise duty to reduce market failures in Poland," Catallaxy, Institute of Economic Research, vol. 5(2), pages 75-86, December.
    11. Piotr Podsiadlo & Michal Jachowicz, 2020. "Protection Guarantee of Public Health in the Functioning of the Pharmaceutical Market based in the Theory of State Interference in the Economy," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 451-468.
    12. Glenn Furton & Adam Martin, 2019. "Beyond market failure and government failure," Public Choice, Springer, vol. 178(1), pages 197-216, January.
    13. Daniel B. Klein & Alexander Tabarrok, 2008. "Do Off‐Label Drug Practices Argue Against FDA Efficacy Requirements? A Critical Analysis of Physicians' Argumentation for Initial Efficacy Requirements," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(5), pages 743-775, November.
    14. Jankovic Ivan & Block Walter, 2019. "Private Property Rights, Government Interventionism and Welfare Economics," Review of Economic Perspectives, Sciendo, vol. 19(4), pages 365-397, December.
    15. Craig J. Richardson, 2012. "How Firms Can Build Trust When Products Have Hidden Characteristics," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 28(Fall 2012), pages 1-22.
    16. Lepp l , Samuli, 2013. "Arrow's paradox and markets for nonproprietary information," Cardiff Economics Working Papers E2013/2, Cardiff University, Cardiff Business School, Economics Section.
    17. Wayne Norman, 2011. "Business Ethics as Self-Regulation: Why Principles that Ground Regulations Should Be Used to Ground Beyond-Compliance Norms as Well," Journal of Business Ethics, Springer, vol. 102(1), pages 43-57, March.
    18. Bo Rothstein, 2011. "Can markets be expected to prevent themselves from self‐destruction?," Regulation & Governance, John Wiley & Sons, vol. 5(4), pages 387-404, December.
    19. Eric Crampton & Donald Boudreaux, 2004. "Does Cyberspace Need Antitrust?," Industrial Organization 0401001, University Library of Munich, Germany.

    Book Chapters

    The following chapters of this book are listed in IDEAS

    More about this item

    Keywords

    Economics and Finance;

    JEL classification:

    • L0 - Industrial Organization - - General
    • D0 - Microeconomics - - General

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