THE CAUSES OF MARKETS’ FAILURE FROM RONALD COASE’S POINT OF VIEW

Adrian Moroºan
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Adrian Moroºan: Lucian Blaga University of Sibiu, Faculty of Economic Sciences
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Revista Economica, 2008, vol. 40, issue 3, 125-129

Abstract: The speciality economic literature appoints through the syntagm ,, markets’ failure ” all the aspects of ineffectiveness and fairness that appeare in the markets’ working mechanism. When the economic reality straies from the theoretic model of the markets with perfect competition, the resurses allocation through the market does not coresponde to the paretian concept of efficiency ( the italien econimist Vilfredo Pareto was the first to assert that the resorses are efficiently allot if there is not possible for some good to be produced more than another one, or, if any of their allocation makes a person richer followed by the impoverishment of another person). Such situations, corroborated with the coercive action of the governments, are delimited in speciality literature through the syntagm of markets’ failure

Keywords: market failure; Coase theorem; Paretto efficiency (search for similar items in EconPapers)
Date: 2008
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