Market failure and other reasons for public interventions

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Chapter 3 in The Role of the Public Sector, 2022, pp 23-36 from Edward Elgar Publishing

Abstract: Chapter 3 focuses on market failure, which is a key explanation for public sector intervention in the economy. There are a number of different types of market failures (imperfect competition (such as monopoly), natural monopoly, public goods, externalities and imperfect information, incomplete markets), which are all explained and exemplified in this chapter, albeit the chapter starts with a very short presentation of the key conditions needed for the market to work. Not all interventions are for purely economic reasons, but they might also be due to a wish to reduce the possible political power of very large companies, such as those arising from new technology. Unemployment and macroeconomic balances are shortly depicted as they by some is also seen as market failures.

Keywords: Economics and Finance; Politics and Public Policy Sociology and Social Policy (search for similar items in EconPapers)
Date: 2022
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