Modern economic theory provides a succinct description of the conditions under which the price system produces optimal outcomes in an idealized "laissez-faire" economy of perfectly competitive markets. This is the "First Welfare...

1 The malfunctioning of a market because of the imperfections in it. 2 EXTERNALITIES because a market is producing social costs. 3 The lack of a market for a particular good or service, as in the case of PUBLIC GOODS. The most familiar of failures are...

A market allocation that fails to reach a social optimum. Sometimes this occurs because of government...

Market failure is a term used by economists to describe the condition where the allocation of goods and services by a market is not efficient. Market failure can be viewed as a scenario in which individuals' pursuit of self-interest leads to bad results...

At a hearing Monday just blocks from the World Trade Center site, the mayor and other New York politicians and real estate developers urged Congress to continue a law that provides insurance against terrorism.The Terrorism Risk Insurance Act was enacted the year after the Sept....

Only a fraction of patients with hard-to-treat lymphoma ever try two breakthrough "smart-bomb" drugs that bring radiation straight to cancerous cells _ with just two shots a week apart, not the usual months of care.The marketing failure has a manufacturer trying to sell off one...

Only a fraction of patients with hard-to-treat lymphoma ever try two breakthrough "smart-bomb" drugs that bring radiation straight to cancerous cells _ with just two shots a week apart, not the usual months of care.The marketing failure has a manufacturer trying to sell off one...

Victoria Hale was captivated as Shyam Sundar, a doctor from India, lambasted the medical community at a 1999 conference in Belgium.An expert on black fever, Sundar warned that the epidemic could spread like HIV in his country.His message: Something could be done, but nobody cared....