Philosophy Dictionary of Arguments

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Market failure: Possible causes of market failure may be externalities (external effects) i.e. influence of an uninvolved party on a situation; problems related to social goods or public goods (e.g. overfishing); natural monopolies (e.g. access to the sea); information asymmetry (between seller and buyer, between entrepreneurs and employees).

Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments.

Author Concept Summary/Quotes Sources

George J. Stigler on Market Failure - Dictionary of Arguments

Mause I 166
Market Failure/Information/Information Markets/Stigler: Problem: Suppliers and demanders in markets [are] generally (...) not fully informed about market developments. The acquisition and processing of market-relevant information - unlike in the model world of perfect competition - involves costs in the form of time, energy and money. (1)

1. G. J. Stigler, The economics of information. Journal of Political Economy 69 (3): 1961, p. 213– 225.

Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments
The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.

EconStigler I
George J. Stigler
Gary S. Becker
De Gustibus Non Est Disputandum 1977

Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018

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Ed. Martin Schulz, access date 2022-01-19
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