The Failure of Market Failure

@article{Zerbe1999TheFO,
  title={The Failure of Market Failure},
  author={Richard O. Zerbe and Howard E. Mccurdy},
  journal={LSN: Law \& Economics: Public Law (Topic)},
  year={1999}
}
The concept of market failure was originally presented by economists as a normative explanation of why the need for government expenditures might arise. Gradually, the concept has taken on the form of a full-scale diagnostic tool frequently employed by policy analysts to determine the exact scope and nature of government intervention. For some time, economists have known that the market failure idea is conceptually flawed. The authors of this article demonstrate why this is so, employing… 
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