Abstract

STIGLITZ, Joseph. REGULATION AND FAILURE. Rev.econ.inst. [online]. 2010, vol.12, n.23, pp.13-28. ISSN 0124-5996.

Government plays a necessary role in keeping markets working efficiently and fairly. Market failures -situations in which the invisible hand does not make everyone better off- are among the oldest and most universally accepted justifications for regulation. However, incidents of market failure are more pervasive than recognized and underappreciated. Well-designed regulatory interventions can often correct these market failures.

Keywords : regulation; market-failure.

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