Economics of Regulation: New Symptoms of Market Failure and its Solutions

Abstract

The book describes the nature, causes, and new symptoms of market failure, especially moral hazard and asymmetric information in financial markets, market failure and rent seeking. Market failure is characterized by the economics and legal point of view and in terms of the history of economic thought.

Keywords

• market failure
• moral hazard
• public goods
• externalities
• asymmetric information