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as far as market failures were concerned, we had a twelve-fold classification of ways that a market-economy could fail to deliver maximum social welfare: externality non-excludability non-rivalry increasing returns adverse selection moral hazard maldistribution miscalculation monopoly power by sellers monopsony power by buyers expectational disequilibrium rationing disequilibrium with good ideas about how each of them set to work in producing interesting economic outcomes. - equitablegrowth.org