The Theory of Market Failure: A Critical Examination

This book is unique in that it contains many of the developments of Paul Samuelson's theory of public goods and externalities. The common feature of those developments is that they challenge the market failure conclusion that many economists and policymakers have drawn from Samuelson's theory. This volume brings together for the first time the most significant critiques of the theory of market failure. Contributors include: "Paul A. Samuelson, Francis M. Bator, Kenneth D. Goldin, Earl R. Brubaker, Harold Demsetz, Andrew Schotter, Charles M. Tiebout, James Buchanan, Carl J. Dahlman, Robert Axelrod, Ronald H. Coase, Steven N.S. Cheung, Robert W. Poole, Jr., Robert J. Smith, Jack High, Jerome Ellig."