European energy: balancing markets and policy
by Bikash Mittra, Nigel Lucas, Ian Fells
International Journal of Global Energy Issues (IJGEI), Vol. 8, No. 1/2/3, 1995

Abstract: In the current climate of opinion, the promotion of the market as a universal panacea for all economic problems has almost become a shibboleth in the formulation of policies. The main thrust of the argument is that if markets are freed from artificial constraints, particularly those imposed by the state, the result will be the most efficient allocation of resources that best reflects individual preferences, thus advancing public interest and welfare. Yet the economic literature has long recognised that, in reality as opposed to the theoretical ideal, there are circumstances where markets can and do fail. In terms of the energy sector, the following classify broadly the market failures involved.

Online publication date: Mon, 14-Jul-2014

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