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Market Failures and Their Implications for the Consumer

Author

Listed:
  • Gheorghiu Gabriela

    („Ovidius” University of Constanta, Faculty of Economic Sciences)

  • Gheorghiu Liviu

    (Inspectorate of Border Police, Constanta County)

Abstract

The present paper underlines that the internal functioning logic of the free market, approached from the perspective of the interests and motivations of the participants in economic activity, places even the rational consumer in an objectively unbalanced relation in favor of the producer/trader, although the first, with his needs and necessities, should be the origin and, at the same time, the final point of the production activity.

Suggested Citation

  • Gheorghiu Gabriela & Gheorghiu Liviu, 2012. "Market Failures and Their Implications for the Consumer," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 410-414, Decembre.
  • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:2:p:410-414
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    More about this item

    Keywords

    consumer; producer; rationality; market failure;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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