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1、1（一）市场不完善:指市场不能有效率运转的情况（即不完全有效率市场）。价格无法反映公开的所有信息，并可能受垄断行为或政府控制的影响。Marketfailure:Whenamarketfailstooperateefficiently(inefficientmarket).Pricesdonotreflectallpubliclyavailableinformation,andmaybeinfluencedbymonopolisticpracticesorgovernmentregulations.（二）Marketf
2、ailureLastchapterconcludedthatmarketsfunctionwell,marketsbringaboutanefficientallocationofresourceswithoutanyneedforcoordinationthroughgovernmentintervention.Forthisconclusion,wemadeseveralassumptionsabouthowmarketswork.Whentheseassumptionsdonothold,ourconclusi
3、onthatthemarketequilibriumisefficientmaynolongerbetrue.Inthischapter,letconsiderbrieflythreeofthemostimportantoftheseassumptions.First,ouranalysisassumedthatmarketsareperfectlycompetitive.Intheworld,however,competitionissometimesfarfromperfect.Insomemarkets,asi
4、nglebuyerorseller(orasmallgroupofthem)maybeabletocontrolmarketprices.Thisabilitytoinfluencepricesiscalledmarketpower.Marketpowercancausemarketstobeinefficientbecauseitkeepsthepriceandquantityawayfromtheequilibriumofsupplyanddemand.Second,ouranalysisassumedthatt
5、heoutcomeinamarketmattersonlytothebuyersandsellersinthatmarket.Yet,intheworld,thedecisionsofbuyersandsellerssometimesaffectpeoplewhoarenotparticipantsinthemarketatall.Pollutionistheclassicexampleofamarketoutcomethataffectspeoplenotinthemarket.Suchsideeffects,ca
6、lledexternalities,causewelfareinamarkettodependonmorethanjustthevaluetothebuyersandthecosttothesellers.Becausebuyersandsellersdonnottakethesesideeffectsintoaccountwhendecidinghowmuchtoconsumeandproduce,theequilibriuminamarketcanbeinefficientfromthestandpointofs
7、ocietyasawhole.Third,allmarketparticipantshavethesameinformationaboutthenatureofthegoodandthecircumstancesunderwhichitistraded.Yet,intheworld,thereisasymmetricinformationbetweenbuyersandsellers.Ifoneormoreoftheseassumptionsdoesnothold,themarketsystemdoesnotgive
8、risetoanefficientoutcome(i.e.thefirsttheoremdoesnothold).Theseinefficientoutcomesarecalledmarketfailure.Theprincipaltypesofmarketfailurearediscussedbelow2财政联邦主义；是指各级政府财政收入和支
