Conclusion
Traditional market failures involve circumstances in which the "invisible hand fails to produce Pareto efficiency. They thus indicate possibilities for improving the efficiency of market outcomes through collective action. with the pursuit of values, which we consider in Chapter 7, they constitute the most commonly policy. other less easily also suggest between the competitive framework and the real world opportunities for advancing efficiency through collective action. These policy cies, the subject of the next chapter, provide additional rationales for public policy.