@article{CRSIJ26000340,
                  author = {Gobir, Mustapha Abdullahi, Ph. D., Nnanu, Friday Ben, Tabah, Emannuel},
                  title = {The Evolution of Market Inefficiency: Integrating Neoclassical Market Failure Theory with Institutional and Heterodox Economic Perspectives},
                  journal = {Cosmo Research and Science International Journal},
                  year = {2025},
                  volume = {2},
                  number = {1},
                  pages = {656-670},
                  issn = {3108-1584},
                  url = {https://cosmorsij.com/published/CRSIJ26000340.pdf},
                  abstract = {This paper provides a comprehensive synthesis of market failure theory, delineating the systemic vectors through which unhindered private resource allocation diverges from Pareto-optimal baselines. We systematically categorize classical market clear clearing breakdowns into three core structural dimensions: imperfect competitive architectures (monopoly and market power), the biophysical and legal properties of traded assets (public goods, common-pool resources, and externalities), and transaction-level informational and cognitive frictions (asymmetric information and bounded rationality). Beyond standard neoclassical remediation’s, this review integrates modern institutional and heterodox evolutions. We explicitly examine contemporary 2024–2026 paradigms, including the shift toward mission-oriented public value creation, complex systemic risk governance, and ecological cost-shifting frameworks. Finally, we account for the rising operational role of non-governmental organizational (NGO) networks as decentralized governance mechanisms when state capability faces structural limitations.},
                  keywords = {Market Failure, Pareto Efficiency, Externalities, Asymmetric Information, Bounded Rationality, Mission-Oriented Policy, Ecological Economics, Government Failure},
                  month = {July}
        }