Beyond the reach of the invisible hand: Impediments to economic activity, market failures, and profitability
论证竞争市场失灵是超额盈利的必要条件，从生产经济与沉没成本、交易成本、信息不完全三个根本原因分析其对盈利能力的影响，有助于制定利用市场失灵的成功策略。
In this paper it is argued that failures of the competitive market are necessary conditions for supranormal profitability. Three fundamental causes of these market failures—production economies and sunk costs, transactions costs, and imperfect information—are developed from the theory of competitive markets and discussed in terms of their impact on profitability. The identification of these ‘impediments to economic activity’ is useful for determining successful strategies to exploit market failures.