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The conclusions of the neo classical model of prices and markets are undermined by the existence of market failure and by the implied assumption that economic agents do not learn from experience. The neo-classical assumption that prices reflect the convergence of supply and demand in the market are limited in actuality. In particular, we can say that market failure and the implied assumption that economic agents do not learn from experience are two factors that work to undermine the proper functioning of markets. Just how much they really interfere with the proper function of the market, however, is a question with no easy answer. This study will look at how market failure and the assumption that economic agents do not learn from experience affect the conclusions of the neo-classical model. 6 pgs. 6 f/c. 3b.
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