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The failure of "markets" couldn't be clearer.
The recent crisis was not a generic failure of markets but a specific failure of finance.
"The problem of climate change involves a fundamental failure of markets: those who damage others by emitting greenhouse gases generally do not pay," said Sir Nicholas.
The long-term global trend of falling commodity prices, despite growth in the world economy, is not due to the failure of markets to reflect diminishing supplies and impending shortages.
There was also a persistent fear that the government might have so over-extended itself with debt that a general failure of markets was inevitable.The despairing and the hopeful, the greedy and those simply too lazy to farm all converged on coffee houses near the Royal Exchange to do business.
These may be attributed to the failure of markets as well as policies, and more generally to the path dependency in socio-technical systems.
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Should governments promote efficiency?A: Inefficiency can stem from a failure of market mechanisms.
HSBC chairman Stephen Green's book Good Value identified the "casino capitalism" behind the "manifest failure of market fundamentalism".
The simple nature yet breathtaking scale of WorldCom's deceit raises anew all the Enron questions about the failure of market guardians to prevent it.
Empty seats were above all a failure of marketing by Brazil's organising committee, who bid for the games with wild abandon and then simply failed to market it, failed to pull the people into the spectacle.
The goal of testing for the presence of a time-varying currency risk premium was to deliver an alternative explanation for the failure of uncovered interest parity, as opposed to the explanation of simple failure of market efficiency.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com