We rarely seem to discuss the most basic kind of market failure: insufficient liquidity.
Just not enough buyers and/or sellers to make a market.
Any good writings exploring this, preferably essays over books?
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Insufficient liquidity was a major macroeconomic question in the 19th C US both before and after the Gold Standard was adopted. Market failure in the Great Depression led most nations to go off gold - you want Econ history
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The original agrarian populists were attracted to schemes like the Subtreasury plan and free silver due to the deflationary and cash scarcity created by Gold standard policies
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Though that sounds more like 2nd order liquidity problem in instruments (deflationary currency) rather than lack of liquidity in demand/supply for specific commodities or services
The entire US agriculture policy is based on the complete lack of a sufficient market for most US ag products.
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The latter was also distorted due to strong protectionist policies being a feature of international trade, boom/bust cycles but I’m not versed in tariff history or speculation
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