Edward Elgar Publishing
Markets are most acceptable when they serve efficiency and other goals. It is only under transaction-costless conditions of perfect knowledge, flawless and cost-free enforcement, full monetization, and instantaneous ability to organize and negotiate, that markets are guaranteed to generate efficient outcomes. And even then, markets could fall short as social tools, because goals other than allocative efficiency may fail to be met.
Wendy J. Gordon,
The Fair Use Doctrine: Markets, Market Failure and Rights of Use,
Handbook on the Economics of Copyright: A Guide for Students and Teachers
Available at: http://scholarship.law.bu.edu/faculty_scholarship/47