Agricultural policies are dominated by broad measures such as market price support and general payments to all land, animals or farmers. As a result, it is often difficult to associate a particular policy with any specific objective. Recognising the challenge facing policy makers who wish to...

Rapid technological advances in information and communication technologies and their widespread diffusion have led some to speculate about "frictionless" economies where transaction costs are nearly zero, barriers to entry and contestability disappear and markets clear instantly.