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Stephen S. Roach, a famous American economist, indicated in his article that the dominant Western economics is blind to bubble economy, which is a market failure causing substantial harm, meaning that governments in countries around the world cannot take measures to prevent the formation of bubble economies at an early date. Therefore, it is necessary to develop new market failure theories to rectify the flaw in the Western economics. New market failure theories which are widely applicable in practice can be used to analyze various bubbles of assets such as equities, properties, commodity futures and financial derivatives; the inflation and bursting of such bubbles and economic and financial crises triggered thereby; and atypical global economic crises caused by sharp rise and drop in oil prices, and to analyze and design the policies and measures for preventing a bubble economy and crises induced thereby.