Kegagalan Pasar dalam Perspektif Ekonomi Islam: Analisis Eksternalitas, Barang Publik, dan Asimetri Informasi

Market failures arising from externalities, public goods, and information asymmetry are widely discussed in conventional economics, with solutions involving taxes, subsidies, and regulations. However, Islamic economics literature often examines these issues separately and primarily from a normative perspective. This study aims to analyze the causes of these market failures and examine how Islamic economic principles promote fairness, transparency, efficiency, and social welfare. Using a qualitative literature review, thematic content analysis was conducted on economics books and scholarly articles, supported by secondary data from Pasar Wage in Purwokerto and hypothetical numerical simulations. The findings identify three complementary layers of intervention: internalizing moral values through the prohibition of harm, trustworthiness, and integrity; implementing voluntary institutional mechanisms, including waqf, infak, and community oversight; and strengthening government regulation based on maslahah (public benefit) through hisbah (market supervision). Hypothetical simulations indicate that hybrid financing is more resilient to declining participation than voluntary contributions alone, while quality transparency increases total economic surplus in a stylized rice market. The study's novelty lies in developing an integrated three-layer intervention framework and conceptually applying it to Indonesian traditional markets. These findings highlight the importance of combining moral incentives, social financing, and regulatory enforcement to address market failures effectively.