Ronald Coase discovered firms exist as pricing mechanism couldn’t coordinate (as advocated by free market advocates) as there were transaction costs and the firms were best positioned to take care of those transaction costs. Then we had theories from Doug North where he said markets worked bnest if we had proper institutions. Then we had work from Akerlof, Spence and Stigilitz which took off after Akerlof’s seminal piece called Market for lemons. It brought the importance of information asymmetry being persistent in markets leading to ineffective markets. Next was the work from Behavior Economics/Finance field pioneered by Kahnemann and Tversky which questioned the basic assumptions of economics- rationality.
Basically, all four said in their own way that markets don’t work as efficiently and effectively as we assume it to be. I thought these four main theories summarised more or less about inefficiency of markets. However, I soon realised more is to come.
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Utopia, you are standing in it! 
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