My research theme is market quality and its roles in such phenomena as growth, innovation, industrial revolution and political process. In the conventional economics, the function of a market has been measured by efficiency. My concept of market quality is to add fairness to efficiency to create a new normative criterion to measure the performance of a market. Because the essential ingredient of a market is competition, a group action by which each member seeks to achieve under a specific set of rules a given target before the other members, the quality of competition can be measured with respect to the rules governing competition and the way in which the rules are observes. This leads to a question as to what desirable rules are to bring the best out the market; what a high quality market achieves for the economy is also an important question. I am currently working the role of market quality in bringing out industrial revolution cycles extending my recent paper published in the Proceedings of the National Academy of Sciences in 2023.