Markets can be in pathological states, what people usually call market failures. Basically when the transition cost from one equilibrium to a "better" is too high (barriers to entry, eg due to regulatory capture, not enough capital available, cooperation problems for the many small agents - for example because the powerful agent can punish those who try to organize, what happens when some workers try to unionize), the market stays put. Waste and rents are generated. (The union organizers fired the cost of labor basically freezed.)

In case of tractors it's not at all obvious how fast the market will provide the tractors with lower TCO, that farmers wish for.