IntroductionDefinitions and BasicsDefinition: Market failure, from Investopedia.com: Show
Externalities, by Bryan Caplan, from the Concise Encyclopedia of Economics
Public Goods and Externalities, by Tyler Cowen, from the Concise Encyclopedia of Economics
Markets can fail if there are no property rights and negotiation is costly. The Coase Theorem: Ronald H. Coase, biography from the Concise Encyclopedia of Economics
Public Goods, by Tyler Cowen, from the Concise Encyclopedia of Economics
Protectionism, by Jagdish Bhagwati, from the Concise Encyclopedia of Economics
Market-clearing vs. sticky prices: New Keynesian Economics, by N. Gregory Mankiw, from the Concise Encyclopedia of Economics
In the News and ExamplesIs defense a public good? Defense, from the Concise Encyclopedia of Economics
Is education a public good? An Education in Market Failure, by Morgan Rose.
Is the Occupy Wall Street movement about market failures, government failures, or both? Makers vs. Takers at Occupy Wall Street, a LearnLiberty video at Youtube.
Cathy O’Neil on Wall St and Occupy Wall Street. EconTalk podcast.
Is smoking an example of a market failure? The Economics of Smoking, by Pierre Lemieux
Global warming and market failure. The Economics of Climate Change, by Robert P. Murphy
Monopoly and market failure. Monopoly, by George Stigler, from the Concise Encyclopedia of Economics
Externalities, a LearnLiberty video.
The Failure of Market Failure. Part I. The Problem of Contract Enforcement, by Anthony de Jasay
The Failure of Market Failure. Part II. The Public Goods Dilemma, by Anthony de Jasay
Moral externalities and markets. Satz on Markets. EconTalk podcast.
Is price gouging justifiable? Munger on John Locke, Prices, and Hurricane Sandy. EconTalk Podcast.
A Little History: Primary Sources and ReferencesJohn Maynard Keynes, biography from the Concise Encyclopedia of Economics
Ronald Coase on Externalities, the Firm, and the State of Economics. EconTalk Podcast, May 2012.
Did Markets Fail in Post-Soviet Economies?, a LearnLiberty video.
Advanced ResourcesThe Demand and Supply of Public Goods, by James M. Buchanan.
The Reason of Rules: Constitutional Political Economy, by Geoffrey Brennan and James M. Buchanan.
Related TopicsEfficiency Supply and Demand, Markets and Prices Roles of Government Property Rights Government Failures, Rent Seeking, and Public Choice Which of the following is a way that government combat negative externalities such as environmental damage?Government can play a role in reducing negative externalities by taxing goods when their production generates spillover costs. This taxation effectively increases the cost of producing such goods.
Which of the following is a way that governments combat the market failure of inequity?The government tries to combat market inequities through regulation, taxation, and subsidies. Governments may also intervene in markets to promote general economic fairness. Maximizing social welfare is one of the most common and best understood reasons for government intervention.
What is a negative externality quizlet?Negative Externalities. Cost or harmful effects of an activity on a third party. Production imposes cost on people not directly involved in making that production decision. Examples of Negative externalities: - Air pollution from factories.
What is the primary federal organization responsible for enforcing antitrust laws and preventing anti competitive practices?About the FTC
The FTC's mission is protecting the public from deceptive or unfair business practices and from unfair methods of competition through law enforcement, advocacy, research, and education.
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