Episode 19: Market Failure

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Recorded15 Jun 2011

Publisherthescienceofeverything.net ↗

Handlerec:13631088

Show notes

A discussion of the principal circumstances in which markets do not produce an optimal outcome. After formally defining market failure, I discuss the ‘big four’ market failures of market power, externalities, public goods and asymmetric information. I conclude with a brief look at transaction costs. Recommended pre-listening is Episode 12: The Price System.

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“What did the council decide on item 42?” — answered with the speaker and the moment.