Episode 19: Market Failure
Jun 15, 2011•39 min•Ep. 19
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Episode description
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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