Episode 19: Market Failure - The Science of Everything Po...

What this episode covers

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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Frequently Asked Questions

How long is this episode of The Science of Everything Podcast?

This episode is 38 minutes long.

When was this The Science of Everything Podcast episode published?

This episode was published on June 15, 2011.

What is this episode about?

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....

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