Episode 19: Market Failure
from The Science of Everything Podcast Hosted by James Fodor
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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This episode is 38 minutes long.
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This episode was published on June 15, 2011.
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