market failure
- Created by: ishah
- Created on: 11-05-13 19:21
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- market failure
- freely functioning, without gov no efficient allocation - loss of s&e welfare
- complete: market doesn't exist
- causes
- imperfect knowledge
- immobility of factors of prod
- market power
- too much/less provision
- external costs/benefits
- inequality
- types
- externalities
- missing markets
- assymetric knowledge
- lack competition
- unstable prices
- labour market failure
- gov failure
- intervene - don't help or worse
- public goods
- market failure - under provided
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