market failure

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  • 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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