Are externalities and public goods a major problem these days2 Why or why not? What are...
Are externalities and public goods a major
problem these days2 Why or why
not? What are current examples? How should
market failures like these
be handled?
Homework Answers
Yes.
Externalities and public goods are a major problem these days. This is because these both represent market failure.
In the presence of externalities, socially efficient outcome is different from the free market outcome and government regulation is needed to correct for disequilibrium caused by these externalities.
In case of public goods, due to absense of well defined property rights, there is an overexploitation of the goods, leading to market failure.
Market failures like these should be handled through regulation or assignment of well defined property rights. Either government can get in between the players and make them behave optimally or define property rights so that private solutions through bargaining can be made.
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How is public health distinguished from the health care delivery
system?
What is the goal of public health?
What is the concern of public health?
What is the aim of public health?
What are examples of great public health achievements in the
U.S. between...
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