Policies and Strategies for Market Failure - UK Essays.
Market Failure Essay Sample. The existence of the market have a very important function. For consumers, the market will make it easier to obtain goods and services daily needs. As for the manufacturers, the market becomes a place to facilitate the distribution process of goods production.When failure of market takes place, government intervention will be greatly needed. It could come in the form of public policies or rules and legislation. An example of market failure would be externalities.Market failure refers to a situation whereby a freely-functioning market fails to allocate resources efficiently or optimally resulting in undesirable outcomes. Main examples of market failures include market power, externalities, unequal distribution of economic prosperity and inadequate public goods.
However, externalities are also an external positive externality too; by the way, negative externalities are only caused by market failure. On the other hand, the production externality is generated, for examples, depletion of natural resources are caused by atmospheric pollution from factories and the long-term environmental damage.Economics of Market Failure The public good is the property of the public which provides utility to the public who pay for it. For example, India has recently successful in proving the presence of water in the moon using their “Chandrayan” mission. NASA has used the information collected by.
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