Скачать или смотреть Market failure part 2- Economics |Fahad Ali

A market failure refers to the inefficient distribution of resources that occurs when the individuals in a group end up worse off than if they had not acted in rational self-interest. In the case of a market failure, the overall group incurs too many costs or receives too few benefits. The economic outcomes under market failure deviate from what economists usually consider optimal and are usually not economically efficient.
Contrary to what the name implies, market failure does not describe imperfections just in the market economy—there can be market failures in government activity, too. One noteworthy example is rent seeking by special interest groups.
Special interest groups can benefit by lobbying for small costs on everyone else, such as through a tariff. When each small group imposes its costs, the whole group is worse off than if no lobbying had taken place.
Market failure part 2- Economics |Fahad Ali
public goods and market failure
Market failure part 2- Economics |Fahad Ali
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