Market failure
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Market failure occurs when the free market does not allocate resources efficiently. There are several sources of market failure, including lack of competition, externalities, public goods, and income inequality. Externalities happen when the actions of consumers or producers impose costs or benefits on third parties not involved in the market transaction. For example, pollution is a negative externality while vaccination programs provide positive externalities. Public goods are non-exclusive and non-rivalrous, meaning many can consume them without reducing availability. While controversial, government intervention through taxes, regulations, or direct provisioning can potentially correct for market failures.
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- 1. Market Failure 1
- 2. MARKET FAILURE • Market failure means that the market mechanism does not achieve desirable results. • Sources of market failure include lack of competition (monopoly), externalities, public goods, and income inequality. • Although controversial, government intervention is a possible way to correct market failure. 2
- 3. P 200 Monopoly and deadweight loss 175 150 MC (S) 125 100 75 50 25 MR D 1 2 3 4 5 6 Q 3
- 4. EXTERNALITIES ~ An externality is a cost or benefit of a good imposed on people who are not buyers or sellers of that good. ~ Negative externality – external cost imposed to third parties. E.g. Pollution, (too many resources are used to produce the product responsible for the pollution) – result in overproduction and underpricing. ~ Positive externality – external benefits enjoyed by third parties. E.g. vaccination (too little resources are allocated for the product) – result in underproduction and underpricing. ~ Two basic approaches to solve this market failure are taxes (like in pollution taxes) and regulation (like in vaccinations). 4
- 5. External Cost of Pollution Includes external costs of pollution P2 S2 S1 P1 D Excludes external costs of pollution Q2 Q1 5
- 6. External Benefits of AIDS Vaccinations Includes Vaccination benefits S P2 P1 D2 Excludes Vaccination benefits D1 Q1 Q2 6
- 7. PUBLIC GOODS • Public goods are goods that are consumed by everyone regardless of whether they pay or not. • Two properties of a public good: 1) Non- exclusive; 2) Non-exhaustive • e.g National defense, air traffic control, and other public goods can benefit many individuals simultaneously and are provided by the government. 7
- 8. Private goods vs. Public goods • Consumption: •Private good – only payers can consume •Public good – nonpayers can still consume • Supply – both production involve money cost and opportunity cost •Private good – production is profitable (supplied by private firms) •Public good – production not profitable (provided by the govt or produced collectively) 8