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I discuss a variety of topics in both the natural and social sciences, exploring the many fascinating insights that the scientific method yields about the world around us.
Episodes
Jun 16, 2011
Jun 16, 2011
38 min
A discussion of the principal circumstances in which markets do not produce an optimal outcome. After formally defining market failure, I discuss the ‘big four’ market failures of market power, externalities, public goods and asymmetric information. I conclude with a brief look at transaction costs. Recommended pre-listening is Episode 12: The Price System.
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