(public) | (Economics) Sometimes markets don’t function efficiently (w

(Economics)   Sometimes markets don’t function efficiently (what scholars refer to as market failures), and these inefficiencies create public problems that can sometimes be addressed by government. Markets fail for several reasons: monopolies, negative externalities, information failures, or public goods/common pool resources. Understanding these concepts and debating the merits of public policy in economic terms (rather than just political [who wins and loses] or moral [what is fair]) will enhance citizen’s ability to think critically about the overall role of government and whether specific policies are desirable or undesirable.

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