(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.
