Externalities, Public Goods and Natural Monopoly as Market Failures and Their Implications for the Consumer
The reality of daily life gives us sufficient examples of situations in which individual decisions within free market do not automatically and warranted lead to a global economic optimum. Such a situation is denominated as “market failure”, both understood as “the failure of a more or less idealized system of price-market institutions to sustain “desirable” activities or to stop “undesirable” activities” , but also as any performance of the market which is considered less better than the best performance possible . Specialized economic literature generally distinguishes four categories of market failures, namely: externalities, public goods, natural monopoly and information asymmetries. The present paper will focused on the first three of these, both from the point of view of generating causes and the effects involved on the consumers, and from the point of view of the possible solutions for rectifying them
Volume (Year): XIII (2013)
Issue (Month): 1 (May)
|Contact details of provider:|| Web page: http://www.univ-ovidius.ro/facultatea-de-stiinte-economice|
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:ovi:oviste:v:xii:y:2012:i:1:p:489-493. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Gheorghiu Gabriela)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.