Essay On Market Failure
Market failure is when the free market fails to allocate resources in the most efficient way. What that means is resources are being used to produce goods that could instead be used to produce something that is more beneficial to society. (Williamson, O. E. 1971)
So market failure means the economic market can’t give the goods or services to the customer efficiency, and make a great impact to customers.
Merit goods means somethings that provide by the government or the country, it will not get benefit from consume merit goods, but it will also bring some benefits for the society, but people will not recognize it. (Musgrave, R. A. 1987) And there are many things can be called merit goods, like compulsory education or the medical facilities. And it is very necessary to let the government provide the merit goods because the reasons below. The merit goods will not give to the market sufficient if the goods didn’t provide by the government. People will provide merit goods to the market as their thought but not the market really need if give the rights to individuals. And people who don’t have enough assets or wages may not be willing to pay the money for the merit goods, and it will cause some problems. Public good is something that can be consumed by everybody in a society or by nobody at all, according to the "Economist." Public goods cannot or will
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T. 2002) And there is a famous air pollution event in the UK’s history, it is called the great smog of 1952. Because it was during the industrial revolution, and there were so many factories, they released many smoke into the air, and then it caused a big smog, and made thousands of people dead in that time, and it happened many times in 1956, 1957,
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