Author: James K
In which an economist looks at one of the seminal science fiction works of the 20th Century.
Many scientists like to nitpick science fiction, but why should they have all the fun?
We conclude the market failure series by talking about what to do when you have goals besides allocative efficiency.
Unfortunately correcting market failures is an exercise in using one imperfect tool to fix the imperfections in another.
What you don’t know can hurt everyone.
Why can’t we all just get along?
What happens when a small number of producers or consumers starts to gain control over the price system?
Economic decision-making becomes a lot more complicated when your decisions affect 3rd parties.
To understand what a market failure is, you first need to understand the market successes.