This is a second post of a series of post discussing the concepts of contestable markets and contestability. Read the first one here.
This is a first of a series of post discussing the concepts of contestable markets and contestability.
Jesse likes to play street soccer with his friends. There’s a street court in the neighbourhood that they always go to. It’s surrounded by a fence that’s 10 metres tall. Because Jesse’s dad is friends with the town council manager, he gets priority to the keys. Other kids can’t come in and play with them.
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how do you define market failure? if i were to say that market failure refers to the free market being unable to achieve economic(allocative and productive) efficiency in the absence of govt intervention then for the case of income inequality, is it considered a market failure? (given that the market does allocate resources efficiently except that it isn’t a satisfactory allocation. :/
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