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What is Understanding Market Failures and Solutions about?

This document discusses market failure and the role of government. It provides examples of different types of market failures such as externalities, lack of public goods, underprovision of merit goods, and overprovision of demerit goods. The document also discusses possible government responses to market failures such as legislation, taxation, subsidies, and international cooperation. Reasons for market failure include positive and negative externalities, short-term environmental concerns, lack of public go

Author

Leng Yan Ping

Language

EN