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Market Failures - What are some of the market failures that you can think of in relation to the environment? Identify one or two such cases and discuss the relevant issues
EFB226 - Environmental Economics and Policy
3 Pages • Essays / Projects • Year: Pre-2021
So firstly, what is market failure? As the name itself suggests, it is when a free market fails to work the way it should. So then, how should a free market work? To help explain this, the economist Adam smith proposed the theory of the ‘invisible hand’, which states that when a market is left without any third party intervention, there is an unobservable force that will inevitably produce a successful supply and demand.
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