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  • Anforme What are the merits of taxes as opposed to regulation as alternatives to reducing market failure?

Anforme What are the merits of taxes as opposed to regulation as alternatives to reducing market failure?

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Andrew Threadgould, Head of Economics and Business Studies at Dulwich College, discusses the advantages and disadvantages of different ways of confronting market failure.

 

Summary of Key Points:

  • Externalities that cause market failure can be addressed by indirect taxes subject to the price elasticity of demand.
  • Imperfect information can cause government failure such that social welfare is not increased.
  • The former public utilities that have been privatised is a sector of the UK economy where regulation has been seen as a solution to the natural monopoly problem but this is not costless.

This article is from ET Volume 15 Issue 2.

Andrew Threadgould, Head of Economics and Business Studies at Dulwich College, discusses the advantages and disadvantages of different ways of confronting market failure.

 

Summary of Key Points:

  • Externalities that cause market failure can be addressed by indirect taxes subject to the price elasticity of demand.
  • Imperfect information can cause government failure such that social welfare is not increased.
  • The former public utilities that have been privatised is a sector of the UK economy where regulation has been seen as a solution to the natural monopoly problem but this is not costless.

This article is from ET Volume 15 Issue 2.

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