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5 Cards in this Set
- Front
- Back
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Two utmost reasons for government intervention |
Efficiency and Welfare |
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3 Causes of Market Failures |
Ownership Externalities Technical Externalities Public Good Externalities |
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Class of externality that springs from what is called failure by enforcement and is due to legal, institutional or organizational imperfections or feasibilities in keeping book or keeping track of transactions. |
Ownership Externalities |
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This theory represents some reactions of economists to the observation that much government intervention does not seem to enhance the public interest. |
Economic Theory of Regulation |
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Class of externalities that arises from the physical or technical characteristics of the production process. This failure is described as occuring "by incentive", "by structure", and "by signal". |
Technical Externalities |
