Economics
Merit goods and positive consumption externalities
With education, few students will know with any precision the benefit to themselves of being educated, let alone the…
August 19, 2021 · Prabhu TLEconomics
Economics
The supply of merit goods
Economic theory predicts that while markets may form to supply some merit goods, total supply will be insufficient…
August 19, 2021 · Prabhu TL
Economics
Merit goods
The market for merit goods is an example of an incomplete market. Merit goods have two basic characteristics: Firstly, unlike a private good,…
August 19, 2021 · Prabhu TLEconomics
Turnpikes
In the UK, turnpikes were an increasingly common way of paying for the maintenance costs of major roads…
August 19, 2021 · Prabhu TL
Economics
Quasi public goods
The market for quasi-public goods is an important example of an incomplete market. A quasi-public good is one…
August 19, 2021 · Prabhu TL
Economics
Incomplete markets
An incomplete market is one where some of the necessary conditions for market formation exist, but not all…
August 19, 2021 · Prabhu TL
Economics
Pure public goods
The market mechanism is likely to fail to supply pure public goods because entrepreneurs are unlikely to enter…
August 19, 2021 · Prabhu TL
Economics
Missing markets
A significant market failure is the failure to produce some goods and services, despite being needed or wanted.…
August 19, 2021 · Prabhu TL
Economics
The nature of economics
Economics is the scientific study of the ownership, use, and exchange of scarce resources – often shortened to the science of…
August 19, 2021 · Prabhu TL
Economics
Index numbers
Economists frequently use index numbers when making comparisons over time. An index starts in a given year, the base…
August 19, 2021 · Prabhu TL