Real-World Issue 2: When are markets unable to satisfy important economic objectives — and does government intervention help?

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Role of Government in Microeconomics

Market Failure: externalities and common pool or common access resource

Government Intervention in Response to Externalities and Common Pool Resources

Strengths and Limitations of Government Policies to Correct Externalities and Approaches to Managing Common Pool Resources

Importance of International Cooperation

Market Failure - Public Goods

Market Failure - Asymmetric Information

Market Failure - Market Power

The Market’s Inability to Achieve Equity

Role of Government in Microeconomics

MICRO - GOVERNMENT INTERVENTION IN MARKETS

Market Failure and the Efficiency Case for State Intervention

Dr Toke Aidt, University of Cambridge

MICRO - GOVERNMENT INTERVENTION IN MARKETS

Other Reasons for State Intervention

Dr Toke Aidt, University of Cambridge

MICRO – POVERTY AND INEQUALITY

Government Policies to Alleviate Poverty

Dr Paul Segal, King's College London

Market Failure: externalities and common pool or common access resource

MICRO – HOW ECONOMISTS THINK

Public Goods and Collective Action

Prof. Avinash Dixit, Princeton University

MICRO – MARKET FAILURE

Public Goods

Dr Maria Cubel, Bath University

MICRO – MARKET FAILURE

Externalities

Dr Maria Cubel, Bath University

MICRO – MARKET FAILURE

The Tragedy of the Commons

Dr Maria Cubel, Bath University

MICRO - GOVERNMENT INTERVENTION IN MARKETS

Regulation of Externalities: Pollution Control

Dr Toke Aidt, University of Cambridge

Government Intervention in Response to Externalities and Common Pool Resources

MICRO – MARKET FAILURE

The Tragedy of the Commons

Dr Maria Cubel, Bath University

MICRO – MARKET FAILURE

Externalities

Dr Maria Cubel, Bath University

MICRO - GOVERNMENT INTERVENTION IN MARKETS

Taxation

Dr Toke Aidt, University of Cambridge

MICRO - GOVERNMENT INTERVENTION IN MARKETS

The Deadweight Cost of Taxation and the Equity-Efficiency Trade Off

Dr Toke Aidt, University of Cambridge

MICRO - GOVERNMENT INTERVENTION IN MARKETS

Regulation of Externalities: Pollution Control

Dr Toke Aidt, University of Cambridge

Strengths and Limitations of Government Policies to Correct Externalities and Approaches to Managing Common Pool Resources

MICRO - GOVERNMENT INTERVENTION IN MARKETS

Taxation

Dr Toke Aidt, University of Cambridge

MICRO - GOVERNMENT INTERVENTION IN MARKETS

The Deadweight Cost of Taxation and the Equity-Efficiency Trade Off

Dr Toke Aidt, University of Cambridge

MICRO - GOVERNMENT INTERVENTION IN MARKETS

Regulation of Externalities: Pollution Control

Dr Toke Aidt, University of Cambridge

Importance of International Cooperation

MICRO – COMPETITION POLICY, PUBLIC OWNERSHIP AND REGULATION

Competition Policy

Prof. Michael Waterson, Warwick University

Market Failure - Public Goods

MICRO – MARKET FAILURE

Public Goods

Dr Maria Cubel, Bath University

MICRO – HOW ECONOMISTS THINK

Public Goods and Collective Action

Prof. Avinash Dixit, Princeton University

MICRO – THE ECONOMIC PROBLEM AND THE FACTORS OF PRODUCTION

Wants, Needs, and Types of Goods

Dr Simon Halliday, Bristol University

Market Failure - Asymmetric Information

MICRO – MARKET FAILURE

Imperfect Competition

Dr Maria Cubel, Bath University

MICRO – MARKET FAILURE

Adverse Selection

Dr Maria Cubel, Bath University

MICRO – MARKET FAILURE

Moral Hazard

Dr Maria Cubel, Bath University

MICRO – HOW ECONOMISTS THINK

Failures of the Invisible Hand

Prof. Avinash Dixit, Princeton University

MICRO – INDIVIDUAL ECONOMIC DECISION-MAKING

Asymmetric Information

Dr Maija Halonen-Akatwijuka, Bristol University

Market Failure - Market Power

MICRO – MARKET FAILURE

Imperfect Competition

Dr Maria Cubel, Bath University

The Market’s Inability to Achieve Equity

MICRO – POVERTY AND INEQUALITY

The Distribution of Income and Wealth, and the Factors That Lie Behind Them

Dr Paul Segal, King's College London

MICRO – POVERTY AND INEQUALITY

The Lorenz Curve and Gini Coefficient

Dr Paul Segal, King's College London

MICRO – POVERTY AND INEQUALITY

Why Should We Study Inequality?

Dr Paul Segal, King's College London

MICRO – POVERTY AND INEQUALITY

The Difference Between Relative and Absolute Poverty

Dr Paul Segal, King's College London

MICRO – POVERTY AND INEQUALITY

The Causes and Effects of Poverty

Dr Paul Segal, King's College London

MICRO – POVERTY AND INEQUALITY

Government Policies to Alleviate Poverty

Dr Paul Segal, King's College London

Contents

Role of Government in Microeconomics

Market Failure: externalities and common pool or common access resource

Government Intervention in Response to Externalities and Common Pool Resources

Strengths and Limitations of Government Policies to Correct Externalities and Approaches to Managing Common Pool Resources

Importance of International Cooperation

Market Failure - Public Goods

Market Failure - Asymmetric Information

Market Failure - Market Power

The Market’s Inability to Achieve Equity