The IRMA Community
Newsletters
Research IRM
Click a keyword to search titles using our InfoSci-OnDemand powered search:
|
The Significance of Public Goods in Market Failure Debates: The Role of Public Goods on Market Failure From the Perspective of Schools of Economic Thought
Abstract
Before the emergence of the neoclassical economic approach, the idea that market instabilities are temporary and markets are spontaneously able to reach equilibrium was prevalent. However, with the neoclassical economic thought the idea that market economy alone is far from attaining equilibrium and there is a need for public economy. This is also known as market failure theory. There are many reasons of market failure. One of them is public goods. Public goods are generally regarded as an example of market failure and seen as a problem requiring government intervention. However, when main stream public goods theories are analyzed in-depth, it is seen that there is no agreement on the properties of public goods which may create a reason to the government presentation and public presentation is not approved in general. Therefore, the aim of this study is to make a comparative analysis of the approaches of different economics schools of thought which have contributions to the subject of public goods.
Related Content
|
Iris-Panagiota Efthymiou, Symeon Sidiropoulos.
© 2024.
24 pages.
|
|
Nitish Kumar Minz, Anshul Saluja.
© 2024.
29 pages.
|
|
Iris-Panagiota Efthymiou.
© 2024.
24 pages.
|
|
Antoine Toni Trad.
© 2024.
43 pages.
|
|
Martha Ann Davis McGaw.
© 2024.
15 pages.
|
|
Agyabeng Nimfah Yeboah, Leila Goosen.
© 2024.
24 pages.
|
|
Surjit Singha.
© 2024.
23 pages.
|
|
|