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- W4386731499 abstract "This chapter evaluates some of the potential failings of markets and how and why governments intervene in them. It starts with highlighting the merits of competitive markets, which in theory can lead to efficiency and innovation. However, this idea is then rebuffed, in that markets may bring dangers and are likely to experience imperfections and failures. This then leads to the discussion on government intervention on areas such as consumer protection, employee protection, business collusion or formation of cartels, and price fixing. The effect of externalities, public goods, asymmetric information and the concept of ‘Too big to fail’ is also considered. The chapter closes by addressing questions on the actions governments can take to intervene in markets, effects of government intervention on businesses, and whether governments should intervene in markets at all." @default.
- W4386731499 created "2023-09-15" @default.
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- W4386731499 date "2019-02-13" @default.
- W4386731499 modified "2023-09-27" @default.
- W4386731499 title "Do markets work?" @default.
- W4386731499 doi "https://doi.org/10.1093/hebz/9780198786030.003.0007" @default.
- W4386731499 hasPublicationYear "2019" @default.
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