Market Failures Explored
The discussion delves into the contrasting views of Coase and Pigou on market failures and government intervention. Coase critiques Pigou's reliance on taxes and subsidies, suggesting a need for innovative government institutions that can effectively guide markets. Both speakers emphasize the importance of recognizing and addressing the complexities of these economic challenges, advocating for a willingness to learn from mistakes.In this clip
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EconTalk
Does Market Failure Justify Government Intervention? (with Michael Munger)
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