ECONOMICS

ECONOMICS
400-500 words APA

Market failure describes a situation in which the allocation of goods and services by free market is not “efficient” implying that a market participant can be made better-off without making someone else worse-off (i.e., Pareto optimality). Market failures are often associated with (1) public goods; (2) information asymmetries; (3) non-competitive market structures (monopoly, oligopoly and monopolistic competition) and (4) externalities. The existence of a market failure is used as a justification for government involvement in the operation of free market economy.

Write a short essay, using the market failure analysis, to justify why the U.S. government should or should not be involved in the provision of (1) airport security and (2) medical care.
Review “Universal health insurance is a common good” published by The Economist in Oct 8th 2009.
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