Alevel经济知识点：市场失灵的原因

2020-12-10 2648浏览

　　在Alevel经济考试中里有一个重点备考内容——Market Failure市场失灵，以及和它紧密相关的一个知识点Externality经济外部性。理解难度还是很大的，下面我们就一起来学习一下吧！

　　01Reasons for market failure

　　市场失灵的原因

　　1. Market failure occurs whenever a market leads to a misallocation of resources.

　　2. A misallocation of resources is when resources are not allocated to the best interests of society. There could be more output in the form of goods and services if the resources were used in a different way.

　　3. Economic and social welfare is not maximised where there is market failure.

　　02Types of market failure

　　市场失灵的种类

　　o ExternalitiesAn externality is the cost or benefit a third party receives from an economic transaction outside of the market mechanism. In other words, it is the spillover effect of the production or consumption of a good or service.

　　Negative externalities are caused by the consumption of demerit goods, such as cigarettes, and positive externalities are caused by the consumption of merit goods, such as recycling schemes.

　　o The under-provision of public goodsPublic goods are non-excludable and non-rival, and they are underprovided in a free market because of the free-rider problem.

　　o Information gapsIt is assumed that consumers and producers have perfect information when making economic decisions. However, this is rarely the case, and this imperfect information leads to a misallocation of resources.

　　o MonopoliesSince the consumer has very little choice where to buy the goods and services offered by a monopoly, they are often overcharged. This leads to the underconsumption of the good or service, and therefore there is a misallocation of resources, since consumer needs and wants are not fully met.

　　o Inequalities in the distribution of income and wealthThere is an unequitable distribution in income and wealth. Income refers to a flow of money, whilst wealth refers to a stock of assets. This can lead to negative externalities, such as social unrest.

Alevel经济知识点：市场失灵的原因

　　02Externalities

　　经济外部性

　　An externality is the cost or benefit a third party receives from an economic transactionoutside of the market mechanism. In other words, it is the spill-over effect of the productionor consumption of a good or service.

　　Externalities can be positive (external benefits) or negative (external costs).

　　Negative externalities are caused by demerit goods. These are associated with informationfailure, since consumers are not aware of the long run implications of consuming the good,and they are usually overprovided. For example, cigarettes and alcohol are demerit goods.The negative externality to third parties of consuming cigarettes is second-hand smoke orpassive smoking.

　　Positive externalities are caused by merit goods. These are associated with informationfailure too, because consumers do not realise the long run benefits to consuming the good.They are underprovided in a free market. For example, education and healthcare are meritgoods. The positive externality to third parties of education is a higher skilled workforce.

　　The extent to which the market fails involves a value judgement, so it is hard to determinewhat the monetary value of an externality is. For example, it is hard to decide what the costof pollution to society is. Different individuals will put a different value on it, depending ontheir own experiences with pollution, such as how polluted their home town is. This makesdetermining government policies difficult, too.

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