PSC 412 Lecture Notes - Lecture 8: Market Failure
5 Nov 2016
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Need to create laws of public goods. Non-excludable: cannot exclude or take away it from someone. Non-rival: 1 consumption of a good does not take it away from someone else. At what point is it a person"s right or time to take away the incentive of a person. State created monopoly preventing access to a market. Consent: does require of other countries to go along with it. Hard power: demanding, ways of forcing people to do what they want. Must get incentives to work in the market; when a market failure happens; must have market incentives. States: dynamic characters; depends on who is in control. Igos: openness; they want everyone to get along. Trade-marks: type of signs or symbols that is owed by a manufacturer/merchant to identify its goods and services. They are good for 10 years so they do not have to be applied forever but can be reapplied.
