We have recently explored the area of welfare economics where we analyzed the shortcomings of the free market guided by the “invisible hand”. These market failures (aka failure to maximize efficiency) are caused by the disruption of several assumptions that we make when analyzing a market. Thus far we, have explored externalities, public goods, and asymmetric information (we will cover imperfect competition in the next section of the course). Please provide a 600-word analysis of a real-world market for a good or service where a market failure is present. Describe/analyze the market in the context of one or more of the market failures that we have explored. Additionally, describe what the government is doing in that market to rectify the market failure, or what they should be doing if they are doing nothing, or if there is a nongovernmental solution. I will look for creativity, and will closely scrutinize those papers that use an example that we have already gone over thoroughly in class or the book, since you should know those considerably well.
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