Market Failures, Taxes, and Subsidies: Crash Course Economics #21
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This week on Crash Course Econ, Jacob and Adriene are talking about failure. Specifically, we're talking about market failures. When markets don't provide a good or service efficiently, that's a market failure. When markets fail, often governments step in to provide those services. Stuff like public education or military protection are good examples of market failures. So, what are some of the ways governments address, market failures? Well, it's funny you should ask, as we also talk about that in this episode. We'll get into taxes and subsidies and externalities and a bunch of other important stuff this week on Crash Course Econ. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Comments
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The one place where I think that the free market doesn't work 100% of the time is the environment
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Prisoner's Dilemma docet ;)
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Healthcare
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I think that the moment certain people on the right including right libertarians and neoliberals can give up their free market fantasies, is the moment we can achieve a more constructive dialogue on government and its role in the economy.
Right now, I see too many libertarians like Ron Paul who are under this spell that every problem that exists within an economy is caused by government. While I agree there are instances where this is definitely the case, I don't think its true all of the time. Ron Paul will never admit a problem is caused by a lack of government, and so will a lot of libertarians and conservatives ive heard of. They are people who put principle before reality. They've already made up their mind in every situation before they even examine it.
One of the obvious reasons markets can fail is because humans are not perfectly rational actors. Multiple people within a market environment may make certain decisions that are completely irrational and destructive, leading the collapse of the system. -
AcdcEcon is so much better than Adriene.
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ooo this is the acdc econ guy
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So wait, does that mean Real Estate in latin america is a Market Failure? A lot of those governments are providing that
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Hello
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Seriously, you should stop smoking. (fast speed)
Then, Ban it! -
Follow me on instagram @norulesfor_1738
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Hey! Y'all who are from cheese high school .
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For the last problem, make a group and then use a big stick to force the others to comply.
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Legalize marijuana and tax it! :)
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so damn true when it comes to consuming too much of our public goods for profit(oil,natural gas,fish, etc..)
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Capitalism or Communism? Socialism is the answer. It's the in-between solution.
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What means Dftba?
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Please watch Hank Green's philosophy video about "Pseudo-science" and you will see how climate change fits very nicely into that category and why any reasonable person should ignore it.
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Target would sell lots of nuclear weapons, :(
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Thanks for the video! I had to use this video to make notes for homework!
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I cant believe climate change's existence is still controversial in 2016
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