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The Economics of Market Failure
Sound Thinking About Market Failure Economic analysis indicates that monopolies (when there is a lack of competition), public goods, and externalities often pose challenges and sometimes undermine the efficient operation of markets. Economists use the term market failure to describe the situation where the structure of
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Demand and Supply - Common Sense Economics
commonsenseeconomics.com3 The page you have selected, "Demand and Supply," By Dwight Lee, is under copyright. For more information about reprinting or distribution, contact the webmaster@fee.org.
Condensed version What Is Seen and What Is Not Seen
commonsenseeconomics.comWhat Is Seen and What Is Not Seen1 By Frederic Bastiat Abridged version for Common Sense Economics The following article is a condensed version of Frederic Bastiat’ “What Is Seen and What Is Not Seen.” Bastiat was an economist who was also a member of the French parliament in the middle of the nineteenth century. Interestingly, the
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