From Media Monopolies to Bottled Water: How Markets Fail and Why It Matters
Our market economy produces trillions of dollars in wealth and provides us with ever more stuff. We are richer than any humans that have come before, and by many measures, life has never been better. In other words, the market system generally works. But periodically markets fail, and when they do the results can be catastrophic. In this Olio we will explore how market failure occurs and why market failure seems to be happening more frequently.
There are a number of ways markets fail, from externalities to asymmetric information, and the idea of this Olio is to delve into the market failures happening in real life. From crypto currencies, to online dating sites to tourists paying too much for a bottle of water, we’ll explore market failures and how they directly affect us.
Teacher: Lev Moscow
Lev Moscow has taught International Political Economy at the Beacon school for ten years, as well as courses on the history of the global economy at Florence University of the Arts in Italy.