What is Market Failure? Jonathan Anomaly

Prof. Jonathan Anomaly explains the term "market failure" in economics, which happens whenever resources are allocated inefficiently. Economist Franics Bator, who coined the term “market failure,” meant it to indicate conditions in which, in principle, governments might intervene in markets to improve efficiency. This video describes the main sources of market failure, including positive and negative externalities, and market failures to provide “public goods.” This video is part of a series exploring foundational topics in economics, including the market process, market failure, and market fairness. It is also part of a larger series on foundational topics in Philosophy, Politics, and Economics (PPE) courses. Videos in the series feature six professors who teach in university PPE programs. Watch the rest of the videos in the “How Markets Work” playlist here:    • How Markets Work - Philosophy, Politics, a...   Watch all 23 videos in our PPE series here:    • Philosophy, Politics, and Economics (PPE) ...   For additional PPE curriculum resources, including suggestions for further readings on each topic, visit our website: https://theihs.org/ppe/ Subscribe to our channel to see upcoming videos: https://www.youtube.com/c/TheIHSorg?s... The Institute for Humane Studies supports and partners with professors to promote the teaching and research of classical liberal ideas and to advance higher education’s core purpose of intellectual discovery and human progress. About Us: https://theihs.org/who-we-are/ Twitter: https://twitter.com/theihs?lang=en Facebook:   / instituteforhumanestudies   LinkedIn:   / instituteforhumanestudies   Instagram:   / theihs