Institute for New Economic Thinking
The Failure of Market Failure | #4 | Venture Capital in the 21st Century
What are the rationales for State support for technical innovation? Adopting the Neoclassical approach of "market failure", Nelson and Arrow suggested that private business firms will invest less in research & development than is...
Curated Video
Understanding Positive Externalities and Market Failure
This video provides an explanation of positive externalities which occur when third parties receive benefits from the production or consumption of a good or service. The video explains how positive externalities create a divergence...