Policies to achieve efficient resource allocation and correct market failure

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Tom D.

University of Warwick - BSc Economics

A-level examiner. Panel judge of the Royal Economics Society essay competition. Former BBC News senior producer.

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Application of indirect taxes to correct negative production externalities

This video explains how the government uses indirect taxation to correct the market failure that arises from negative production externalities.

Application of subsidies to correct market failure

This video explains how subsidies can be used to the correct market failure associated with positive production externalities and positive consumption externalities.

Pollution permits

This video explains how governments can use pollution permits to address the negative externalities of production.

Prohibitions and licenses

This video explains how governments use prohibitions and licenses to regulate markets.

Price and output decisions under nationalization and privatization

This video explains how price and output vary under nationalization and privatization.

Property rights

This video explains how property rights can influence the allocation of economic resources.


This video explains how the provision of information can help consumers make more optimal economic decisions.

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