PHIL 105 - Class Notes - 12.07.07

PHIL 105 - Class Notes - 12.07.07 - outcome is justified....

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PHIL 105: Class Notes 12/07/07 very few markets are perfectly competitive requires People have full knowledge of all of the factors. “invisible hand” within that framework the failure occurs when the market conditions do not end up in socially  desirable outcomes. Pollution and the Environment Global Warming Property Damages Health Market failures When a market failure exists, government intervention into markets to improve the 
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Unformatted text preview: outcome is justified. Government failure occurs when government intervention does not improve the situation. Externalities are the effect of a decision on a third party that is not taken into account by the decision maker. Externalities can be either positive or negative. FOUR TOPICS 1. Globalization 2. Speculation Debt 3. Peak Oil 4. Environment...
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This note was uploaded on 04/11/2008 for the course PHIL 105 taught by Professor Green during the Fall '07 term at SUNY Oneonta.

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