Market failure and externalities · 市场失灵与外部性
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| externality/ekˈstɜːnælɪti/ | 外部性 | wài bù xìng |
| market failure/ˈmɑːkɪt ˈfeɪlɪə/ | 市场失灵 | shì chǎng shī líng |
| third party/θɜːd ˈpɑːti/ | 第三方 | dì sān fāng |
| negative externality/ˈneɡətɪv ekˈstɜːnælɪti/ | 负外部性 | fù wài bù xìng |
| overproduction/ˌəʊvəprəˈdʌkʃn/ | 生产过多 | shēng chǎn guò duō |
| positive externality/ˈpɒzɪtɪv ekˈstɜːnælɪti/ | 正外部性 | zhèng wài bù xìng |
| underproduction/ˌʌndəprəˈdʌkʃn/ | 生产不足 | shēng chǎn bù zú |
| marginal social cost/ˈmɑːdʒɪnl ˈsəʊʃl kɒst/ | 边际社会成本 | biān jì shè huì chéng běn |
| social optimum/ˈsəʊʃl ˈɒptɪməm/ | 社会最优 | shè huì zuì yōu |
The cost no one pays
- A factory dumps smoke; the price of its product never counts the cost to people downwind. The market price is "wrong".
- That gap between private and social costs is an externality 外部性 — the most important kind of market failure 市场失灵.
没人付的成本
- 一个工厂排放烟雾;它产品的价格从不计入对下风处的人的成本。市场价格是“错的”。
- 私人成本和社会成本之间的那个差距是一个外部性(externality)——最重要的一种市场失灵(market failure)。
Market failure means the free market: · 市场失灵意味着自由市场:
It produces too much or too little of a good for society — an inefficient allocation. · 它为社会生产太多或太少的某种商品——一种低效的配置。
Market failure
- Market failure is when a free market allocates resources inefficiently — too much or too little is produced.
- Externalities, public goods, and information gaps are the main causes.
Cigarettes are a demerit good: people overconsume them because they misjudge the harm
市场失灵
- 市场失灵是当一个自由市场低效地配置资源时——生产太多或太少。
- 外部性、公共品和信息差距是主要的原因。
香烟是一个劣值物品:人们过度消费它们,因为他们误判了危害
The market and where it fails · 市场及其失灵之处
Supply and demand set the market price and quantity at their intersection. Market failure is when this free-market outcome is not the best one for society. · 供给和需求在它们的交点决定市场价格和数量。市场失灵是当这个自由市场结果不是对社会最好的那个时。
A negative externality (like pollution) leads a free market to: · 一个负外部性(像污染)导致自由市场:
Social cost exceeds private cost, so the market makes more than is socially optimal. · 社会成本超过私人成本,所以市场制造的比社会最优更多。
A positive externality (like vaccination) tends to be under-produced by the free market. · 一个正外部性(像疫苗接种)倾向于被自由市场生产不足。
Social benefit exceeds private benefit, so the market produces too little. · 社会利益超过私人利益,所以市场生产太少。
Externalities
- An externality is a cost or benefit that falls on a third party 第三方 not involved in the transaction.
- Negative externality 负外部性 (pollution): the social cost exceeds the private cost → overproduction 生产过多.
- Positive externality 正外部性 (vaccination, education): the social benefit exceeds the private → underproduction 生产不足.
With a negative externality, marginal social cost 边际社会成本 (MSC) lies above private cost (MPC); the market over-produces, creating a welfare loss.
A positive externality: the market under-produces, causing welfare loss
外部性
- 一个外部性是一个落在不参与交易的第三方(third party)身上的成本或利益。
- 负外部性(negative externality,污染):社会成本超过私人成本 → 过度生产。
- 正外部性(positive externality,疫苗接种、教育):社会利益超过私人 → 生产不足。
有一个负外部性时,边际社会成本(MSC)位于私人成本(MPC)之上;市场过度生产,造成一个福利损失。
一个正外部性:市场生产不足,引起福利损失
Match each case to its externality. · 把每个案例与它的外部性配对。
Costs on third parties are negative (over-produced); benefits to third parties are positive (under-produced). · 加在第三方身上的成本是负的(过度生产);给第三方的利益是正的(生产不足)。
Private vs social
- Marginal private cost/benefit = what the individual bears or gains.
- Marginal social cost/benefit = private plus the externality.
- The market sets output where private cost = private benefit; the social optimum 社会最优 is where social cost = social benefit.
Negative externality = over-production, not under. The classic slip is to reverse them. Pollution → too much is made (MSC above MPC); positive externalities → too little.
A negative externality: the market over-produces, causing welfare loss
私人对社会
- 边际私人成本/利益(marginal private cost/benefit)= 个人承担或获得的。
- 边际社会成本/利益(marginal social cost/benefit)= 私人加外部性。
- 市场把产出定在私人成本 = 私人利益的地方;社会最优(social optimum)是社会成本 = 社会利益的地方。
负外部性 = 过度生产,不是不足。 经典的失误是把它们颠倒。污染 → 制造太多(MSC 高于 MPC);正外部性 → 太少。
一个负外部性:市场过度生产,引起福利损失
Marginal social cost = marginal private cost plus the . · 边际社会成本 = 边际私人成本加上。
MSC = MPC + the external cost imposed on third parties. · MSC = MPC + 加在第三方身上的外部成本。
You've got it
- market failure = inefficient allocation; externalities are costs/benefits on third parties
- negative externality → social cost > private → over-production (welfare loss)
- positive externality → social benefit > private → under-production
你掌握了
- 市场失灵 = 低效的配置;外部性是落在第三方身上的成本/利益
- 负外部性 → 社会成本 > 私人 → 过度生产(福利损失)
- 正外部性 → 社会利益 > 私人 → 生产不足