Identify a market failure that plays an important role in a movie, novel, short
ID: 1200518 • Letter: I
Question
Identify a market failure that plays an important role in a movie, novel, short story, TV show, or song. Explain what the market failure is and how it is presented in the source. For example, one of my favorite movies is "Open Range," a western starring Kevin Costner. The movie's title refers to land that was considered common property where anyone was free to graze their cattle. Kevin and his crew are grazing their cattle in an open range, but the local cattle baron doesn't like it, fearing there won't be enough grass left for his cattle and uses violence to encourage them to leave. The market failure in this plot is "Tragedy of the Commons,: when a resource is commonly owned or if no one owns the resource individually, each person has an incentive to use the resource as much as possible, leading to overuse and perhaps depletion-in this case the common pasture land. (5)Explanation / Answer
To explain how a market failure look like through this TV series : "THE FLASH"
In this series , A scientist made an scientific experiment we are not conserned about name here.All we are thinking here is about market failure.Suppose that project is funded by the governament then govt will expect some positive out come from the experiments. Such that show casing that wil get them votes and other than that they can fund few more experiments and researchs.
But the experiment was a failure unfortunately. the scientist who did experiments get into disability and few youngsters got into trouble physically and material damage happened. It is a pure fiction though we can see the following this from it
Govt is not ready any more to fund research that are risky . in that case not even single research that is innovative will not be encouraged.
Manyyoung aspirants will leave the country and they will seek for oppurtunities out in the world .
No on technology such that human labhour will be more and productivity will completely proportional to people .
This way you can take any movie of your interest and analyse the same.
Happy learning and analysing.
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