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The UK is paying people to not use electricity For several hours this week and through the rest of the winter, UK residents can earn money by turning lights off, unplugging laptops, and using the microwave to heat dinner instead of cooking it in an electric oven. Read more... https://qz.com/the-uk-is-paying-people-to-not-use-electricity-1850023703
Fixing a Food Desert
https://www.pressreader.com/usa/star-tribune/20170118/281930247682939
Food deserts occur when a community has gone without a main source of affordable, good-quality food for an extensive amount of time. It’s an obvious indicator that market failure has occurred. Luckily, a town on the north side of Minneapolis found a way to fix this failure through non-profit and government partnership. They have obtained funds to build not only a grocery store, but a wellness center too--what a great example of communities joining together!
This is a very interesting off the wall documentary that truly demonstrates the totality of economics in society today, as truly unavoidable.
The main economic themes running throughout are Market failure, government failure and general informal economy.
3:10 negative externality – pollution of the water with mercury
10% world gold reserves in Venezuela, 40,000 miners in the hills
4:00 government intervention through legislation and regulation of pollution and gold production
Informal economy
C
7:40 Erosion through the gold extraction process leads to not only environmental issues but also damages the major hydro-electric energy damn down the river. This business is essential to the venezuelan economy. The government opposes these mines, however, politicians do not want to alienate the poor, who are sympathetic to the miners.
11:00 unemployment has driven them to create cooperative mining groups. This is good for the workers because of the shared incentive to work hard to increase the productivity of the mine.
13:00 the lack of action of the President Chavez against the miners, juxtaposes the previous leader, this has lead him to gain support and respect from the people and especially the miners. However these miners aren't using the environmentally harmful method of power houses. But they do use mercury also which is poisonous with lead another toxic chemicals. All of which goes into the wildlife and environment surroundings.
17:00 this dangerous mercury is still attached, they undergo and extremely dangerous process of removing the toxins.
19:00 the informal economy has lead to increased crime in El Dlario such as gold trade, prostitution and other demerit goods like alcohol.
21:00 ironically the communist system has led to a rise in capitalist businesses that are earning far more money than the miners for far less work.
David Lifely
What is market failure?
Markets fail when they are inefficient. This would occur when:
they fail to produce goods that consumers want
they fail to produce the quantities of foods required
they fail to produce goods at acceptably low price
Criticisms can be leveled in two main ways:
The market system does not always produce "desirable" outputs.
The market system does not always work.
