Anatomy of Inevitable Gov't Failure
The coronavirus pandemic has all the earmarks of a classic market failure: with every action, you create benefits or costs that spill over onto other people. When you get a flu shot, you make it less likely that people will get the flu. When you wash your hands carefully, you make it less likely that you will pass on illnesses like COVID-19. The people who benefit from your attention to your health and hygiene, however, don’t compensate you for your valuable service.
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