The Pros And Cons Of Market Failure

One strength of the UK constitution is the flexibility that it has, for the reason that the constitution is uncodified or unwritten and is therefore not entrenched in law. Due to the fact that the UK’s constitution is uncodified or unwritten, it has an opportunity to modernise itself to the ever changing society or any other new circumstances that may arise. An example of the flexibility of the UK’s

parliamentary government under a constitutional monarchy, meaning that parliament has a supremacy over the monarchy but the Queen still has certain powers (Jones et al., 2004). Since the 1970’s the traditional constitution has been challenged and had two major changes, which I will talk about later. The US constitution, unlike the UK constitution, is codified. It has a clear written primary source and one could say that its secondary source is the interpretation by the Supreme Court, which can change the meaning of specific phrases written in the primary source (Singh, 2003). A central principle to the constitution is that government should be limited and the powers split up.

The Advantages and Disadvantages of an Unwritten Constitution in the UK The UK has an unwritten constitution unlike the U.S.A. Instead Britain's laws, policies and codes are developed through statutes, common law, convention and more recently E.U law. It is misleading to call the British constitution unwritten; a more precise form of classification would be un-codified. This means that the British constitution has no single document, which states principles and rules of a state. However, The British constitution clearly sets out how political power is allocated and where it is legally located. The British constitution is still visible and it defines composition and powers of the main offices and

Market economy is an economy system the individuals are owned and controlled most of the resources and are allocated through voluntary market transactions governed by the interaction of supply and demand. The presence of market economy will make a gap or disparity in society. It is happened because people are free to play in the market. In addition, there is no interference from the government and it will lead to the exploitation. It has lead to the market economy become not an option for a country to stay competitive. Competition in the marketplace provides the best possible product to the customer at the best price. When a new product is invented, it usually starts out at a high price, once it is in the market for a period of time, and other companies begin to copy it, the price goes down as new, similar products emerge.

Market failure is a failure when markets yield an inefficient output of resources leading to negative impacts on the society, nonrivalrousness in consumption and nonexclusiveness in use. Eg: the monopoly is an abuse of market power causing stagnation and idleness.

1A. Market failure is a situation in which the allocation of goods and services is not efficient. In any given market, the quantity of a product demanded by consumers does not equate to the quantity supplied by suppliers. This is a direct result of a lack of certain economically ideal factors, which prevents equilibrium.

Market failure exists when the operation of a market does not lead to economic efficiency. It is a situation where a free market does not produce the best use of scarce resources. Typical examples are when externalities are present, when there is monopoly power or where it is necessary for public and merit goods to be provided by the government or even when there is possible excessive profits or

Market failure is a situation where pure market forces such as the operation of the price mechanism fail to produce goods at a socially optimum level. In Australia’s mixed market economy, government intervenes to correct market failures. This can lead to environmental efficiency, productivity, additional revenue and employment however it can also reduce consumer welfare and cause government failure.

The monarch is a figure head and does no decision making. The voters of a parliamentary system elect parliament who then elect the prime minister and the cabinet. The prime minister is normally the leader of the most popular party in parliament. The PM even being the head of government is not as powerful as the head of government in a presidential system. The parliament of the system withholds the most power. They make or break any law. Compared to the separation of powers as in a presidential system there is only a separation of functions. Each part of government has its own function to perform, but there is no system of checks and balances. An example of the overlapping of powers is the need of a vote of confidence. A vote of confidence is proposed by a party and needs backing from the other part of government. With no system of sorts there is more likely of upheaval and change of rule. There is not as much stability in a parliamentary system as there is in a presidential. Lastly there is no judicial rule as there is in a presidential system. A parliamentary system has had success in the past but still is seen as not as successful as a presidential system.

A constitution is a set of rules which may be written or unwritten, establishes the distribution of power in a political system, the limits of government jurisdiction, the rights of citizens and the method of amending the constitution itself. An uncodified constitution is unwritten, or at least not written all in one document. The constitution in the UK is found in a variety of sources which are mainly statute and common law, conventions and traditions, European law etc. There are arguments for the UK to both retain an uncodified constitution and to change this to a codified constitution like the USA. Some of the arguments for retaining the uncodified system are that; codification produces

The British constitution is flexible in nature, which has allowed for the development of this country over centuries without the need for a fully codified constitution. I

The following are some ideas to help you pick a topic for the Market Failure Research Paper assignment. Consult with your instructor if you are having trouble picking a topic.

Markets are the institutions where the exchange of goods and services among individuals collective agents occurs. The exchange of these goods and services utilizes money as the medium through which equivalence of worth and value is given to the goods and services (Keech and Munger 4). This leads to the formation of prices given for the goods and services. Additionally, markets may be categorized in accordance with the commodities and services traded in them where these categories entail financial markets, labor markets, and housing markets. Similarly, the scope under which these items are traded may provide another level of categorization where some may occur throughout a region, nationally or internationally (Pinotti 2). These may be coupled with categorization in terms of structure where various entities include competitive markets, oligopolistic markets, and monopolistic markets.

Regulations imposed by the government in any economy determine the market efficiency and growth. Policies and laws governing the flow of goods and out flow determined the internal trade affairs. When the government formulates policies and regulations, which is the market conducive, efficiency is enhanced. In such instances, the outcomes of the market yields can be predicted. Such ability of the policies and regulations to enhance efficiency in the markets can be enabling the government to have prior arrangements and plans concerning future economic goals. On the other hand, as the governing body there is a need to establish the effectiveness of the current policies in enhancing marketing efficiency. However, there is a need to establish the criteria for determining the correctness and effectiveness of the regulations which are to be set. Governing body should intervene in the control of the market regulations though independent bodies and private sectors should be involved in such regulations formulations. Many economies, such the United states and United Kingdom, the government has the power to intervene in the market policies. When the market fails in such instances, the government is blamed for the failure. The modern economies advocates for more freedom of choice in the formulation of regulations of the markets. Others concentrate on the efficiency of the policies and regulations in the achievement of the market goals.

Market failure is when a market fails to allocate resources efficiently. A public good can cause a market failure because if people get to use an item for free, firms cannot