Business Environment


Quantitative regulations

Quantitative regulations, often labelled as “command-and-control” measures, operate by establishing standards or limits that producers or consumers must comply with. They typically lay down maximum…






OPEN ACCESS RESOURCES

Markets often fail to deliver socially-efficient outcomes where a natural resource is characterised by conditions of open access. A resource is described as an open…


PUBLIC GOODS

As we explained earlier, where goods are public rather than private, resources will tend to be inefficiently allocated. The inefficiencies we have in mind manifest…