Definitions

News


House price latest

House prices up by 6.9%.

Read more
Model agencies collude to fix rates

Regulators find leading model agencies guilty of price fixing.

Read more

Quasi-public good

Quasi-public goods have characteristics of both private and public goods, including partial excludability, partial rivalry, partial diminishability and partial rejectability. Examples include roads, tunnels and bridges. Markets for these goods are considered to be incomplete markets and their lack of provision by free markets would be considered to be inefficient and a market failure.

For example, private enterprise could provide some bridges, roads and tunnels if a charging system could be applied which solves the free rider problem. However, it is unlikely that all an economy's (households and firm's) need for transport and infrastructure could be met this way. Indeed, toll charge systems could be regarded as inefficient in that traffic slows down to pay at the toll booth, and traffic builds up causing congestion and increased external costs. However, the introduction of new technology, such as 'smarter' payments systems and number-plate recognition technology means that the free rider problem can be reduced or eliminated and the price mechanism can operate. Hence, over time, technology can convert public goods to quasi-public goods, and eventually to private goods.


Alternative finance

Report on the growth of alternative finance.

Read more
GDP latest

UK grows by 0.3% in 2nd quarter of 2017.

Read more
Customs unions

Costs and benefits of customs unions.

Read more
New materials

Multiple choice papers for Paper Three.

Read more
Brexit update

Article 50

What trading options are available to the UK?

Savings ratio

Savings ratio falls to lowest level on record.

Read more
Tax avoidance

Double Irish - and a Dutch Sandwich more..

The OECD presents its final package for reform of international tax rules..more

OECD - reducing income inequality will boost growth..more