Here are two examples of government failure - one an ill-judged intervention in the housing market. The other criticism that a major international organization has manipulated the definition of a pandemic and spread unnecessary fear about the risks associated with summer flu.

The new coalition government has moved swiftly to abolish Home Information Packs (HIPs) from the UK property market. Designed as a way of providing would-be buyers with more detailed information about properties for sale, they have proved to be hugely expensive, bureaucratic and largely irrelevant. A classic case of an intervention with good intentions but one that served merely to make the business of buying and selling a house even more time-consuming and expensive. More here

Secondly, questions are being raised over the World Health Organisation’s handling of the H1N1 swine flu pandemic last year and this. To what extent has the WHO succumbed to regulatory capture - being unduly influenced by the powerful pharmaceutical industry lobby.

“The lack of transparency in its decision making process, together with the WHO’s advice to countries to begin widespread vaccination against swine flu, has led some observers to suspect undue influence from the pharmaceutical industry”

More here

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Teaching the New A Level Economics: Financial Markets

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