Monday, November 28, 2005
What happened to 'merit goods'?
I would really like to know how much the English Economics A Level has changed in the fourteen years since I did it. Obviously socialism's gone out of the window, but what about the theory backing it up? We learnt that things like education and health were 'merit goods' ie that the production increased the value of society and the economy to such an extent that it was in the economy's interest to provide them free of charge.