Listen to the following EconTalk podcast Don Boudreaux on Market Failure, Government Failure and the Economics of Antitrust Regulation .and answer the following questions:

1) According to the podcast, what is the standard economic answer to the question of government intervention?

2) How does Boudreaux explain market failures? What are they?

3) According to Boudreaux, What are free markets?

4) Consider the fish example's four possible solutions. Comment on each one (do nothing, regulate/tax, create property rights, wait for a moral norm.)

5) Why is "Public choice" a revolutionary field of study?

6) What does Boudreaux mean when he says "Let the market do it."?

7) What does Roberts mean when he says "Let the market do it."?

8) How effective was the Byrd Amendment at reducing pollution? What was it really about?

9) What is taught as perfect competition?

10) What is economic power?

11) How is economic power constrained by competition?

12) How is economic power is constrained by regulation?

13) Why is antitrust law so popular?

14) What is the story of antitrust you learned in your high school history class? (*Hint: Sherman Act)

15) According to the podcast, why might might what you learned in history class about anti-trust law be true?

16) What was Gustafus Swift's role in American Anti-trust laws?

17) Does Boudreaux think that predatory pricing, mergers, firms getting big, "tying" behavior happens systematically harming consumers?

18) According to Boudreaux, why shouldn't we worry about large firms and mergers?

19) What does Boudreaux mean when he says competition is not a "state" but a "process."?

20) What does Boudreaux mean when he says, "Capital is greedy, and capital is fast."?

21) What does Boudreaux contend is the only source of monopoly power?

22) What does Boudreaux have to say about Wal Mart, Microsoft, IBM, A & P, Big 4 American Auto Makers?

23) What would Schumpter say about our government's attack on US oil companies today?

24) This podcast is quite old, what do you think Boudreaux got right and what do you think he got wrong? or Can you think of any criticisms of what was discussed?