Look at the news (a traditional newspaper such as the New York Times or Wall Street Journal, Google Business News, a news magazine, or video news show) where you can identify an example of market failure, where pursuit of profit brings about a worse-off circumstance, either for the economic actors or for society as a whole. The story should show either
How competition and self-interest brings about a worse outcome from either the economic actors or for society as a whole, or
How a current example of an economic externality (tragedy of the commons, free rider or moral hazard) brings about a worse outcome for the economic actors, for society as a whole, or both
Write a short piece in your homework journal, 200-300 words
describing the incident or condition
explaining how it shows that free market, self-interested pursuit of profit brings about a worse-off condition for society.
