Recent figures from national training agencies show that despite full government subsidies, a declining number of young adults are enrolling in essential digital retraining programs. In some regions, enrolment rates among eligible workers are as low as 60%, even though completing these programs leads to significantly higher average long-term earnings and job security. Many potential applicants report being unaware of the career benefits or find it difficult to assess the quality of the courses on offer.
Evaluate the significance of information failure in explaining the under-consumption of merit goods.