51 Most introductory economics textbooks have a section on market failure It is here that...
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51 Most introductory economics textbooks have a section on market failure It is here that students learn that markets may fail to achieve their potential leaving people worse off than they theoretically could be The existent of market failure is often taken as an excuse for government intervention to do whatever markets fail to do In just a couple of sentences explain why economists and others particularly politicians must accept the possibility of government failure as well That is tell me why government solutions to perceived market failures may themselves fail to achieve their own stated goals The U S Drug war is an apt example of a discrepancy between a stated political policy goal and the actual attainment of that goal
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