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1. When would Adam Smith (of Smith's Formula) suggest that the government would need to step...

1.

When would Adam Smith (of Smith's Formula) suggest that the government would need to step in and regulate a market in order to   protect the public from greedy business people?

2.

Suppose that I have cocaine that I want to sell and you are looking to buy cocaine. What does the Theory of Voluntary Exchange say about us engaging in an exchange?

This is not a long essay - be concise and focus on the main point.

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1 - Adam smith was of the opinion that the government must interfere in the markets in case the profit making starts creating the disruptions in market. Whenever negative externalities , high pricing , deadweight loss comes into play in the market , the government must interfere and design the appropriate policies in order to increase efficiency through property rights , licenses , penalties etc.

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