Like the market, do you think governments also fail? What are some repercussions of government failure?
Like the market, do you think governments also fail?
What are some repercussions of government failure?
Homework Answers
Yes, the government also fail and this happens a lot in the developing world.
Government job is to maintain a competitive market, prevent monopolies or concentration of resources in one hand, enforce protection of private property and intellectual property rights in the market.
When the government fail there will be monopolies or cartels in the market, private property is not protected that will decrease the incentive to invest and make profit. lack of patent law enforcement will prevent innovation and that factors together will affect the growth of the economy.
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Like the market, do you think governments also fail?
What are some repercussions of government failure?
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