Wednesday, August 29, 2012

Why do we need government?

This essay asks the question, "why do we need government?"  The economist answer is that government intervention may be justified when markets fail.  The qualification is that government may also fail.  Of the six types of government failure, the FTC (where I used to work) tries to "fix" the market failures of Monopoly (first type) and Information (fifth type).  

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