Executive Summary
This paper will aim to gauge the costs and the benefits of the government intervention in a market. We will comprehensively analyze the situations in which it’s essential for the government to intervene and maximize the societal benefit. We will also discuss the limitations posed by the government intervention to the free market forces and its impact on economic welfare.
Introduction:
The extent of government intervention in private markets has always been a challenging question for economists. The two streams of economists, comprising of free market economy and planned economy pose different views on government intervention in private markets. Free market ...
