Available under Creative Commons-NonCommercial-ShareAlike 4.0 International License.
Even if governments successfully address the problems posed by the market failures described above, there is nothing to guarantee that market-driven outcomes will be ‘fair’, or accord with the notions of justice or equity that we discussed in Welfare economics and externalities. The marketplace generates many low paying jobs, unemployment and poverty. Governments address these outcomes through a variety of social programmes and transfers that are discussed in Section Government-to-individual transfers.
- 1083 reads
