______ are economic justifications for why government becomes involved in societal problems.

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22-08-2022
Social Studies

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______ are economic justifications for why government becomes involved in societal problems.

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RajarshiG RajarshiG · Answer 1 · 2022-08-27T05:29:33+02:00

Market Failures are economic justifications for why government becomes involved in societal problems.

It is a situation in economics that is defined by a distribution of goods and services in the free market that are insufficient or are not at par.

Adam Smith gave the theory of invisible hands giving justifications that when individual look after their interest in a free market, the overall interest of the society is looked after.

But in market failure, the individual incentives for rational benefit does not lead to incentives for the societal problems.

In these scenario the government intervenes to redress the problem.

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