Through economic reasoning, explain the interrelationship with markets and government, while keeping the following statements in mind: Markets are useful, efficient and flexible institutions through which society can allocate its resources.Markets often produce unwanted results, such as pollution, lack of health care and poverty.Government can play a useful role to remedy the problem of unwanted results created by markets. Thank you so much for answering my question :) I appreciate the time and effort! I hope you have a good rest of the day/night!

A market is a trading mechanism wherein sellers and buyers exchange products, services, or…

Answered: Through economic reasoning, explain the…

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

ChapterST4: Keynes And Hayek: Contrasting Views On Sound Economics And The Role Of Government

Section: Chapter Questions

Problem 4CQ

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Through economic reasoning, explain the interrelationship with markets and government, while keeping the following statements in mind:

Markets are useful, efficient and flexible institutions through which society can allocate its resources.
Markets often produce unwanted results, such as pollution, lack of health care and poverty.
Government can play a useful role to remedy the problem of unwanted results created by markets.

Thank you so much for answering my question :) I appreciate the time and effort! I hope you have a good rest of the day/night!

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