'Invisible hand may fail' presentation slideshows

The Economic Role of Government

Chapter 5. The Economic Role of Government. What is Government?. What is Government?. The entity that has a monopoly over the legitimate use of force to modify the actions of adults. An institutional process through which individuals collectively make choices and carry out activities.

1.09k views • 53 slides

Difficult Cases for the Market and the Role of Government

Difficult Cases for the Market and the Role of Government. A Closer Look at Economic Efficiency. What is Economic Efficiency?. Economists use the concept of efficiency to judge actions because efficient use of resources implies the maximum value of output from the resource base .

431 views • 33 slides

392 views • 24 slides

Market Failure and the Role of Government

Market Failure and the Role of Government. Chapter Five. What is Economic Efficiency ?. Economists use the concept of efficiency to judge actions because efficient use of resources implies the maximum value of output from the resource base. 2 conditions necessary for ideal efficiency :

1.24k views • 17 slides