economics of public sector 4
DESCRIPTION
NotesTRANSCRIPT
Why Government ActsGovernment acts to correct economic instability, market failures, inequality/extreme poverty and to promote growthMusgraves three branches of government- Stabilization- Allocation- DistributionEquity and EfficiencyGovernment Failures- Limited information- Limited control over private market responses- Limited control over bureaucracy- Limited imposed by political process