Role of Government in Economics

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In a similar manner, many other individuals have received only modes amount of education and training, and have accumulated or inherited no property resources. Government can lessen income inequalities through a variety of policies and programs; for instance, transfer payment, market intervention, and taxation...
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Government can lessen income inequalities through a variety of policies and programs; for instance, transfer payment, market intervention, and taxation. Market failure occurs when the competitive market system produces the "wrong" amounts of certain goods and services or when it fails to allocate resources whatsoever to the productions of certain goods and services whose output is economically justified...
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