{"id":5276,"date":"2019-02-14T08:59:39","date_gmt":"2019-02-14T03:29:39","guid":{"rendered":"http:\/\/astan.lk\/al_virtualclassroom\/?p=5276"},"modified":"2019-02-16T10:41:53","modified_gmt":"2019-02-16T05:11:53","slug":"government-in-the-market-system","status":"publish","type":"post","link":"https:\/\/astan.lk\/al_virtualclassroom\/government-in-the-market-system\/","title":{"rendered":"Government in the Market system"},"content":{"rendered":"<h3><span style=\"color: #000000;\">Government role in a Market economy\u00a0<\/span><\/h3>\n<ul>\n<li>Allocation\/distribution of resources efficiently<\/li>\n<li>Distribution of income and wealth fairly\/equally<\/li>\n<li>Formulation of rules and regulations and good governance<\/li>\n<li>Stabilization of macro &#8211; economic policies<\/li>\n<li>Achieving economic development and sustainable development<\/li>\n<li>Provision of infrastructural facilities<\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\">Actions taken by government to minimize inefficiency in the Market economy\u00a0<\/span><\/h3>\n<ul>\n<li>Production of public &amp; welfare goods<\/li>\n<li>Prevention of imperfect competition<\/li>\n<li>Greater focus on the \u00a0prevention of externalities like environmental pollution<\/li>\n<li>Ensuring the ownership of public resources<\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\">Actions taken by government to Ensure equity<\/span><\/h3>\n<ul>\n<li>Redistribution of income and wealth<\/li>\n<li>Limitations on assimilation of wealth<\/li>\n<li>Land reforms<\/li>\n<\/ul>\n<h3><span style=\"color: #000000;\">Infrastructure facilities provides by Government\u00a0<\/span><\/h3>\n<ul>\n<li>Provision of physical Infrastructure facilities.<\/li>\n<li>Ex:\n<ul>\n<li>Main roads<\/li>\n<li>Highways<\/li>\n<li>Bridges<\/li>\n<li>Airports<\/li>\n<li>Buildings<\/li>\n<\/ul>\n<\/li>\n<li>Provision of institutional infrastructure facilities.<\/li>\n<li>Ex:\n<ul>\n<li>Legal structure<\/li>\n<li>Courts<\/li>\n<li>Regulatory institutions<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>\u00a0<span style=\"color: #000000;\">Government Failure<\/span><\/h3>\n<ul>\n<li>When the government intervenes the market economic system it is unable to achieve expected results and it increases the ineficiency in the economy, due to its inherent weaknesses. It is called government failure.<\/li>\n<li>Government intervention to \u00a0control \u00a0market failure causes \u00a0 government failures.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Government role in a Market economy\u00a0 Allocation\/distribution of resources efficiently Distribution of income and wealth fairly\/equally Formulation of rules and regulations and good governance Stabilization of macro &#8211; economic policies Achieving economic development and sustainable development Provision of infrastructural facilities Actions taken by government to minimize inefficiency in the Market economy\u00a0 Production of public &amp; [&hellip;]<\/p>\n","protected":false},"author":842,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[54,2693],"tags":[],"class_list":["post-5276","post","type-post","status-publish","format-standard","hentry","category-economics","category-unit-8-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Government in the Market system - Learning &amp; 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