ECON 208 Lecture Notes - Lecture 23: Government Failure, Individualism, Public Choice

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ECON 208- Lecture 23- Chapter 16 cntd.
16.4 Broader Social Goals
Even with no market failures, government may choose to intervene for other
Income Distributions
The tax- and- transfer system redistributes income, as do many policies such
as employment insurance and child benefits
Policies designed to redistribute income often reduce economic efficiency
Preference for Public Provision
Some things – like justice and police services – are viewed by most people
as being better provided by government than by the private sector.
Protecting Individuals from Others
Individual freedom generally does not include having the freedom to harm
Some government policies are designed to protect people from themselves
Social Responsibility
It is generally illegal to “buy” your way out of mandatory national services or
to sell one’s right to vote
Economic Growth
Growth in productivity is crucial for increases in our material living standards
Governments now routinely ask how various policies will affect the economy’s
growth rate
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