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Do We Need Government Intervention To Ensure An Efficient Allocation of Resources?
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- Words:
- 1061
- Submitted:
- Thu Apr 08 2004
... Do We Need Government Intervention To Ensure An Efficient Allocation of Resources? The Government as according to this article, is not the solution to a problem, it is the problem. While a government's intervention may seem helpful during the start, it does however distort the workings of the market system, hence leading to an inefficient allocation of resources. Policy proposals such as privatisation and compulsory competitive tendering are all examples of the application which has been described as the orthodox economic belief. The notion of economic or allocative efficiency is in way, the economic Holy Grail. As the basic problem of economics is scarcity, the allocation of resources most efficiently is the aim of an economist. The market system, in the majority of situations is the most effective mechanism to achieve allocative efficiency which can be shown from the earliest of times when flint axes would have been traded for fish. Trade
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