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It was suggested by Adam Smith in 1776 that individuals led by self interest, accidentally advance the interests of society.
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... HND Social Science Public Sector Economics Unit Number: 6420222 Outcome, 4 Langside College Glasgow Author: Alex Leckie Lecturer: Janet Cole Submission: 29/01/2003 It was suggested by Adam Smith in 1776 that individuals led by self interest, accidentally advance the interests of society. If this is true and the selfish free market economy efficiently allocates resources at minimum cost, why is there a need for any government intervention in the economy? A simple answer for this is the concept of Market Failure. Market failure is the incapacity of an unfettered market to efficiently allocate resources in certain situations. There are diverse reasons why efficiency may not be achieved some of these are: Public and Merit Goods Many goods and services that we take for granted would not be provided for in an unregulated free market without government intervention. The legal system, defence forces, schools, roads and health services are just some of the benefits we receive due to
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