Define the term 'government failure'.
Question
Define the term 'government failure'.
Solution
Government failure, also known as non-market failure, is a term used in the field of public economics, public choice, politics and policy studies to denote a situation where government intervention in the economy creates inefficiency and leads to a misallocation of resources. Specifically, it is used to refer to a situation where a government policy causes more harm than good. This can happen due to several
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