Question

Why does the government provide public goods and services, redistribute income, protect property rights, and resolve market failures in market economic systems?

Answer 1

Public Goods and Services are goods and services that cannot be easily restricted to those that pay for them. Income redistribution is distribution wealth and income to over half the nations income in wages. Property rights are legal ownership rights to protect property from the government. Market failures are private police or military that imperfect information in the market.