Disadvantages Of Various Methods Of Government Intervention (Essay Sample)
- · There should be clear evidence of extensive reading on this topic, and critical evaluation of economic theory and empirical evidence.
- · You could apply the economic concepts and theory, e.g. industry organization (IO), elasticity of demand, etc., to discuss government interventions and the potential benefits from market power.
- · You are required to provide empirical examples to support your argument.
- · You are expected to consult a range of reliable resources, e.g. textbooks, academic papers (peer-reviewed).
- · You should make full use of electronic database available in library to gather relevant information (both theoretical and empirical).
- · Please do NOT use unreliable internet sources of information, such as Wikipedia.
Suggested Essay Format: The report is divided into sections, often something like this:
- · Briefly indicate the economic theory you would apply to support your work.
- · At the end of this section, briefly summarize the contents of the rest of the essay, section by section. Expectation: stimulating introduction that is concise and written clearly to encourage the reader to read the remainder of the essay. It contains the structure of the essay telling the reader briefly what is discussed in each section of the essay.
Section 2: Main body (You need to name section 2)
- · Decide on the most logical order of your paragraphs: there should be several sub- sections (denoted as Section 2.1, 2.2, etc.)
- · Application of economic theories, critical analysis of government intervention us · Within each subsection, application about the economic theory, discussion of related empirical examples, critical analysis of government interventions, etc. should be provided.
Section 3: Conclusion
- · Explain the significance key points supporting your argument. Expectation: conclusion is logical and concisely summarising the analysis and/or findings. The conclusion should not include any new information.
Mathematics & Economics
Course code and name
Methods of Government Intervention to Correct Market Failure
Explaining "economic regulation" using patterns of government intervention in the market is major challenge. Business regulation by government is very important because the processes attempt to create a level playing field for industries competing while ensuring customer oriented and honest business practices. Every business should understand how the government affects its operations as well as the industry it is operating in and how they intend to run their company. Main concern for the government economic regulation policy is the monopoly industry (Baker, 2010). There are theories of economic regulation have been proposed that are very promising in government economic regulation (Baldwin, Cave & Lodge, 2012). This paper will argue that the price controls and antitrust law, the meaning, advantages and the disadvantages of the mechanism and examples to explain how the mechanism and the law work in the market economy.
2.0 Government Intervention
2.1 Price Controls
Price controls are mandates set by government on both minimum and maximum prices for certain goods and are frequently put i
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