1. Government legal structure is needed to protect and enforce contractual arrangement and exchanges need for competitive market cooperation.
2. Public policy is required in order to secure high levels of employment price level stability and desired level of economic growth.
3. Social values may require adjustments in the distribution of wealth and income that results from market for equity purposes such as redistribution cannot be realised by private agents.
4. Government regulations and other measures are needed to secure competitive factor and product market which ensures efficient response to produce what consumers wants in the most cheapest way possible.
5. In a market situation where decreasing costs are related to experience, competition is inefficient and therefore government regulations and other measures are needed to correct the situation.
Jonmhumble answered the question on October 30, 2017 at 19:19
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