Year 12 Recap - State Provision and Regulation
This Year 12 Recap video centers around the topic of some of the additional forms of government intervention such as state provision and regulation.
Governments and policymakers have to remain vigilant and alert to intervene in a market when there is a misallocation of resources away from the social optimum. These policy tools help influence the outcome in the market and help nudge the equilibrium closer to the social optimum. The knowledge of this concept is crucial, as when discussing potential remedies for markets that fail to allocate scarce resources effectively, these simple but effective policy tools can be discussed in great detail.
Here Jacob guides you around the topic:
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