Market Failure):
Instructions
When a rule is created, it is usually because an agency is trying to solve a problem. You are a market economist in a well-known think tank. For this assignment, assess and argue for what kind of market failure is responsible for this government intervention. 1. Understanding of Market Failure is important2. Audience: An economist 3. Purpose: To understand if the problem needs government intervention or whether the market will determine the best possible resolution4. Format: Problem Analysis Essay with subheadings5. Length: 750-1000 words, following APA format
Answer
Education and Training Proposed For Structural Unemployment IntroductionGordon (2009) ascertains that the government has a responsibility in formulating practical rules and policies that can help in stabilizing the forces of demand and supply in a given industry. In most cases, the government usually formulates policies to control different types of market failures and their negative consequences in the society. According to Vaughan (2010), market failure occurs when there is inefficient allocation of resources in a free market. Factor immobility, which causes structural unemployment exist as the most common form of market failure affecting a large number of people not only in developing but also in the developed countries (Blanpain, Bromwich, Rymkevich, Spattini, & Alessandrini, 2010...
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