Economics Welfare Economics Questions
The role of government in welfare economics is to ensure the overall well-being and welfare of its citizens. This includes implementing policies and programs to address income inequality, poverty, and social welfare. The government aims to promote economic efficiency and equity by providing public goods, regulating markets, and redistributing income through taxation and social welfare programs. Additionally, the government plays a crucial role in correcting market failures, such as externalities and monopolies, to ensure fair competition and maximize social welfare.