Question

what is the role of the government in the economic development

Answer 1

The Role of Government in Econonomic development. Governments procket the legal and social framework, maintain the competition, provide public goods and services, national defence, income and social welfare, correct for externalities, and stabilize the economy.

Answer 2

In the narrowest sense, the government's role in the economy is to help correct market failures, or situations where private markets cannot maximize the value that they could create for society.  This includes providing public goods, internalizing externalities, and enforcing competition.  That said, many societies have accepted a broader role of government in a capitalist economy.



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