Question

Why is there a need of public sector

Answer 1

Public sector economics is concerned with justifying the existence of governments and explaining how they can affect economic activity. It explains how the ‘invisible hand’ of the market is tempered by the ‘visible hand’ of government in the mixed economy of both private and public sectors adopted by the vast majority of nations.

Traditionally, public-sector economics has been concerned with the study of how governments can deal with the failure of markets to achieve efficient outcomes. Possible remedies which are considered include using public expenditure and taxation, taking some firms into state ownership and introducing regulation. These are all areas of microeconomic theory, policy and practice

Answer 2

there is much need of public sector in people life.example:government hospitals ,government schools, bustands,railway station are under public sector.by these public sector poor people can get advantages.