In general, we may consider that there are three forms of market operation.
Firstly we have a situation where the government intervenes in the functioning of the market to bring about some objective, for example, more output on the market, or perhaps price regulation.
Secondly, we may have total intervention in the markets by the government then takes responsibility for the production and distribution of all goods and services. We call this a centrally planned economy.
Finally, we have market situations where the government does not intervene in the market at all. We refer to these as laissez-faire economy markets.
This class will look at ways in which the government may intervene and its efforts to bring about some desired outcome.
For registered students, this class will be dealt with more extensively in our live seminar sessions.
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