The price system accomplishes much for society that government could do but probably could not do...

The price system accomplishes much for society that government could do but probably could not do as well. Explain

Expert Solution

The aim of the society is to maximize its welfare. there are various goods and services for which government intervention is required because the price system is unable to maximise social efficiency. However for other goods and services, the market forces of demand and supply interact with each other to ensure that there is an equilibrium in the market at which the production is done at least cost. This also ensure that resources are not wasted and that efficiency is maximized. when this happens that society achieves maximum total surplus which is not possible under government intervention

Price system is based on the independent forces of demand and supply that are sometimes termed as the invisible hand of the market. Sometimes government attempts to benefit one section of the society in terms of price controls, which results in reducing the overall welfare of the society. It is in this sense that price mechanism accomplices much for the society relative to what government can do.

Rahul Sunny answered 3 months ago

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