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1.9 What is government failure?

What students need to learn:

Students should be able to:
Additional Guidance Notes
Government failure
Define and explain different types of government failure, for example, undesirable outcomes from agricultural stabilisation policies; environmental policies; transport, housing and the national minimum wage.
Students should understand that government intervention may result in a net welfare loss.

Students should understand the economic arguments for and against an increase in the national minimum wage.

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