The desirability of Government intervention in the functioning of a competitive economy arises in cases where the attained competitive equilibria are inefficient or fail to achieve certain important social goals. In the twentieth century, we witnessed a worldwide phenomena of intervention by governments in the provision of education and social security. In most countries it is not only that a certain level of education is mandatory and is provided by the government but also the higher education is heavily subsidized.
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Paper provided by Tel Aviv in its series Papers with number
1-97.
Find related papers by JEL classification: H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions I2 - Health, Education, and Welfare - - Education O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
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