Economist: Government intervention in the free market in pursuit of socially desirable goals can affect supply and demand, thereby distorting prices. βββ ββββββ ββ ββββ ββββββββββββ ββ ββββββββββ ββ ββββ ββ βββββββββββββ ββββββββββ ββββ βββββββββ ββββ βββββββ ββ ββββ ββ ββββββββββ ββββββββ ββ βββ βββ ββ β ββββ ββ ββββββββ ββ βββββββββ βββββββββ ββββ ββββ βββ ββββββ βββββ ββ βββββββββββββ ββββ βββββββ ββββ βββ ββββ ββββββββββ ββββββββββ ββββββββββββ ββ βββ ββββ ββββββ ββ βββββββββ ββββ ββββ ββ ββββββββ
The author draws an analogy between the ethics of administering medicine and the ethics of government intervention. Since most medicines have both harmful and beneficial effects, using a medicine is justified only when not using it would cause a lot more harm than using it. Similarly, since government intervention in the free market for the purpose of social engineering can distort prices, such intervention is justified only when failure to intervene causes a lot more harm than the intervention.
Weβre looking to fill in the concerning what is required in order for government intervention in the free market to be justified. Based on the analogy to medicine, we can conclude that government intervention is justified only when the failure to intervene is a lot more harmful than intervention.
Which one of the following ββββ βββββββββ βββββββββ βββ βββββ ββββββββ ββββββ
would likely be ββββββββ ββ ββ βββ ββββββββ ββ βββ ββββββββ ββββββββββββ
has been shown ββ ββββ βββ ββ βββ βββββββββββββ βββββββ βββββββ
is believed unlikely ββ βββββββββββββ ββββββββββ βββ ββββββββ ββββββββ
would do less ββββββ ββββ βββββ ββββββ ββββ βββ ββββββββββββ βββ βββββββββββ
provides a solution ββ ββββ βββββββββ βββββββββ βββββββ