The institution consisting of individuals tasked with the administration of state affairs. Government officials manage bureaucracy, arbitrate disputes, administrate and delegate power, as well as create regulation and legislation that define rules for those under the government or for the government themselves. In order to perform these tasks the government maintains the legal monopoly of force under its jurisdiction.
Robert McNamara - Truth and Consequences of Government Power
Robert Levy - Big Government
NOVEMBER 14, 2012 by STEVEN HORWITZ
Should governments regulate and intervene to correct "market failures?"
Steve Horwitz explains the dynamics of interventionism and the issues with regulating and intervening in the free market.
"What regulation and intervention do is prevent markets from discovering new ways of solving existing problems and new ways of solving new problems. When regulation erects barriers to entry or other kinds of limits on market behavior, it cuts short this discovery process, and that leads to inefficiency and waste of resources."