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There are many different functions of the government including; providing a legal system, promoting competition, providing public goods, ensuring economy wide stability, government-sponsored and government-inhibited goods, income redistribution, publicly subsidized healthcare, and economic Issues of public education. Providing a legal system has helped to enable stability throughout the country for many years. It has established legal institutions, which specialize in understanding the rules of the country.
The legal system has also helped to establish property rights or individuals and businesses, helping to enable the business to use its property more efficiently. Promoting competition has helped push the economy to new levels, requiring each business to be more innovative than its competitors. This has helped to give people choices when buying and helped to push for new technology. Providing public goods provided by the government are also imperative.
National defense Is an example of a public good, we all pay tax to fun the military but It promises protection for the whole country. Paying taxes, or buying protection, for one person does not Limit the protection for another person In the country. It Is also important that the government focuses on ensuring economy wide stability. If the percentage of people that are unemployed gets too high, the government must step in and help to solve the problem, bringing stability back to the economy.
Government-sponsored are bought by the government because they deemed socially desirable. A museum is an example of a government-inhibited good; it was purchased as a provision for the people in society. A government-inhibited good is the opposite; the government purchases these goods because they are deemed socially undesirable. Cigarettes are an example of a government-inhibited good; cause they are socially undesirable the government places a heavier tax on them. Income redistribution from the government helps Individuals who can’t afford to live on their own.
They can Include social security, which Is a transfer payment because no goods or services are needed In return, while a transfer In kind would be Glenn food stamps or providing subsidized housing. The government also provides publicly subsidized healthcare, which includes Medicare and more recently Beamer. Lastly, the government provides economic issues of public education, while this falls costly on state and local governments; it is still a function of the government.
The government spends more than $900 billion on education; this helps to support public education and government grants. Although all of the functions of the government are Important, I believe that providing a legal system Is the most essential. The legal system In our country Is the foundation for all other functions and stateless, without It the rest would fall. It has brought order to the economy and helps to keep It running by establishing property rights for businesses, and legal institutions that implement all laws and regulations.