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The Macroeconomic Business Environment to Assess the Possible Impacts on the UK of Holding the Olympic Games in London in 2012 - Assignment Example

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This paper "The Macroeconomic Business Environment to Assess the Possible Impacts on the UK of Holding the Olympic Games in London in 2012" focuses on the fact that the government intervention in modern economic theory came into origin following the failure of the free market mechanism. …
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The Macroeconomic Business Environment to Assess the Possible Impacts on the UK of Holding the Olympic Games in London in 2012
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Download file to see previous pages Government intervention in economic allocation follows from two facts in general. First of all, it is obvious that in free market mechanism the economic agents would be more concerned regarding their present level of consumption and production. Future satisfaction or production of capital goods would be largely ignored since they do not reflect any immediate benefit. Hence under the free market mechanism, development and future welfare would be lesser than what might be achieved, following allocation of scarce economic resources towards the production of capital goods; through government intervention into market operation. Secondly, market prices might work as a good indicator for private allocation of scarce resources but falls substantially short of a good indicator for social optimal allocation of resources. Thirdly, for developing and less developed countries there are many projects those are socially profitable but might not hold the same essence from a private point of view and thereby might not be undertaken under the free market mechanism. The following illustration shows the interplay of parameters in a free market system.
In the above diagram, the free market forces will bring the equilibrium point automatically at E with the help of demand-supply interaction (D- Demand curve; S- Supply curve). The price P and quantity Q are reached through automatic adjustment of a market mechanism. Now in the case through planning, the price is set at PM (maximum price), the equilibrium will be less than optimal. If the quantity produced in Q1 it will fall below the demand and if set at Q2 supply will not be sufficient. Hence the best possible outcome will be reached only at Q and P where supply equals demand and this is brought about by the free market mechanism.
The positive externalities associated with such projects and associated benefits with them; are largely ignored by the prospective private investors while calculating the expected return of their investment.    ...Download file to see next pagesRead More
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