Government Intervention: State Provision and Regulation Explained

The video discusses government intervention in markets, focusing on state provision and regulation. It explains nationalisation with examples like the NHS and banks, and debates its pros and cons, including moral hazard. Regulation is also covered, highlighting its role in addressing market failures and potential drawbacks like inefficiency and government failure.

Explain the concept of moral hazard in the context of government intervention.

What is government failure and how can it occur as a result of intervention?