What steps has the government taken to correct the problems of market failure of healthcare and s.s.? Why?

Answer 1

Are you asking about market failure of Social Security? Social Security is not a market system. It is a 100% government-run socialized system.

Answer 2

The government has stepped in to resolve market failure and allocation problem with health care by having health care programs for the aged and the poor (medicare and medicaid). I like to think of market failures of cases when based on supply and demand alone, too little of something is produced or too much of something is produced. With pollution, too much of a bad thing may be produced so the government attempts to correct this failure thru regulation. With health care and education, if the government didn't step in there wouldn't be enough of the "good stuff" provided to everyone regardless of ability to pay. We accept the role for government to be involved to the extent that they help the ages and poor, but we don't yet see a need for a national health scheme.