A descriptive overview of product regulation in South Africa

Abstract

The private market, if left to its own devices, often fails to achieve economic and social efficiency. Some of the problems relate to the existence of externalities, the inability to provide public _..goodsand services, lack of information and failure to achieve other objectives such as greater equality, sustainable economic growth, higher levels of employment and stable. prices. It is these instances of market failure that provide the major justification for government intervention in the market.