Because the market economy doesn't meet all our needs. When people need something, and the market doesn't provide it all, or it does provide it but it's out of their reach, they look to government. Every modern, developed, successful country has some mixture of capitalism and socialism, each in its own place, to do what each does best.
Here in the US, for instance, we are probably the most capitalistic country in the world. But we have 'socialized' education, roads, police and fire protection, air traffic control, electrical and water projects, epidemic prevention, etc.etc. Because over the years we've found that this is just the best way to provide these services to the people who need them. These are generally things that we want everyone to have access to, regardless of their ability to pay.
And capitalism, as we know it, couldn't exist without a considerable amount of help from government. Much of our R&D is paid for by the taxpayers. Our transportation infrastructure--railroads, airlines, canals, harbors, interstate highways, light rail systems, etc. could not have been built entirely by private investment. But they were needed, -everyone- benefited from them, so everyone paid for them. Kids need an education even if their parents can't afford a private school, so we built a public school system. etc.etc. A pure 100% capitalist economy simply won't work.
The State Emblem of India, as the national emblem of the Republic of India is called, is an adaptation of the Lion Capital of Ashoka from 250 BCE at Sarnath, preserved in the Sarnath Museum near Varanasi. ... The current version of the emblem was officially adopted on 26 January 1950, the day when India became a republic.
Well, I can't give you a paragraph, but here goes: If the Silk Road had never had never developed, then China wouldn't have been able to trade, travel, or communicate with other places/people. If China was totally isolated, then many things that they made would never have been made, such as gunpowder and china (plates). And if China hadn't made those things, then we would never had used them either. For example, without gunpowder, we might have not won certain wars. (Alright, I think that should get you started).
Based on the information provided within the question it can be said that the statement that is being made is completely true. Deadweight loss is a cost to society that has arisen due to market innefficiency and occurs when the supply and demand of an economy are out of equilibrium. This term can be used anywhere that there is an inefficient allocation of resources.
It is important that we recognize the Black mathematicians in history because it was due to their efforts that a lot of progress was made in the field of mathematics. History recognizes and appreciates the services of Benjamin Banneker who introduced the construction of a clock that struck every hour.
Dudley Weldon Woodard was an African- American who established the mathematics graduate program at Howard University.
