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Welcome to the eGyanKosh Block 3 study material on “Welfare, Market Failure, and the Role of Government,” part of the IGNOU curriculum for 2025. This comprehensive resource is designed to provide students with in-depth knowledge and understanding of key concepts related to welfare economics, the implications of market failures, and the essential functions of government intervention in the economy. As you explore these critical themes, you will discover the intricacies of how markets operate, the reasons behind their potential failures, and the strategies that governments employ to promote social welfare. This study material is available for free download, empowering you to enhance your academic journey without financial burden. Dive in to enrich your learning experience and gain valuable insights that are crucial for grasping the complexities of economic systems.