This following is some of the highlight of this chapter in italics, maybe it was the editor's opinion & conclusion about the things in it and that he wrote for the writer as well.
I wonder what meant by these "scarce resources" and need your
advice for the right understanding.
.......But the public sector can suffer from "government failures" as well. What criteria should be used to determine the relative weight of government or the market in the allocation of scarce resources? According to these criteria , what would be the advamtage and disadvantage of each approach?
relative weight = we have to weight the allocation of scarce resources between government & market, right?
scarce resources = the national resources, right?
Thank you for your time.:-D
Re: scarce resources
"Scarce" means the opposite of abundant. Not enough to meet the need.
And I believe what they are trying to say is that we need to weigh whether the gov't or the market is better at allocating scarce resources.
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