Can government intervention be effective in correcting market failures associated with alcohol?

I have chosen to perform a microeconomic analysis surrounding the effect of Alcohol consumption on society. ‘Can government intervention be effective in correcting market failures associated with alcohol’ is the question set. The model I will be exploring is ‘market failure’ ‘where the market mechanism fails to allocate resources efficiently’ (Smith et al, 2006, p.56)

The Times

‘Alcohol-related treatment costs the NHS £1.7bn.’

The Telegraph

Londoners are losing an astounding 1.68 million working days as a result of alcohol-related absence.’
‘The Telegraph’ microcosmically displays how the issue prevails all around us as a society. It’s clear from numerous sources including ‘Alcohol Concern’ describing the ‘epidemic’ proportions of the problem. Mark P. Taylor describes Economics as ‘The Study of how society manages its scarce resources’......

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Title: Can Government Intervention Be Effective In Correcting Market Failures Associated With Alcohol?
Approximate Word Count: 1715
Approximate Pages: 7 (250 words per double-spaced page)

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