The best things in life are free o When a good does not have a price attached to it, private markets cannot ensure that the good is produced and consumed in the proper amounts e In such cases, government policy can potentially remedy the market failure that results, and raise economic well-being• When a good does not have a price attached to it, private markets cannot ensure that the good is produced and consumed in the proper amounts. • In such cases, government policy can potentially remedy the market failure that results, and raise economic well-being. “The best things in life are free. .