Musgrave and Musgrave (Richard A. Musgrave and Peggy B. Musgrave)

Musgrave and Musgrave are renowned economists who developed a framework to understand government functions in the economy. They identify three key roles: 1) Allocation, where the government provides public goods and regulates markets to promote efficiency; 2) Distribution, managing income and wealth to reduce inequalities; and 3) Stabilization, using policies to maintain economic growth, control inflation, and reduce unemployment. Their model helps analyze how governments can balance these roles to foster a healthy, equitable economy.