Apologists for government intervention in matters economic usually justify their preferences for government coercion of people by claiming that markets often can and do fail to deliver efficiency, equity or both.

The most common claims of such apologists about the failure of markets to deliver efficiency or equity are (1) monopoly power, (2) externalities, (3) information asymmetry, and (4) a claimed need to stabilize the economy.

For the sake of discussion, suppose markets do sometimes fail to deliver efficiency or equity. Would the event of such market failure justify government intervention?
Write a short essay that argues either yes or no. Remember, normative opinions are not what we're after. Logic and true positive statements are the order of the day.