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Mixed Economies

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  • Pages: 3
  • Word count: 602
  • Category: Economics

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Would you rather live in an economy where the government makes primary decisions or one where consumers and producers make all the decisions? Why not have a mixed economy with a little bit of each? A mixed economy that contains safety nets, laissez faire and government intervention (when needed) will lead to a better society. First of all, economic security plays a huge role in a mixed economy, by protecting its people. If a person is sick, unemployed, injured, or in need for financial aid, the government should definitely step in and help. This is known as a safety net; when people know they can depend on the government to help them in times of desperate need. Safety nets are very important because people should know that the government is there to provide financial aid. For example, if someone is unemployed, the government provides a saftey net by sending monthly payments of unemployment insurance to make sure that a person has enough money to support themself. The government plays a huge role in providing security for everyone to make sure that nobody is at a disadvantage. A mixed economy like the U.S. provides health care, education and fair class differences will be the best solution to its people.

An economy that can provide support to its citizens, unlike a market or a command economy, strives to be the best. Secondly, a mixed economy in which laissez faire exists to a certain extent benefits the people most. The government should not intervene with the market unless the market is in a seriously bad condition. In addition, the government shouldn’t control what firms and households sell and produce because there should be economic freedom in the market to satisfy consumers wants and needs. However, if the market is falling apart or prices are unfair, the government has an obligation to step in and regulate the prices and help the market. For example, the government censors certain services from its people like certain websites and bad language. In contrast, the government should regulate what goes in and out of the market. This is important because there may be illegal substances like drugs and dangerous weapons such as explosives flowing through the market . Lastly, the government should intervene with the economy when help is wanted and when people ask for the government’s help.

For example, if a business needs financial aid because the company is heavily in debt and asks the government to help, then the government should definitely help. A similar situation happened in 2009 when General Motors was going bankrupt becasue consumers weren’t satisfied with their cars. The government stepped in to loan General Motors money until they could restructure themselves when the other banks refused to. This act of government intervention lets businesses know that they can depend on the government when they are going bankrupt. The government should help out businesses that are going bankrupt in order to keep the economy in good shape. However, if the business didn’t ask for the government’s help, the government should not be involved. Unlike a command economy where everyone’s business is the government’s, a mixed economy should only have the government on stand-by– always ready to help. In conclusion, a mixed economy that contains elements of both the free market and communism is the best. Safety nets, laissez faire, and government intervention when wanted or needed benefits the people the most. An economy where its principles are in between a command economy and a market economy will be successful because it is not leaning too much on freedom or restriction.

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