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Should the government intervene in the economy?

This was also a very disputable issue and there always have been a lot of various opinions about it. Thousands of academics have attempted to determine the most efficient means by which governments can influence the activity of private businesses and consumers. Economists argue there is a strong case for government intervention in different fields.

However, it is quite tough to answer this question for sure. There are a lot of arguments from both sides and people continue arguing about it till now. State-led efforts to shape or control business activities have played a central role in the development of public institutions, political ideologies and business strategies in many countries all over the world.

Here are some arguments for government intervention:

Market failure – Markets fail to take into account externalities. If there is any type of strong crisis, they can receive help from the government. Macroeconomic intervention. – intervention to overcome prolonged recessions and reduce unemployment.

Greater equality – redistribute income and wealth to improve equality of opportunity and equality of outcome. More people become equally wealthier. The government tries to prevent the creation of monopolies in the markets.

In practice, it isn’t possible for a country to function normally without some government-led intervention in its economy. For example, most political scientists and economists agree that states must maintain an active military in order to remain sovereign. If the government doesn’t t do it then the state could be overrun by heavily-militarized neighbors. The same thing we can say about lighthouses, police, roads, etc. The government intervene to the economy to provide people with these services. In essence, it is also an intervention in the economy but such intervention is vital for us.

Other examples of the situation when government intervention is necessary are things like education and health. In a free market, provision tends to be patchy and unequal. Or for instance, a profit-maximizing firm will ignore the external costs of pollution through burning coal. This would be awful for the environment and other people but the government can intervene and prevent this.

So government intervention is necessary and this is the main its main goal – to maintain the normal life of people in the state. However, this intervention should end where the personal freedom of citizens begins.

This was also a very disputable issue and there always have been a lot of various opinions about it. Thousands of academics have attempted to determine the most efficient means by which governments can influence the activity of private businesses and consumers. Economists argue there is a strong case for government intervention in different fields.

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100005077
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CREATED ON
12 June 2017
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15 June 2017
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