Miss Essay

3738 words - 15 pages

Contents
1 a) Examine the arguments in favour of a free market system of resource allocation. ..................................... 1 1 b) Explain how market failure can occur and suggest how the government in a country of your choice has sought to correct those market failures. .............................................................................................................. 4 ‘Too big to fail, too big to bail’........................................................................................................................... 5 2. A) Examine how the government of a country of your choice has adjusted its monetary and fiscal policy in response to the world’s downturn. ...view middle of the document...

....................... 11 Recommendations ............................................................................................................................................ 12 References:........................................................................................................................................................ 13

1 a) Examine the arguments in favour of a free market system of resource allocation.

‘Market is an arena in which buyers and sellers exchange goods and services, usually for money. It does not have to have a physical location (Dictionary of business and management, 2009). According to the same source, a free market is a market which excludes the government involvement and influence. In such a market rising and falling of prices happen in accordance with supply and demand. In the times of Adam Smith the term free-market did not exist, instead they used the French word ‘laissez-faire’ which translates as ‘leave to go’. Smith believed that, market is a self-regulating structure in which government should be involved as little as possible. (Beardshaw, 2001).

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Much of these points are expressed in different combinations by different authors since the days of Smith. A few of these are outlined below: Adam Smith (1723-90) was convinced that despite the difference in countries’ size, culture and products, international trade would bring benefits to all its participants (Smith, 1981). In the times of Smith there was a businessman, politician, and French economist John-Baptiste Say, who shared the same ideas with Smith. . ‘Say was a major proponent of Adam Smith’s self-directing economic system of competition, natural liberty, and limited government’ ( Younkins, 2009). Malthus was another 19th century economist who based his ideas on free market mechanism: he believed that the allocation of resources to more affluent sections of the society ie, the producers, would deprive the workers from sufficient access to sources of nourishment leading to starvation, which would reduce the wages. Lower wages would intern result in higher demand for labour stimulating the economy. (Abramitzky and Braggion, ) David Recardo is also supportive of free market. According to Begg et al (2001) even taxation is unable to stop this mechanism of resource allocation. While Smith and Say stated that governments should have minimum interference into markets, the advocate of free market who lived in 20th century Milton Friedman, argued in favour of government’s role. ‘The existence of a free market does not of course eliminate the need for government. On the contrary, government is essential both as a forum for determining the "rule of the game" and as an umpire to interpret and enforce the rules decided on’ (Friedman,1962 ). Friedman believed that government is a force which should sometimes outline the limits of free market, and regulate the outcomes of too much liberation, but he did not reject...

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