Discuss the distribustion of resources in mixed economy .
Answers
Answer:
Mixed economies may have a distinct private sector, where resources are allocated primarily by market forces, such as the grocery sector of the UK economy. Mixed economies may also have a distinct public sector, where resources are allocated mainly by government, such as defence, police, and fire services.
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Answer:
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Explanation:
There is a third type of economy involving a combination of market forces and central planning, called mixed economies.
Mixed economies may have a distinct private sector, where resources are allocated primarily by market forces, such as the grocery sector of the UK economy. Mixed economies may also have a distinct public sector, where resources are allocated mainly by government, such as defence, police, and fire services. In many sectors, resources are allocated by a combination of markets and panning, such as healthcare and, which have both public and private provision.
Mixed economies
Interventionist economists
In contrast to the unregulated free market approach, and that of centrally planned command economies, the majority of economists favour come form of government intervention to make capitalism work better, rather than to prevent it working at all.
These include Keynesian economists, whose name is derived from British economist, John Maynard Keynes, and modern Libertarian Paternalists, including Richard Thaler, who are influenced by behavioural economics.
Keynes laid down the basic ground rules for state intervention in markets, and was, perhaps, the most influential economist of the 20th Century.
Thaler has been instrumental in the emergence of behavioural economics, and the use of experimentation to show how behaviour can be nudged towards more effective actions and outcomes.
These groups are pragmatic in that while accepting that capitalism is the most effective system on which to base a modern economy, it requires considerable intervention at significant times.
In reality, all economies are mixed, though there are wide variations in the amount of mix and the balance between public and private sectors. For example, in Cuba the government allocates the vast majority of resources, while in Europe most economies have an even mix between markets and planning.
Economic systems can be evaluated in terms of how efficient they are in achieving economic objectives.