Question

Importance of government​

Answer 1

• In general, there are four main purposes of government: to establish laws, maintain order and provide security, protect citizens from external threats, and promote the general welfare by providing public services....

• The government balances the goals and decides the mixture of policies for society. The government seeks to balance the interests of the individual with the interests of the community. The government is rooted in the power of the people. The government's most important purpose is protection....

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Answer 2

Economists generally desire a minimalist role for governments. Thus, even as the body of the global economic recession is still warm, it is not surprising to see more calls for governments to take drastic actions, the sooner the better, to eliminate their budget deficits. Buttressing these demands is the “threat” that if governments do not balance their budgets, they will hit the debt wall, and consequently will be squeezed out of the bond markets.

But, as we saw in the 1990s when a number of governments generated budget surpluses, the critics of government will only move on to demand tax cuts and reductions in the outstanding debts. The real goal is to continually downsize governments.

The critics of governments and government debts have no difficulty when a private equity firm borrows $36 billion to finance a $40 billion acquisition, which likely would not produce any economic benefits other than enriching a handful of investors who engage in financial engineering. Nor was there anything wrong when millions of people borrowed hundreds of billions of dollars to buy homes, which many could not afford.

The critics also object to most forms of government regulations and attack any proposals to refine and strengthen the existing system of rules and regulations.