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Why did Adam Smith believed that government should never intervene in a state's economy but instead allow what?
Adam Smith believed that government should never intervene in a state's economy because he advocated for the principle of the "invisible hand," where individuals pursuing their own self-interest ultimately benefit society as a whole. He argued that free markets, driven by competition and consumer choice, lead to more efficient allocation of resources. Government intervention, in his view, would disrupt this natural order and hinder economic growth and innovation. Instead, he supported minimal government involvement, primarily to maintain law and order and protect property rights.
What are the two features of a command economy?
In a command economy, supply and price are regulated by the government instead of market forces. Also, the government is solely responsible for deciding the goods and services to be produced and how they are distributed.
Does the US have a free market economy?
No, the United States does not have a free market economy. Instead we have a mixed economy- government has some control over economic decisions ,but mostly acts as a regulator
How is mercantilism different than a market economy?
becausIn mercantilism, the government decides pricing instead of the consumer.e it is
One of the major issues in macroeconomics is disagreement in the debate over policy activism versus policy rules What exactly is that disagreement Any implications?
This disagreement stems from differing views on government intervention in the economy. Policy activism requires that the monetary and fiscal policy be used in such a way as to improve the economy. This type of reasoning dates back to Keynes, who believed that the economy sometimes needs government help to avoid stagnation. Policy rules require instead that the government use such things as a constant-growth-rate policy so as to accommodate economic growth, but not to attempt to stimulate it. In other words, the economy is best left to its own devices, and government intervention causes more problems than it solves.
In a country where the amount of goods and services is regulated by the government instead of by consumers what kind of economy is created?
This is called a command economy.
What are the characteristics of a command economy?
The primary characteristic of a command economy is that supply and price are regulated by the government instead of the market. In this way, the government decides which goods are produced and how they should be distributed.
What are the two features of a command economy?
In a command economy, supply and price are regulated by the government instead of market forces. Also, the government is solely responsible for deciding the goods and services to be produced and how they are distributed.
Why did the super powers did not intervene in Rwanda?
The super powers did not intervene in Rwanda because it has become the custom to have the UN intervene instead. Unfortunately the UN usually sits on its hands and does very little.
Does the US have a free market economy?
No, the United States does not have a free market economy. Instead we have a mixed economy- government has some control over economic decisions ,but mostly acts as a regulator
What would happen if aliens took over the earth?
They would have to deal with the economy instead of the current government.
How is mercantilism different than a market economy?
becausIn mercantilism, the government decides pricing instead of the consumer.e it is
The US were unprepared for the attacks on pearl harbor because the government believed that Japan would?
Attack the Philippines instead
What were some of Hoover's key convictions about the government?
Hoover's stance on the economy was based largely on voluntarism. From before his entry to the presidency, he was a proponent of the concept that public-private cooperation was the way to achieve high long-term growth.
Was Andrew Jackson running the government good?
That would be an opinion. Jackson believed in a strong central government instead of state's rights and "manifest destiny." These issues shaped his presidency.
One of the major issues in macroeconomics is disagreement in the debate over policy activism versus policy rules What exactly is that disagreement Any implications?
This disagreement stems from differing views on government intervention in the economy. Policy activism requires that the monetary and fiscal policy be used in such a way as to improve the economy. This type of reasoning dates back to Keynes, who believed that the economy sometimes needs government help to avoid stagnation. Policy rules require instead that the government use such things as a constant-growth-rate policy so as to accommodate economic growth, but not to attempt to stimulate it. In other words, the economy is best left to its own devices, and government intervention causes more problems than it solves.
Why did delegates settle on a federal form of government instead of a system in which power was not divided between state and national governments?
The delegates settled on a federal form of government instead of a system in which power was not divided between state and national government because they believed that it provided for a much stronger national government with a chief executive (the president), courts, and taxing powers.
