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Essay / Research Paper Abstract
This 8 page paper considers what role the state should have in the management f the economy. The paper looks first at the classical school of thought and the desire for minimal state intervention, and then argue that a more Keynesian approach may be more suited to developing economies where a higher level of state involvement may be beneficial. The bibliography cites 6 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEstatit.rtf
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Unformatted sample text from the term paper:
beyond a minimum intervention there are different attitudes adopted. For some there is an attitude that state intervention should be minimal. However, for many countries, such as developing countries,
where there are not yet conditions that would allow the development of a free market economy there is also a case to argue that there is the need for a
higher level of state intervention, to produce an economy where the needs of the individuals are met. In considering the role of the state in the economy it should also
be remembered that the impact is felt b y people, many of whom may be living in poverty in developing countries. Therefore, it is not only the economy that should
be considered, but also those living in that economy, Those who cite the minimal intervention are those believing that the free market will reach a point where there is a
good equilibrium. Those who argue for greater intervention may be seen as those who believe that the free market will not do this, or if it does that the human
cost may be to great due to the time taken for an economy to reach this point. To understand this there is a need first to look at some basic
economic theories concerning state intervention. Classical economists argue for minimal state intervention. believe that if the markets are left to operate completely
freely with out any delay to clearing then the result would be a prosperous economy. The role of government in this case should be the facilitation of the speedy clearing.
This looked to supply side economics can be seen as based on the theories of Free market, Says Law and Quantity Money Theory.
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