The topic is whether government should intervene in society concerning Essay

The topic is whether government should interact in society concerning economic issues - Essay ExampleIn early American History, the presidential term refrained from compulsive or intervening in the economy and accepted the laissez- reliablee doctrine or survival of the fittest ideology. The only when government role was to maintain law and order. (U.S. Department of State). However, a gradual shift in this form _or_ system of government has been noticed since the turn of the 19th Century with the rising corruption in the Public Sector and to fix fair competition in the marketplace. There was a lot of support on the theory of Keynesian macroeconomics, which led them to believe that the government should set goals and objectives for the economy as a whole. (Willamette Univ.). While it is important for the Government to partake in some economic activity directly much(prenominal) Taxation Policies, formulating and implementing rules or laws for fair trade and competition etc., and sometimes indirectly by monitoring economic activities through Economic institutions (e.g. federal official Bank deciding to increase or decrease Bank Rates) it becomes necessary for the economy to be condition a free hand in order to flourish.Often, government fixes prices on goods on services or labor, such as minimum and maximum prices, which may exact to aberrations in the economy. There may be shortages in the market which may arise if the government fixes prices below the prevailing market rate. Ex. Public healthcare being provided free may jazz to long waiting lines for treatments (Higson). Government fixing prices can lead to Surpluses as well, which may be the outcome of prices being fixed above the market rate. In such a case, the supply will be more than the demand. For example guaranteeing a farmer a high price than the market price encourages over production and gives rise to wastage. Similarly, minimum wages tend to lead to unemployment in the economy especially f or unskilled labor when the wage rate is set above the