What Role If Any Should the Government Play in Economics?

Political Theory

Nikita Chepinoga

Grade 11

What role if any should the government play in economics?

The government should have a role in economics, but in way that it will not intervene until it has to. The economy should be put in the hands of intellectual businessmen who actually know what they are doing unlike the politicians. The government should take action in the economic sphere only when the country’s economic stability is at risk. The people should be empowered lead the economy of their country, they should have the economic freedom.   The government’s top priority has always been the internal and external security of their people and it should remain this way.

 I completely disagree with the theory of true Communism. The real communism according to Karl Max, which meant no economic advantage of one group of people over the other can only succeed in a perfect world. It is in our nature to compete and be different to everybody that surrounds us. It is impossible for humans to be equal and get rid of economic inequality because a person will be happy if he works harder, he would still be equal to another individual that doesn’t work as hard or simply has got an easier job. In the end every individual lives for herself or himself and not to contribute to the society. If everybody is successful, then nobody is. The economy must be regulated by the people, as the father of capitalism stated that markets should be run by the people as they are they key to prosperity and growth of economy. The government should not have the authority to intervene and lead the business the way it thinks it should. The people who are enlightened to innovation and creativity are more likely to improve the economy of the country they live in. It is obvious that some people will end up higher in the “economic food-chain”.

The government should not have any rights inheriting the property of a person that wanted it to go to his or her heir. In other words, the government should not own the property of a person which has passed away, the property should be given to a person of their choosing before their death. In Stuart’s theory, it is the opposite. Even though he accepts the rights of capitalism, he suggests that the land and resources should be gathered by government and given to somebody else who deserves them more and can help the community more productively. I cannot agree with this because the legacy has to be continued by the person which was picked by the previous owner of the belongings. Hannah on the other hand believes that there is nothing wrong with the economic gap because if the economic pie is getting enlarged by the richest percent, the parts of pie of other pie grow in size too. But she says that there should be wealth restrictions. The wealth is the measure of how successful a person can be looking from economic perspective. It isn’t right to take the opportunity from an individual to reach his or her full potential by imposing restrictions on them.