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ON GOVERNEMNT INTERVENTION

The issue of the extent to which the government should intervene in the economy to protect the public interest, is an issue of great importance in today's society.This is due to a number of reasons, including that the extent to which the government intervenes in an economy determines what happens during periods of recession as well as periods of boom in a country's economy.
This issue is of great concern to citizens, with varying viewpoints on it.Some people believe that government intervention in the economy is not needed and should be avoided.They believe this to be the case because they feel that the economy functions best when it is left to it's own devices, and that it works out due to the dynamic forces of supply and demand.This is also known as'supply-side economics'.There are others who believe that government intervention in the economy is necessary; they believe this to be the case because they feel that government involvement with the economy is important, in times of boom in the economy and especially in times of recession.In periods of recession in a countries economy, they believe that government intervention is necessary, to help stimulate the economy.This is also known as Keynesian economics.Then there is then another group of people who believe that the extent of government intervention in the economy should be somewhere in-between the above two.They feel that while it is important for the government to intervene in a countries economy during a period of prosperity (to avoid inflation), and especially in times of recession (to stimulate the economy) the government must still ensure that there is still incentive for citizens to do well, and this can be done by ensuring that many aspects from supply-side economics are still left-over.This is what I believe is the best viewpoint on this issue
Firstly, The group of people that believe that governments should not intervene …

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