What is mixed economy, economics, Microeconomics

Mixed Economy: This type of economic system combines the features of both the capitalist and socialist economic systems. The private sector is allowed to function on the principles of free market mechanism with guidelines provided by the government. The government controls and regulates the private sector through industrial, monetary and fiscal policies. The public sector represents the features of socialist framework. The government operates in areas reserved for government ownership and management.
Economic policies in India have been formulated in conjunction with the guidelines laid in the Constitution of India. In its Directive Principles of State Policy, the Preamble of the Constitution states that:
"The State shall in particular direct its policy towards securing -
(a) that the citizens men and women equally have right to an adequate livelihood,
(b) that the ownership and control of the material resources of the community are so distributed as best to sub-serve the common good,
(c) that the operation of the economic system does not result in concentration of wealth and means of production to common detriment,
(d) that there is equal pay for equal work for both men and women.
The economic principles were given a more precise direction with the adoption of socialist pattern of society by India. In a mixed economy of a socialist pattern of society, the role of the government is greater than free enterprise system and much less than a socialist society.
Posted Date: 2/10/2012 11:26:45 PM | Location : United States







Related Discussions:- What is mixed economy, economics, Assignment Help, Ask Question on What is mixed economy, economics, Get Answer, Expert's Help, What is mixed economy, economics Discussions

Write discussion on What is mixed economy, economics
Your posts are moderated
Related Questions
What is Modern Economics? Modern Economics: Modern economics mostly developed within last sixty years, methodically studies individuals’ economic behavior as well as econo

Moving Average Methods: Under this methods the moving average to the sales of the past years is computed. The computed moving average is taken as forecast for the next year or peri

NEER Vs REER: In a situation where there are multiple trade partners, the effect of cross-currency movements are judged by nominal effective exchange rate (NEER) and real effe

An increase in the scale means that all inputs or factors are increased in a given proportion. Increase in the scale thus occurs when all factors or inputs are increased keeping fa

I can''t figure out how to graph the aggregate consumption function and the aggregate saving function

1. Definition: AGE-SPECIFIC DEATH RATE is the total number of deaths to residents of a specified age or age group in a specified geographic area (country, state, county, etc.)

Q. What is International Monetary Fund? International Monetary Fund: An international financial institution established after World War II with the goal of stabilizing and regu

Emergence and Persistence of Structural Imbalances: The period broadly corresponds to the period of the Sixth Plan and the Seventh Plan. The Sixth Plan was launched when the e

explain the theory of consumer behavior from the utility perspective

Internal and external economies of scale: Internal economies of scale are the advantages or benefits that the firm enjoys as it expands its size or increases its scale of ope