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
V alue Additivity In an efficient market the value of any 2 assets can be estimated as the sum of the values of the two individual assets. This is a variation on the theme

sir explain me about all things of microeconomics

STRATEGIES AND POLICIES FOR ADMINISTRATIVE REFORMS: As stated in a United Nation's Publication, following strategies and policies are necessary to bring about administrative i


Think of the Golden Ball game. Now player 1 is money-minded and jealous, and player 2 is very good-hearted, so the payoff matrix is follows:                                Playe

how to compute the price of a laptop increase of 20% and there is a 40% drop in the aquantity demanded

DEMOGRAPHIC PROFILE: A demographic profile of India can be prepared out of the data collected by the office of the Registrar General of India who is the responsible authority

Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.


FACTORS AFFECTING FLEXIBLE EXCHANGE RATE: Shifts in the demand and supply schedules for foreign currency take place on accountof a number of factors. Some of them are enumerat