What is mixed economy, economics, Microeconomics

Assignment Help:
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.

Related Discussions:- What is mixed economy, economics

Calculate the concentration of standard solution, 1. A standard solution of...

1. A standard solution of potassium hydroxide (KOH) was prepared by dissolving 15g of KOH in 250.0mL of distilled water. (a) Calculate the concentration of this standard solution.

Understanding the labor market using supply and demand, The market for labo...

The market for labor can be studied use a supply and demand framework.  The demand for labor is from employers who use labor to produce goods and services.  The supply of labor is

Facilitating restructurings, Facilitating Restructurings- rationale in era ...

Facilitating Restructurings- rationale in era of globalisation: There has been some progress in the last few years in efforts to improve the framework for sovereign restructur

Marginal product of every of the two inputs, (Cost minimization) a)  Wh...

(Cost minimization) a)  What are the expressions for the marginal product of every of the two inputs in producing credit hours? b)  What is the expression for the marginal r

Determine the economic productivity level, Determine the economic productiv...

Determine the economic productivity level Up until 1500 as best we can tell there had been next to no growth in output per worker for the average human for millennia. Even in 1

Explain the concept of opportunity cost, The concept of opportunity cost oc...

The concept of opportunity cost occupies a very important place in modern economic analysis. The opportunity cost of any good is the next best alternative goods that are sacrificed

Protection of infant firms, Protection of infant firms: Infant industr...

Protection of infant firms: Infant industries are those firms, which are young. The absence of economies of scale to them makes their unit cost of production higher than older

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd