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

Utility approach, Prove that utility approach and indifference curve yield ...

Prove that utility approach and indifference curve yield the same consumer equilibrium

Price mechanism, use of diagram how the price mechanism operates to allocat...

use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.

Determinants of private demand - linkages with employment, Determinants of ...

Determinants of Private Demand - Linkages with Employment Employment potential of courses in higher education is an important determinant of private investment in higher educa

Concept of stock replenishment, Concept of Stock Replenishment  This c...

Concept of Stock Replenishment  This concept assumes that stock is always available whether there is demand or not. Consider the demand for constituent items, such as componen

Production Possibility schedule, If at point A sacks of rice is 205 and sac...

If at point A sacks of rice is 205 and sacks of corn is 0. What is the decrease in rice production?

Measurement of inputs and outputs in production technology, Illustrate the ...

Illustrate the measurement of inputs and outputs in production technology? Measurement of Inputs and Outputs in Production Technology This is generally most satisfactory to

Expanding healthcare infrastructure, what is the demand when expanding heal...

what is the demand when expanding healthcare infrastructure?

Marginal revenue function, Consider a market that is served by a single-pri...

Consider a market that is served by a single-price monopolist with marginal cost given by MC = $100 + Q. The market demand is given by P = $800 – 3Q. Determine the following: the f

Describe the importance of opportunity cost to a society, Problem: (a) ...

Problem: (a) "Economics is the study of how society decides what, how and for whom to produce". Describe the importance of opportunity cost to a society. (b) Distinguish bet

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