Economics Essay
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  • 1. Economics, it may be argued, can be reduced to the study of how individuals and societies meet their needs and wants. The source makes reference to the author’s opinion about the appropriateness of a government’s involvement in the economy, particularly during times of depression. Liberalism, as an economic ideology, offers many opinions for citizens and governments in terms of dealing with periods of economic distress. One perspective from the right side of the spectrum of liberalism is that the place of the government during the economic crisis is to remain objective and not take action to “cure” it. The source, as well as philosopher Adam Smith, would agree with this consumer-producer system; however a left wing economist such as Keynes has a socialist approach. A left modern liberal might say that the government’s role is to play the function of a physician when the economic cells are struggling because without intervention economic diseases like recession can worsen. Although some individuals would fully support the source and may use ideas from Ricardo and recent capitalist economies that support Friedman and Hayek, it is government action that has historically saved economies from the worst conditions of recession like Roosevelt during The Great Depression and Keynesian economics. <br />For individuals who fully support the opinions reflected in the source and feel that government intervention in the economy will result in a worsened condition for the “economic cells,” a reasonable position they may relate to is that of Friedman and Hayek. Hayek was long a critic of collectivist ideologies in the economy, and felt that there was no apparent way for the government to gain accurate information on supply and demand to make educated decisions for the people. Right wing liberals who are exponentially wary of government involvement would fear that an increase in economic control could lead to a loss in other personal freedoms.<br />