Free market vs Mixed economy?

ok so i have to debate why free market is better than a mixed economy





no choice i must state its advantages and argue why the economy is better off without government intervention (government protecting consumer)





so obviously i know why government intervention (not to the extent of socialism) is better, otherwise we'd all be poisoned because FDA doesnt exist





anyway how do i argue against government agencies protecting consumer health





like I would say no dont intervene... keep it laissez faire or just let the federal reserve bank do all the work regulating the money supply etc (within friedman's boundaries)





but WHAT IF someone mentions... what i said about without government intervention... the consumers wont be protected... there will be monopoly and the economy will most likely be very sporadic.





help?





I MUST argue why a free market AND Milton Friedman's theory is better for the economy.





and can someone clarify friedman's theory more thoroughly?





did research. cant comprehend!!

Free market vs Mixed economy?
The answer is in the law of supply and demand. Without government intervention the "invisible hand" or workings of the free market system will regulate the market. Yes, there will be some people who are made better off or worse off by the lack of government requlation. but government regulation promotes inefficency. The question then becomes What is the value of the safety net that government intervention in the marketplace provides? Is it worth the trade off? In most cases the answer to that question is yes.


Still, supply and demand always work to ward the point of equilibrium when left to their own operations. When the price of a good is to high demand for the good decreases. In the short -term the price remains the same but in the long- term supply responds to the decrease in demand with a decrease in supply. Thereyby resulting in a decreased equilibrium price. But we as Americans can't seem to let the market regulate itsself. We want everything to be fair, we want everyone to have equal access to this and that so we call on the government to interviene.


Imagine what life was like Prior to the 1930's. there was no FDIC, No Social Security, No food stamps, no medicaid, no unemployment insurance. None of those transfer payments that we as Americans hope never to need but feel secure in knowing that they are there if we need them.


Strangly enough, people were unemployed and survived, old people were taken care of, hungry people ate. Why? Because necessity is the mother of invention. When the situation called for emergency measures people in the community, knowing that they only had themselves to depend on, would pool their resources to care for those in need.


If the government didn't look out for our well being we would go back to learning to take care of one another. (spell check wasn't working so I hope my spelling wasn't too bad)

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