Economy Design Features of My Term Paper

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S. consumers. Although the government should not support protectionism and protect inefficient American industries simply because they are American, it should require that companies selling products in the U.S. Or even partially based in the U.S. meet certain basic human rights standards (no slave labor, for example) and safety standards. This is necessary to protect U.S. consumers and also to ensure that America's reputation for freedom as well as economic growth is sustained.

Redistributing income

Some unintentionally redistributive effects, such retaining a progressive income tax system to help poorer families survive while still remaining part of the workforce seem to be beneficial and necessary. Making charitable contributions tax-deductible is also an excellent idea to encourage redistributive effects, but no government can or should engineer a system where everyone is the same economically, without taking away the incentive to work.

Individualistic minimum

However, government production would be acceptable when private marginal benefits are less than private marginal costs, but social benefits are greater than social costs. This was the case with the public works projects instated during the Great Depression by the Roosevelt administration, which were necessary to break the cycle of consistently plummeting production and the need for more and more layoffs.

Industrial organization

Because of high barriers to entry, some industries tend to gravitate towards creating monopolies, thus to protect consumers against price-gouging and unsafe products, laws to prohibit monopolies in most industries, or to regulate monopolies in economic spheres such as utilities (which make use of finite natural resources and thus the industries cannot always support competitive markets) would be necessary to protect the citizens in the ideal economy.

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But a state entirely dominated by nationalized monopolies, as recommended by Marx, would take away the incentive for companies to innovate, change, and produce better products for most companies.

Employment

Full employment is not always possible or desirable -- sometimes it may be better to allow people on assistance to improve their job skills rather than to simply work at a minimum wage job to survive, and trying to overheat the economy to maintain full employment can result in high inflation.

Adam Smith

Ultimately, although the government may play a role in the economy, its aim should be to facilitate opportunity and liberty, not to constrain liberty.

Human capital

The state must accept some responsibility for protecting the citizens against physical harm by creating a defense system as well as subsidized health care. Along with the family, the state must strive to prepare individuals for the future, to become educated citizens, and citizens who are capable of making good personal, political, and economic choices......

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