Describe the major policy controversy in economics. Why does such controversy still remain today without resolution?...

Describe the major policy controversy in economics. Why does such controversy still remain today without resolution? Explain.

Expert Solution

Free Market Vs Government Regulation

Liberalism has been a way of life in Western European countries. Liberals believe in the minimal role of the state in the economy. It is a very contested issue as who should have say in the allocation of resources in a particular territory. Hence comes the issue of free market vs Regulation. Some argue leaving the decision to free market will lead to the best outcome, therefore will for privatisation, deregulation leading to the minimal role of the state.

Others are more critical free market as history has shown that it may lead to inter and intrastate disparities. They also believe that the market is not always so rational so it may lead to boom and busts in asset markets. Many recent economic crises are testimonials to this fact.

This controversy is still intact today, but it is much in ideological terms as liberalism and socialism or communism belongs to different pandals, so the controversy is bound to arise without any resolution.

Rahul Sunny answered 1 year ago

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