As per the academic scholars and authors, what are the 4 limitations that they found with...

As per the academic scholars and authors, what are the 4 limitations that they found with this CMD model?

Solutions

Expert Solution

As per question of economics CMD is about the COMMAND THEORY - wherein the government decides the whole economic functioning of the economy as what , how much and at what price goods should be produced ,even the income and Investments also of the economy

Limitations -

As no such Competition so level of INNOVATION IS HINDERED , as government regulates prices so firms will not care to compete anyways
Depends on government makes the people at large from all fields ,tend to will be more risk averting ,killing creativity and a path of development
INEFFICIENCY is main part or feature observed with nation given public sector more importance as if state will also regulate income so to people will get no motive to show extra , making resources underutilized
Hampers industrial growth, for industry to flourish freedom is required as licensing, taxes, other regulations when is bound to be followed as rule of nation will not let industry grow

Conclusion :

These are more of role of government to manage all ,making welfare as motive , the zeal to succeeds get buried

NOTE - CMD as given under Economics I told about this theory otherwise it's a COMMAND PROMPT , which actually is used in computer

Kindly please rate the answer and do feel free to ask in case of doubt

Rahul Sunny answered 1 year ago

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