This paper is about the various factors, which affect the economy and how the government intervention will help eliminate these, shape the economy, and steer it towards the right direction. Long time ago, there used to be law but not followed strictly compared to today’s scenario. One could keep a dog without giving medical attention, gangsters could rob a bank and leave caught free. But today things have changed. Things which used not to be done have taken a greater twist.
The loss of individual’s freedom is always protested in the beginning but later on adopted and becomes legally binding and morally accepted. Those born later on are bound by it. Every government will try to satisfy citizens of a particular country therefore whatever it does is for our own good. The concept of individual’s freedom is within the life of every American. It is coupled with the idea of being independent and one’s responsibility.
Generally, local, state and federal authorities have emphasized on individual freedom. Introducing civil and criminal fines and abolishing social rights would led to protests with anger consequently violence. However the government’s interventions have exaggerated the individual’s liberty and not looking at the consequences. The America’s civil rights legislation of ‘60s- years characterized of unfair confinement on Americans’ freedom to live, work, travel, and sleep and to eat where they wanted .these discriminative laws slowly faded away thus made America a free and real nation.
But as far as these rights benefit the nation, they have some limitations. Take for example the right to live and work anywhere. This can lead to brain drain as evident in some states. People will move to areas seen as considered to be highly paying leaving their motherland. As people will be moving, these places will be left underutilized but productive. Some views sampled amongst American economists gave different suggestions on the economy:
"Economists increasingly understand the Great Depression was prolonged by government intervention in trade, private industry, and banking."(Random, 2009).
During this period America was undergoing serious depression- one of the most economic crises America ever experienced .Nearly seventy years, economists were sure that by government stepping in would help in stabilizing the economy in a free-fall as per Hoover’s crippling tariffs that decelerated international trade. The government has a sole role of ensuring that the economy grows steadily. The government should provide contracts, create a favorable environment for entrepreneurs and see that the constitution is adhered to and followed satisfactorily.
“Economy is akin to the freeway, though on the freeway there is a speed limit and traffic signals to regulate the traffic. And of course police to book the offenders. The economy, too, should have limits, regulators, and the law to book offenders”. (Sam, 2009).
In my view, the government should get involved directly or indirectly to control some of the forces that destabilize the economy. An example is the price control mechanism- the government should get involved to avoid exploitation of consumers by greedy cartels that put money first at the expense of the consumers. The government should also get involved in the provision of essential goods and services which may be dangerous when left in the hands of private sector such as manufacture of fire arms. In some countries where the manufacture of these goods is left in the hands of private has caused the emergence of terrorism since these terrorists have the equipment at their disposal.