A Mixed-Market Economy
By Jaden P.
First, if one would like to gain a bigger background on mixed economies, you are more than welcome too. Here are some sites to get you started!
* Note: Wikipedia is nice to get an idea, but it should in no way be taken 100% seriously, discretionary use is advised. It is also advised to check out the sources provided on Wikipedia.
The Big Three (Questions)
What should be produced? - In a mixed economy, government might have little say on what should be produced, similar to a market economy. The consumers are primarily who decide what should be produced.
How should it be produced? - Also little input from government. This is determined by those who produce the goods. It is also decided through specialization, allowing those who have certain skills to do what they like.
For whom will it be produce? - The last question still has little government say. For who something is produced is decided by the power of the buyer. The consumer seeking the resource is also taken into account, or who the people are that are buying.
As odd of an acronym it might be, People Order Our Patties does point out what will be produced, as well as who buys the product.
+ Because we have a mixture of Traditional, Command, and Market economies, the advantageous aspects of these economies can be put together.
- However, this also means that negative aspects can find their way in as well.
+ Government regulation can be reduced
- The opposite is also true however, and government interaction can increase as well
+ Grants the privatize and nationalize abilities.
- Markets can possibly become too strong.
+ Everyone can have an area they feel comfortable in working in, not predetermined.
Countries that incorporate a mixed economy are actually common. These include countries like the United States, the United Kingdom, France, Sweden, Poland, and more.
Many European countries actually implement a mixed economic system.