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Government Does...

Here are three critical reasons for government's participation and intervention in the free market system. 

  1. Technology- As long as technology increases its power to affect our social and natural environment, it is highly likely that public supervision will also increase. 
  2. Urbanization- Urbanization creates the necessity for centralized administration. City life has its ups and downs. Humans cannot live in crowded areas with out police, public health, traffic, sanitation, and more complex educational facilities than those needed in rural settings. Government is, and always has been, concentrated in cities. As a nation urbanizes, it requires more government. 
  3. Economic Malfunction- The existence and causes of market malfunction make government intervention inescapable. This is not a plea for more government, but we can seek to use government power and resources to repair market failures to strengthen the free market's operation as a whole. 
This is no criticism to the market system, which has numerous strengths. Of the strongest, in my opinion, is that the market encourages individuals to exert energies, skills, and risk-taking in their economic pursuits of life. This gives the market a great degree of flexibility and vitality.

However, in theory and in practice, government does in fact help optimize the free market's ability to increase wealth and opportunity for those who participate.


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