Role Of Government In Economic Affairs

Topics: Regulation, Government, Milton Friedman Pages: 3 (579 words) Published: April 15, 2015
Indigo Byrd
Period 4
Honors NSL Government

The Role of Government in Economic Affairs
Although the American economy has been established for many of years, government has yet to have a set position when it comes to economic affairs. Many Americans and other economist outside of the country such as John Kenneth Glabraith and Milton Friedman have different views as to how the government should regulate business or if businesses should be regulated at all. Both sides make logical arguments that contribute to a seemingly endless debate involving a majority of the population. John Kenneth Glabraith was a Canadian economist who is also the author of “The Affluent Society” stated “The (American) economy is geared towards the least urgent set of human values. It would be far more secure if it were based on the whole range of need. “ In this quote Glabraith is referring to whom the government prioritizes. His mention of “the least urgent set of human values” is his way of saying that the government only focuses on the rich, although they are more influential when it comes to politics they are well off financially. Therefore, the government attention is misdirected so the economy as it is today will not succeed. Glabraith’s overall viewpoints are that government should be regulated and represent the population as a whole to build a stronger foundation for the economy to thrive.

Milton Friedman, an American economist and scientist has a completely different point of view. Milton Friedman suggests in his book “Free to Choose” that if the government had a structured economy, more than it already is, it would be tyrannical. This idea is supported by a quote by Framer George Mason, “the purse and the sword must never be in the same hands.” The quote by Mason is saying that if the government is in control of politics and the economy that the form of government will no longer be democracy but a monarchy when complete control is given to only line of succession,...
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