Mixed Economy and European Union Essay

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Mixed Economy and European Union Essay

Description/Paper Instructions

 

Mixed Economy and European Union Essay

D1:

For this week’s post, I read an interesting journal where they examine a mixed economic system based on the Islamic rules. The article “Analysis of Mixed Economic system in Islamic Perspective”is written by professor Agung and professor Purbayu, both researchers at the University of Surakarta located in Indonesia.

The article describes a mixed economic system as a system which combines aspects of the economic systems; usually the domination of private and government. The purpose of this journal was to examine a mixed economic system with a non-ideal pattern; the Islamic perspective (Agung & Purbayu, 2016, p.127).

By position placement, the results showed that the differences are in the position of the role of government and private sector. The authors argue that the result shows Islam prioritizes the feature of ideals of the government as a producer of public goods and the private as a producer of private goods (Agung & Purbayu, 2016, p.134).

The second article “The Impact of Free Market Economy or Neoliberalism on Labour: Evidence from the Garment Export Sector in Bangladesh”, provokes some discussions by presenting some leading academic’s philosophy over free market economy. The article is written by Anam Ullah, a doctoral scholar and academic.

In the journal, Ullah explains the term free market in several different ways. For example, free market is a market economy based on supply and demand where the government has little to no control. He also describes it as an idealized form of a market where everyone is allowed to transact freely.

There is no intervention from the state in regard to taxes and regulations (Ullah, 2016, p. 42) Furthermore, he explores the downsides of the free market; how minimum wages are decided by buyers and sellers. Considering the journal is about the RMG workers in Bangladesh, the determination of minimum wage is a huge point to consider.

References

Agung Riyardi, & Purbayu Budi Santosa. (2016). Analysis of Mixed Economic System in Islamic Perspective. JEJAK: Jurnal Ekonomi Dan Kebijakan, 8(2), 126–136. https://doi.org/10.15294/jejak.v8i2.6165

Ullah, A. (2016). The Impact of Free Market Economy or Neoliberalism on Labour: Evidence from the Garment Export Sector in Bangladesh. Middle East Journal of Business, 11(2), 38–44. https://doi.org/10.5742/mejb.2015.92770

D2:

Mixed Economy and European Union

According to Rousek (2020), the government defines a set of rules in the mixed economic system and it should be taken care of. The ethics and system of the European Union are studied along with various aspects of the mixed economy and are studied in a detailed manner.

Many scholars defined mixed economics in a different manner, for example, a scholar defined mixed economy as a collection of nongovernment enterprises performing the task through the rules set up by the government organizations. It is worth noting that the value of sectors especially the public ones is more than others and it is worth remembering that this research is applicable in all the existing developed countries and it includes USA, China, and the European Union.

Its importance cannot be denied and hence it is important to study a mixed economy by keeping the above elements in mind.

The functions related to macroeconomics in a mixed economy are studied and three major features were defined in this context. Firstly, it is imperative to assign functions and tasks properly as it will be important in gaining efficiency and profit in all the economic sectors of the country.

Secondly, after assigning various functions, it becomes imperative to rework the task of assigning the functions, and lastly, it is important to observe if the system is stabilized. These three vital steps are vital if an economist wants its country to function well in the mixed economy. The study is based on the assessment of the European Union with respect to its budget which is a major element of the economy.

Budgets of the public is an important part of determining whether the European Union fulfils the criteria of redistributing finance adequately. It can be concluded at the end that a mixed economy is omnipresent especially in the context of a well-functioning country and its importance should never be ignored in any circumstances

Market economy and its implementation

With respect to Hamid (2017), providing the basic features of the market economy is very important and hence he provided with the example of the Indonesian market economy. The observation was done on the basis of the statistical collection of data. It is widely known that doing observation and making inferences through a statistical collection of data has always proved beneficial and so in the case of the Indonesian system of a mixed economy.

The socialist kind of market economy is discussed in the article and the collection of data along with its proper analysis is done in order to gain proper knowledge of the subject. Indonesia is known for reassessing and reestablishing its economic system and it usually did so by replacing the old order of economic system and this unique quality of Indonesian economic system is worth remembering.

Two kinds of extremes namely the socialist or the capitalist are unable to solve the ongoing critical scenario of the Indonesian economic system. It was inferred by the experts that the market economy-based on the socialist system is the most suitable one for the Indonesian country.

Indonesia mostly consists of business and organizations which are either medium or small and hence socialist kind of market economy will be the most suitable one for this kind of economic system. The report of the World Bank played a major role in assessing the condition of the country and assessing the suitable form of the economic system for the country concerned.

The need for a quality government arises in the poorer nation as a capable government will help in making the condition of the country better by applying a better form of economic policy. The article deals with the economy of Indonesia however it can be implemented in many poor nations.

References

Hamid, E. S. (2017). Contextualization of Social Market Economy in Indonesia Development. Journal of International Business and Economics, 5(1), 11-19. Retrieved on 2020 from https://www.researchgate.net/profile/Edy_Hamid/publication/320179304_Contextualization_of_Social_Market_Economy_in_Indonesia_Development/links/5a74efcb45851541ce566352/Contextualization-of-Social-Market-Economy-in-Indonesia-Development.pdf

Rousek, P. (2020). Evaluation of the EU Policy Concerning the Basic Economic Functions of a Modern Government in a Mixed Economy. In SHS Web of Conferences (Vol. 73, p. 01024). EDP Sciences. Retrieved on 2020 from

https://www.shs-conferences.org/articles/shsconf/pdf/2020/01/shsconf_ies_2019_01024.pdf

Reply:

D:3

In any country economy or economic system is the way of coordinating the production and the consumption of goods and services. There are many reasons of various goals for creating an economic system which are important for society values economic freedom, economic growth, security, efficiency and stability. The main types of economic systems are traditional economy, market economy, mixed economy and command economy.

Traditional economic system: A traditional economic system mainly focuses around the goods and services which are directly related to the traditions and the customs. Mainly on the individuals which don’t have any important significance and the division for labor. Safiullin, M. R., Elshin, L. A., & Prygunova, M. I. (2016) Market economy: The system which is on the free markets and which doesn’t allow any involvement of the government in the economy. In such systems the government doesn’t take any control or have control over the economic segments.

Mixed economy: In any situation the mixture of market and command economic system mixed economy arises where this is also known as the dual economy. In this case there isn’t precise definition where the mixed economic system in many cases help us in describing the market economies or the controls of the government.

Command economy: The economic system which is being characterized with the centralized power which also controls the large part of the economic activity. Under many circumstances the governments take the measures to regulate the resources and the processes around them which help in centralized control in any aspect which mainly covers about the resources of the economy. Fryer, D. W. (1958)

Journal articles summary:

Mixed economic system a combination of market, command and traditional economic systems it protects the private property allows the free market and the laws of supply and demand to determine the prices. Federal government protects and safeguards the people and the market by the government being a major part of all types of trade national or international.

It allows the investors to gain huge profits also protecting the customer to receive the product for the best value. The United states constitution mainly moves the trade in America towards the mixed economy where the limits of the interference of the government is limited during the business operations by leaving a gap between innovation and the market.

Mixed economies arise from various countries which are centrally planned and socialist economies.  As mixed economic is capitalist way of rewarding its employees the most efficient organizations in the market mixed economic systems help in providing a free way for all the producers receive its high profits to increase the growing capital.

Command economic system has a central and modern planned economy which is created by the government. This five-year plan helps to set the economic and social goals in each and every sector of the regions in the country. The government allocates its budget and resources according to this plan where the usage of the national labor and resources are being used in the most efficient way.

This plan also helps in setting the priorities for the production of the services and goods needed for the price controls and the supply. Government also creates a single business plan which is being used across the various finance, automotive and utilities.

References:

Safiullin, M. R., Elshin, L. A., & Prygunova, M. I. (2016). Journal of Economics and Economic Education Research, 17, 277-287. Retrieved from https://search.proquest.com

Fryer, D. W. (1958). World Income and Types of Economies: The Pattern of World Economic Development. Economic Geography, 34(4), 283-303.

Salop, K. (2012). Competition between successes and network market structure. Journal of Industrial Economics, 40 (1), 105–123.

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