ECO 365 Week 1 DQ 1

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If the economy runs most efficiently when left on its own (Adam Smith’s invisible hand), then why do we need government involvement? Do you think government should be so heavily involved in our economy?

Response:
We need government involvement in situations where oversight and protection needs to be part of the equation of free markets, or the invisible hand as referenced in the text. Example would be energy, water and finance. These are basic fundamentals to our existence, without them or if they were mismanaged the civilized worlds could be at risk. Look at the financial crisis of a few years ago, clearly government needed to step in to avoid a full blow collapse. Water rights are important and government can be an arbitrator to ensure access to all.
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