Social Studies College

Explain how a mixed economy is a mixture of command and pure market economy.

Answers

Answer 1
A mixed economic system has features of both a command and a free market system. A mixed economy is partly controlled by the government and partly based on the forces of supply and demand. Generally, a mixed economic system involves the public sector and the private sector. There is limited government regulation in a mixed economy, while there is heavy government regulation and control in a command economy.


Answer 2

In a mixed market economy, economic authorities implement income redistribution systems on market outcomes, aiming to reduce income inequalities and to generate fairer allocations that bring welfare and good living standards to all the individuals that conform the society.

Such results register larger social welfare if compared to the results that would be generated by the free interaction of economic agents in the markets with no goverment intervention (pure market economy situation), or by the total intervention of the government, imposing every economic decision and with no markets (pure command economy).

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