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Political Economy - Essay Example

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In this essay,I am going to look at some of the major economic theories and their assumptions especially on the need and role of government action or involvement in the economy.This analysis is based on a review of the Australian car manufacturing industry.
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Political Economy
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Download file to see previous pages In addition, markets provide a framework where people voluntarily exchange their goods and services for an agreed compensation.In analyzing the Australian manufacturing industry, Freebairn uses a combination of the Keynesian and the neoclassical theories to drive his point home. The Keynesian theory, which is based on the works of the British economist john Maynard Keynes, is an economic theory that advocates for a system of a mixed economy. According to Keynesianism, the state as well as the private sector has their own roles to play in order to hasten the process of economic development. According to Freebairn, the government has the duty of providing a stable macro economic environment as well as the provision of conducive fiscal and monetary policies. On the other hand, the private sector is charged with the duty of carrying out research and development in order to come up with less labor-intensive modes of production as well as the use of less carbon intensive processes. In so doing the government will compensate for what the private sector lacks in the production systems. In addition, since the government is well equipped to increase aggregate demand, especially at the macro level then the government through increased spending will indirectly increase the demand for industrial goods within the economy. ...Download file to see next pagesRead More
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