Over the next week, I thought we would try a discussion on twitter. The topic for this week is the Role of Government in a Market Economy. Think about that: A pure market economy is one with minimal government intervention. Private individuals own all the means of production, all the resources in the economy. Resources are allocated based on supply and demand. What is the role for government then?
I will prompt us with a series of questions that explore this topic. The questions don’t require a lot of writing but they may require a lot of thought. Here is the opening question: In your own words, and in only one sentence, what is government?