The Modified Market Economy

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Term Paper Title	The Modified Market Economy
# of Words	495
# of Pages (250 words per page double spaced)	1.98

The Modified Market Economy

The Modified Market Economy

What is a modified market economy?  What factors have been responsible for the
emergence of this kind of economic system?  How do governments influence
economic decision making in such systems?  Use Australian examples to illustrate
your answer.

A modified market economy is a market economy in which there are varying amounts
of intervention and property ownership by the government. The Australian economy
would be classed as a modified market,  as we have a certain degree of
government intervention,  and this is something we should feel lucky for in our
country,  because due to this we are able to experience the free,  fair
lifestyle which we enjoy.

The emergence of this kind of economy is mainly due to weaknesses in the market
economy which,  with out regulation,  becomes an economy mainly concentrated on
the wealthy people.  The basic reason for the modified market economy is that
the free market does not produce an efficient allocation of resources,  and that
the free market does not distribute output in a socially desirable way. For
example in a modified market, the government regulate the flow a income a bit so
that not only the rich make money.  In a market economy the rich get richer and
the poor get poorer as there is no regulation in terms of income distribution.
The intervention by the government,  in forms such as social security nets,
which is present in a modified market, makes society more evenly spread rather
than everyone being one of two things,  that is,  very rich, or very poor.

In such econo...

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