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The economic responsibility of government - Coggle Diagram
The economic responsibility of government
Milton Friedman
He argues that, Government has no economic responsibility.
Only people have responsibility
“What things do we want to do through government?”
The governments
Big bullies
Too dominant
The central function of the government
Preserve social, political and economic law and order
Without law and order no society could survive.
Protect the nation against foreign enemies
Establish a framework of rules under which market could operate freely and naturally
Reduce risks and uncertainties
Provide a judiciary that can settle
any disputes or disagreements that may arise.
to provide a common medium of exchange
Excessive expenditures
Printing money
Inflation
Debt
welfare support for the needy
Undertake provisions of public goods
Education, public transportation, healthcare
Money expansion
The regulationand control of commercial banks
Establishment of the Federal
Reserve System
Paternalistic state intervention
Over spending
Taxing the poor