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Economic Responsibility of The Government - Coggle Diagram
Economic Responsibility of The Government
Government is not a person
People have the responsibility
Notion of government
Collectively has unfortunately been all too dominant throughout history
The people who are employed in government
Civil servants
People who sit behind those millions of desks, are supported to be their servants
Undertake a wider and wider range of activities
Monetary & economic controls
Governmental regulation
Paternalistic activities
Taking care of the irresponsible
Most rapidly expanding area of government spending
Economic progress
Not possible anywhere in the world or at any time
Unless there is a relatively stable structure of law
Reasonable degree of security of person and property
Satisfactory economic progress
Security and stability of person and property is essential precondition
Have been the traditional functions of government in the United States
The provision of a money supply is a traditional function
“Greenbacks”
Federal government issued paper money 100 years ago
To pay part of the cost of civil war
HEW
New department of education
Department of health and human services.
Spending on national defense
Gone down from something like eight percent of the national income to five percent
Normal condition of mankind has been one of severe poverty
Advancement of property rights
History of human progress
Both believed that government should be limited in scope
Subject to removal if it strayed from the tenets of the law
Pilgrims who established the Plymouth colony
Early pioneers of USA
Establishment and enhancement of property rights
Spurred economic change for the masses