Economics, Politics and the State

(2) What is the relationship between individual material (or economic) interests, politics, and the agenda of the state?

The free market has always been the most efficient way to control or manage the economy once the most basic needs of life have been satisfied. The free market implies private ownership of property, and the economic freedom to buy, sell, or trade with anyone you chose. One of the key roles of government in the free market is to ensure there is a level playing field is to ensure that property rights are protected, and that there is a mechanism in place that permits enforcement of contracts. The goal or agenda of the state is to promote economic growth. To do so, it must find mechanisms to provide a safe business environment in which rules govern business transactions to ensure that they remain fair.

As a general statement, individual economic interests are protected in the free market based on the fact that sellers cannot coerce buyers to purchase their products. Thus, buyers are protected from the influence of sellers to the extent that they have a choice about from whom they will purchase goods and service. A similar protection is available to sellers. The seller is not compelled to deliver goods and services to a buyer simply because the buyer has placed an order. The protection for the seller relates to the fact that they can market and sell their products and services to other buyers.

A similar kind of protection applies in other economic re

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e the types of goods and services that are deemed desirable, and find ways to produce and distribute the goods and services efficiently. It is hard to imagine that robots and computers could effectively determine consumer tastes and expectations - therefore we would still need some method of orchestrating our material life. According to Kit Taylor in an essay published on the Bellevue Community College Distance Learning website, Economic theory holds that social and political factors determine the distribution of income. Society, according to these theories, has leeway in altering the distribution of income, but greed and self-interest prevent the voluntary re-allocation of resources even when the disparities or inequities are obvious and the need for redistribution is apparent to even the casual observer. It may even be possible to increase a society's total income by shifting some purchasing power from the rich to the workers since greater demand for goods and services by the workers will lead to greater production (Taylor). According to Taylor, the market forces of supply and demand play an important organizing or orchestrating role in the material life of a society. For example, profit-seeking firms will produce the goods a

Category: Philosophy - E