Most economists believe the forms of economy and businesses we have created are in place to help society achieve security, obtain stable jobs, acquire basic needs, and increase people’s standard of living. But, where economic thinking differs is in how this can best be achieved. Economists often discuss two ways of thinking about the economy –
1) Laissez-faire doctrine (opposes government intervention into the economy beyond a minimum) and
2) Keynesian economics (the government and private businesses both play important roles in maintaining a desired economic system). Which economic viewpoint do you favor, Laissez-faire or Keynesian? Please explain with an example.