Government Intervention and Its Disadvantages

Government Intervention and Its Disadvantages Should our economy be run by a doctrine that was made popular by a group of French writers called physiocrats in the mid-1700s? This doctrine is called laissez-faire and it literally means to let or allow to do(The Family Education Network). It is a theory of economic policy which states that government generally should not interfere with decisions made in an open competitive market. These decisions include policies …

…beneficial short-term effects, they never have positive long-term effects. In the end, the government's spending and intervention in the economy is detrimental. So, should the government stay out of the economy and let it be run by the doctrine of laissez-faire, or is government intervention necessary to the survival of the economy? Many would argue that some intervention is necessary, but in a completely competitive market, there is no need for the government to intervene.