What Are The Benefits And Drawbacks Of Market And Mixed Economies?
In a market economy, the income of an individual may rise or fall depending on his success. In other words, an individual does not have to depend on the society or community to prosper for his own success. Such an economic system allows for individual gain and random prosperity. On the other hand, in a mixed economy, the success of an individual depends solely on the prosperity of the community. Mixed economies keep significant loss or gain to a minimum as the entire economy seeks to adapt to changes in the environment and macroeconomic variables. If the status of the community improves, the individuals in the community also prosper.
