Charles Wheelan, a strong advocate of Keynesian economics, believes in the self-regulating nature of markets and generally opposes government intervention. However, he acknowledges the necessity of institutions like the Federal Reserve for maintaining economic stability.
Strengths of government involvement, according to Wheelan, could include regulation to prevent market failures, provision of public goods, and redistribution of wealth to address income inequality.
On the other hand, weaknesses might include inefficiency due to bureaucracy, potential for corruption, and the risk of stifling innovation and competition through over-regulation.
Remember, Wheelan's views are just one perspective in the broad field of economics. Other economists may have different views on the role of government in the economy.
Economics can be intimidating to the person who is not well-versed in business and mathematics. This...
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