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.
This question was asked on the following book summary:
Economics can be intimidating to the person who is not well-versed in business and mathematics. This book caters to the “layman” by breaking down the...
Go to dashboard to download stunning resources
DownloadText this question was asked on:
is broken down into many subjects that explain how each aspect of the economy affects the other. Wheelan is a firm believer in Keynes Economics—that the markets should work themselves out—and why he feels the government should not intervene. He informs the reader of why people such as Bill Gates are rich and how they continue to get richer. He clarifies how the Federal Reserve works and why it is needed. There are no supply and demand, mathematical, or other graphs inserted into this read; only clear, concise, and comprehensible language that anyone can understand.