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One of the most prevalent and well recognized justifications for government involvement is to maximize social welfare. The advantages of a command economy include reduced
One of the most prevalent and well recognized justifications for government involvement is to maximize social welfare. The advantages of a command economy include reduced levels of disparities and unemployment as well as the shared goal of displacing profit for equality as the main driving force behind production. Lack of competition, which can result in a lack of innovation, and inefficiency are disadvantages of command economies. Government interference in the economy may take many various forms, including taxes, subsidies, trade restrictions, regulations, minimum wage laws, and bailouts. The government may step in to break up a monopoly, stimulate a faltering economy, or alleviate poverty
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