How much control should our government have over our economy? Should they completely control it, monopolizing the supply of the market? Or should they let the market be free, letting the suppliers compete in order to find the equilibrium price?
I believe that our markets should be free of government intervention. Without monopolization under the government’s hand, people are incentivized to find their comparative advantage in the economy. If people are doing what they are good at, they will always be improving and inventing more efficient ways of creating their product. This will result in higher quality products. And if there are multiple people all creating these products, that are constantly becoming better and better in quality, these suppliers will compete in prices with each other. This will increase national productivity which will force the suppliers to compete in creating a product that costs less to produce and will cost less to the consumer, which will naturally result in finding the market equilibrium.
This is proven throughout history, and will keep being proven through the future. North Korea is a prime example of an economy that is controlled by the government and is not improving. This is due in part to the lack of social freedom that citizens have regarding their finances, as well as the lack of encouragement towards entrepreneurship and specialization. Because of the suppression that the government has over the people and its monopolization of the market, the people of North Korea do not earn as much profit as they potentially could.