Unit 1: An Introduction to the Study of Economics Lesson 3: Mixed Economies.

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Unit 1: An Introduction to the Study of Economics Lesson 3: Mixed Economies

Social Market Economy 1.democratic socialism: an economic system which seeks a balance between the private and public ownership of the factors of production in order to attain economic equality in society ●combines elements of market and command models ●“Cradle to grave” or “Womb to tomb” ●Examples: Denmark, Norway, Sweden

Social Market Economy 2.The Redistribution of Wealth ●private ownership = 80% ●public ownership = 20% ●government’s role: control the essential factors of production in order to provide basic necessities, such as education, health care, transportation, etc.

Social Market Economy 3.Advantages ●socioeconomic equity: a more equal distribution of wealth results in a larger middle class

Income Inequality Metric in 2005 CountryGini Index Denmark24.7 Norway25.8 United States40.8 Source: United Nations

Social Market Economy 3.Advantages ●reduced poverty: contributes to less social woes such as crime, illness, etc.

Murder Rate per 100,000 in 2007 CountryMurder Rate Norway.78 Sweden1.0 United States5.5 Source: United Nations

Life Expectancy Rate in 2007 CountryLife Expectancy Sweden80.9 Norway80.2 United States78.2 Source: United Nations

Social Market Economy 3.Advantages ●economic stability: regulation stabilizes market which creates steady growth

Unemployment Rate in 2007 CountryUnemployment Rate Denmark1.6 Norway2.1 United States6.1 Source: United Nations

Social Market Economy 4.Disadvantages ●“big government:” large bureaucracy to plan and provide social services ●tax rate: 50%!

Social Market Economy 4.Disadvantages ●no incentive: lack of motivation!