Competitive markets are not important for economic growth as long as the government enforces private property rights.

Question

Quizplus · Accepted Answer

Competitive markets play an important role in promoting economic growth by encouraging innovation, efficiency, and productivity. Private property rights are essential for market-based economies, but they alone cannot guarantee economic growth. Competition stimulates firms to improve their products and lower their prices, leading to higher output, employment, and incomes. In addition, market competition helps allocate resources efficiently, ensuring that goods and services are produced and consumed where they are most valued. Therefore, competitive markets are crucial for sustained economic growth, and the government should seek to promote and maintain them through appropriate policy interventions.

Competitive Markets Are Not Important for Economic Growth as Long