Description
Most governments fall in between these two extremes but in every case, their influence is felt at every stage of a man’s life, from the cradle to the grave. For instance, the State controls the kind of occupations man can choose and the kind of business which he can. start. It regulates the number of hours he works in a factory, the amount of wages he gets there, the various deductions to be made, and so on. It regulates the contracts a man enters into. It punishes the adulteration of goods and fraudulent dealings. It controls all transactions both within the country as well as outside. The state seeks to promote economic activity through standardsation of weights and measures, through the maintenance of a proper system of money and banking, through the construction of a network of roads and railways and so on. The state either promotes or hinders economic life through innumerable measures, variously called as licensing, controls, regulations, subsidies and bounties. Besides, government taxation, expenditure and public debt management have very significant influence on economic life.
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