Market versus Managed Economy / What\'s an Astronaut\'s Life Worth Collapse Thro

Question

Market versus Managed Economy / What's an Astronaut's Life Worth Collapse

Throughout the course we have come across a battle of ideas - should the unrestrained market dictate how individuals interact, or should the rules of the road be planned? In many areas, some of what we have read has made the case for the market; in others, the case has been made for rules.

Have you found any areas of discussion in the course that have been particularly persuasive, and either changed or strengthened your views on the subject as applied to the economy as a whole, or any part of it?

Has anything in the course changed your views on your how you think about your own role in the economy? How you interact with your employer, customers? Or, how you will approach your career, investments, etc?

Here was a video where the book's author, Paul Krugman, debates the Managed (Krugman) versus Market economy, specifically with management of money. What are your thoughts? https://www.youtube.com/watch?v=WEoGKpnutyA

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The space industry has been opening up to market participants lately, but the Reason video below shows some of the problems with the industry in the past when it was entirely a managed economy (it still is obviously mostly managed, as most industries have levels of management).

What are your thoughts about the amount spent to insure safety? What are some other areas where government has good intentions, but may not pay attention to the costs associated with making us safer, more efficient, etc.? Our kick-off video with Rory Sutherland had a few examples if you can remember back to it.
Resource:
Reason Foundation (Producer). (2012, May 18). What is an Astronaut’s Life Worth? [Video file]. Retrieved from http://reason.com/reasontv/2012/05/18/zurbin-astronaut 

150 words please

Explanation / Answer

Managed economy is required to some extent to stabilise in case of extreme conditions.

For example unctrolled flow of money in economy may lead to higher inflation in long term.

Also unchecked interest rates may lead to weekening of financial sector in long run.

But, market is supposed to be run by people and hence, will be more liberating.

The amount spent on space sectors is exhorbant in the name of security, which is not required as it lead to encouragement in bribary etc, The space organsiations are capable to examine the quality inbuilt in the material being provided and hence, the costs can be cut down. Instead the same can be used for development of infrastructure.

The governement can cut down expenditure in state run organisation from where the government is not earning anything back.

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