A mixed economy is a kind of economy, distinct from the capitalist economy or completely public economy. In the capitalist economy, the government is not part of the production process, and the government does not interfere in the business market except a few. All the industries, goods, and services are produced through the private sector and are the profit-oriented economy. While in the public economies, the private sector is non-existent or is negligible. All the firms and industries are government monopolized. The government controls the production process, not for profit but for social welfare. Such examples are given by China two decades ago (now largely a mixed economy).
A mixed economy contains both the features above. The mixed economy is welfare-oriented; hence, it gives importance to the public sector and the government dominates few industries and monopolizes few. But the presence is not overwhelming, and mixed economy gives equal importance to the private sector. The private sector also plays its part by producing and even dominating certain industries. The government assists in and even interferes in the private sector to keep it in limit while the existence of the private sector keeps government firms competitive. The major example of a mixed economy is India.
In the mixed economy, as seen above, there are two sectors, public and private sectors. They interact with household or consumer class. Assuming a closed economy, the foreign sector is non-existent. The household sector is the source of all labor, capital, and entrepreneur classes, which also run business.
The Factor Market
The government and firms receive the physical flow of production factors as given above. In return, the firms and the government sector provide money to the household sector. The money paid is generally in the monetary form. The monetary form comprises of wages, rents, and interests of capital employed and profits to the entrepreneurs. This flow is seen in the factor market.
Also, there are certain government-owned factors in a mixed economy. They are the natural resources, the public goods provided by the government like roads, railways, and other transports, schools, colleges, and public health facilities. Hence, the government also is a factor provider to itself. In return, the firm’s sector pays taxes like income tax, corporate tax, goods and services tax, and so on. Government taxes are a part of the monetary form as itâ€™s a return from the business sector.
The Product Market
The product market shows the flow of goods and services from both, the public and private sectors. The public sector provides public goods and some other necessary goods, where private firms also compete with it. In return, both sectors receive their prices. These prices are again in monetary form. Also, being a mixed economy, the government purchases certain parts of private goods for public welfare while households or people pay taxes in return. People pay direct taxes on their income and indirect taxes on the product purchased. Hence, the counter flow in the product market is formed
Both the markets give a two-way flow, which forms a circular flow. The money earned by the private sector becomes the income of people and out of this income, people pay taxes. Out of tax revenue gained, the government provides public goods and infrastructure, which is again beneficial for the private sector, in return of which they also pay taxes. In this way, in a mixed economy, the circular flow of money and prices are compensated by the physical flow of products and factors. Both ways, the mixed economy remains balanced.
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