To what extent do you think the above viewpoints are valid?

Learning Goal: I’m working on a economics discussion question and need an explanation and answer to help me learn.Help me fix my essay with 2 peer reviews.Below is the description of the work done.This essay focuses on the role of government in managing a capitalist economy. You canchoose between two applications of this broader concept.Option 1: Many have pointed to the Great Depression as strong evidence that marketeconomies, if left on their own, will sometimes get stuck in periods of low growth and highunemployment. Others have claimed that the Great Depression was primarily a policy failureand that government attempts to fix business cycle downturns only delay the economy’snatural recovery. To what extent do you think the above viewpoints are valid? Was the GreatDepression primarily a failure of markets or a failure of government? What does the GreatDepression teach us about the role of government in dealing with business cycles?Option 2: Most economists agree that competition between firms in general producesoutcomes that are beneficial for consumers. However, profit maximizing firms have incentive todrive out competitors and increase their market power to drive up prices. Should governmentswork to reduce monopoly power and push industries toward perfect competition? To whatextent has United States history demonstrated the need for government action to reduce firmsmarket power?Requirements:1. Take a stand – your thesis statement must clearly comment on your view of government’srole in the economy in either of the two applications above. You do not have to stronglyland on one side or the other. For example, you can argue that government has a role inresponding to business cycles but the specific policies in the New Deal were not welldesigned or that the fiscal policy is not necessary but monetary policy is, etc. (these arejust a couple examples). Most importantly, you must have a consistent position that youargue throughout the essay2. Your essay must demonstrate understanding of both sides of the issue and contextualizethe debate both historically and theoretically. Although you need to argue your own point ofview, it should also be clear that you understand arguments of people who disagree withyou.3. You should use some of the concepts and sources we have talked about in class, but youressay must reference at least two sources other than those cited in the slides orposted on CCLE. For this essay, pure data sources will not count towards the two(although can definitely still be used as additional evidence for your argument). I want tomake sure you do some research to see what some other people have thought about theseissues.4. For either question, stick to historical evidence as much as possible. For example, in theGreat Depression question do not talk about the Great Recession or Covid and in themarket power question do not talk about Google and Amazon. You can (and should) talkabout more general theoretical justifications in either case, but I want the focus of theexamples in the essay to be primarily on historical events in the United States. Try to focuson examples before 1950.market power question do not talk about Google and Amazon. You can (and should) talkabout more general theoretical justifications in either case, but I want the focus of theexamples in the essay to be primarily on historical events in the United States. Try to focuson examples before 1950.5. Minimum 3 pages (12 point font, double spaced), maximum 4 pages
Requirements: review my answer according to the two attached reviews   |   .doc file

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