1. According to liberal economic theories, what is the main criticism of state intervention?
2. What is a key feature of the Keynesian perspective on the role of the state?
3. What is a cyclical policy in economic terms?
Market mechanisms — definition?
Economic processes operating through individual choices.
State in liberal theories — role?
Limited to police, justice, defense functions.
Liberal view on intervention — stance?
Illegitimate and disruptive to markets.
Keynesian state role — objective?
Correct market failures and promote welfare.
Welfare state — functions?
Regulates activity, social protection, income redistribution.
Economic policy — goal?
Stabilize economy and foster growth.
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