What is the advantage of mixed economy system?

Advantages of Mixed Economies. Most business and industry can be left to private firms. Private firms tend to be more efficient than government controlled firms because they have a profit incentive to cut costs and be innovative.

In general the mixed economy is characterized by the private ownership of the means of production, the dominance of markets for economic coordination, with profit-seeking enterprise and the accumulation of capital remaining the fundamental driving force behind economic activity.

Ownership of private property, limitations on government interference, and promoting innovation. The Constitution also encourages the government to promote the general welfare. That creates the ability to effect a command economy, where needed

An increased governmental role depends on the priorities of the people. Many mixed economies also allow centralized planning and even government ownership of key industries, such as aerospace, energy production and even banking. Some mixed economies encourage the government to centrally manage health care, welfare, and retirement programs.