Economic freedom

America cannot be able to acquire a brighter future by socialism. Having a more socialist ideology would negatively influence our country. The means of production along with other things are owned by the state or central planning authority in a socialist economy. Hence, competition is removed. “It is due to competition that an economy becomes prosperous.” ( "What Is Socialism, Advantages and Disadvantages of Socialism." What Is Socialism, Advantages and Disadvantages of Socialism. Umar Farooq,…

Having children in industrial countries impose a positive externality to society. Decisions are made by weighting the cost and the benefit of choices. Normally, if the perceived benefit of the choice out weight the cost it is considered the correct choice. Unconsciously that is how life is lived. For example, doing elections some people vote and some people do not. People do not vote because the cost out weight the perceived benefits. The cost of voting can cause some people to lose a day’s…

research with their economic systems and demographics of their state including some interesting factual statements of both countries. Diving into the general statistics of both economies including primary sectors of their GDP gives an idea of what country has better economic stability now and in the future. Services and/or industries play into the economic behavior and are shown along with popular businesses and global trading for both countries. To go along with this fact, their economic…

The study of development is so often focused primarily on the economic sector of growth or lack thereof. In that, while we frequently discuss notions of power, the labour market, and various economic theorists - it is seldom acknowledged how living in these economic conditions affects the citizens on a human rights level. I am of the opinion that human rights enforcement and economic development need to occur hand-in-hand, to avoid instances of international exploitation and rights infringements…

self-interest. Economists have traditionally used the concept to describe a rational individual who quantifies their self-interest while enjoying true economic freedom. These concepts were central to Adam Smith’s notion of the invisible hand and economic efficiency. According to Smith, the most efficient economies are those that allow individuals the freedom to pursue their own self-interest free of government intervention (Ward, 104). Ian Ward, in his work Introduction to Critical Legal…

nonessential items from 50p chocolate bars, to thousands in landscaping the holiday home garden. This shows that the press is vital in exposing events which usually happen under our noses and not known until shown by the press, and that level of freedom of obtaining information for public interest for scandals and negative current affairs should be considered as justified in the right…

(1899-1992) are two of the most prominent figures in history of the economic science. Their economic thoughts not only had huge impact in the past, but, along with their debate, will continue to shape the future. Their ideas contributed to the vicissitudes of the world economy by influencing generations of policy-makers. During the Great Depression, US President Franklin Roosevelt’s New Deal popularized Keynesianism, and Keynesian economics was embraced by many economies thereafter till the…

I have long been fascinated by the way politics and economics influence individuals and how decisions made by political leaders can change the course of history. I am intrigued by the historical development of political and economic thought, as evidenced when studying the history of China. Milton Friedman’s Capitalism and Freedom provided me perspective on the connectivity of economic and political freedoms needed to strengthen democratic institutions. I also enjoyed Thomas Piketty’s Capital in…

There are numerous governmental systems and economic policies in the world. A central argument amongst policy makers is what kind of government is best for its people? Advancing economic development is perhaps the central goal of each regime for its respective state. As stated by Michael Todaro, economic development “is an increase in living standards, improvement in self-esteem needs, and freedom from oppression as well as a greater choice.” Economic development is essentially advancing a…

Franklin addressed issues of population growth, relationships with immigrants and economic policies. In the earlier sections of the essay Benjamin Franklin believed that marriages were common because to the cheapness of land thus increasing the population. Franklin accurately predicted in section 22 that Americas population would double every 20 years. Growing population means an increase in agriculture and economic growth. More people meant more ideas to invent things giving America new…