Planned Parenthood

The United States government is currently ridiculed for its socialistic approach to the economy and simultaneously for its capitalistic approach from the other side. Both of these approaches are significantly different from each other, yet go hand in hand to create an economic system in which a worker can on average expect around $24.50 according to the “United States Economy at a Glance.” The beginning of capitalism started with the creation of the United States of America and in the 1850’s,…

functions of the economic system The four functions of an economic system are what to produce, how much to produce, how to produce and for whom to distribute to. An economy can either be free market or planned, both of which seek to satisfy maximum wants with minimum resources. Market Planned What to produce Consumer Sovereignty Government How much to produce Consumer Demand Government How to produce Firms Government For whom to distribute Dedicate more resources to higher income earners…

“Totalitarianism is neither a consequence of ‘corruption’ nor ‘historical accident’, but rather a logical consequence of institutional incentives of the attempts to centrally plan an economy”. In The Road to Serfdom, Hayek seeks to convince the British people that socialism can lead their country to the end of Fascism, which is not a particular product of the wicked Germany. Without using mathematical economic model, Hayek consciously delineates the intuitive proceedings from ‘good economic…

economy all aspects of the economy are planned and selected by the government, thus supply and demand do not play a part in a socialist economy. The lack of supply and demand affects the economy negatively in the long term. Third, in the socialist economy consumers in the socialist economy suffer from an absence of choices of goods and services. Fourth, evidence suggests that socialism contains a definite segregation between the poor and the rich, due to the planned economy. Thus As Berlinski…

“The process of economic transition in the former centrally planned economies has rarely been painless and smooth” Economic transition is an economic change from a centrally planned to a free market economy. A centrally planned economy is an economic system where the government owns all the finished goods and services, known as collective ownership, and makes the economic decisions rather than businesses, households, or individuals. While in a free market economy there is private ownership or…

Many don’t understand what economics is in general. Economics is a part of everyone’s daily life and people don’t realize it. Unlike a planned economy where the government decides what the prices of goods and services are; in a market economy where everything is private what the people buy or choose or what they value is what determines prices in this market economy. The people are what…

Individuals & Maximizing Utility “Everyone else in the world has preferences, which may or may not have anything common with me.” This quote comes from Charles Wheelan’s novel Naked Economics, in which he explains the idea of economics to those without prior knowledge on the subject. The given quote is Wheelan sharing that we all have demands and desires, which are the fundamental parts of the market economy. Society is constantly trying to find ways to advance themselves in their goals and…

What does structural injustice have to do with the economy? It is making the rich richer and the non-rich poor? Is it possible that affluent nations have played a part in establishing economic structures that contribute to some of today’s hunger and starvation issues? Stanly Mooneyham states, “The heart of the problems of poverty and hunger are human systems which ignore, mistreat, and exploit man (Sidler 136).” Economics is central to our world. I believe there should still be an attempt to…

Before 1911, China was still under absolute monarchy, which was Qing Dynasty. The economy during that period was agricultural based, not by trading or colonies. Unlike Western countries, there was no industrial revolution happened in China. Due to the closed economy (or self seclusion), China did not receive any new technology to improve the developments in many areas. There are three characteristics of the traditional Chinese economy before 1911. The first characteristic is highly productive…

“Socialism failed because it couldn’t tell the economic truth; capitalism may fail because it couldn’t tell the ecological truth”1 In a perfect world where equality is in our everyday lives and respected without criticism, socialism is the ideal economy. However, we do not live in a perfect world, so the United States has combined reality and fantasy into one and constructed an economy with the influence of both capitalism and socialism. Socialism is a considerably decent economy on the basis…