Economic Problems Solved By Various Societies Economics Essay

Economic Problems Solved By Various Societies Economics Essay The recent turbulence in financial markets in most developed economies has shown that market forces are no better at solving societys economics than any other mechanism This question relates to how economic problems are solved by various societies. An economics system is a countrys plan to answer the economic problems of what should be produced, how and for whom; it is an Organized  way in which a state or  nation  allocates  it resources  and apportions  goods  and  services  in the society. There are three major types of economy, a free market economy, a planned economy and a mixed economy. A free market economy  is a system for  allocating goods within a society which is mainly driven by  supply and demand; purchasing power within the market determines who gets what is produced, rather than the state. Examples of these economies are US, France. In this type of economic system, speculation, assumptions, and market forces are significant in determining economic growth. The aim of a market economy is to reduce or be completely devoid of all pre-determined prices for some products, and the level of regulation is minimal. 2The role of the  government in a market economy is to ensure that the market is stable enough to carry out its economic activities properly. Free-market economics is closely associated with laissez fair economic philosophy, which limits government involvement in economic matters to regulating This system has the biggest advantage of rewarding hard work and consumers getting what they can afford rather than giving everyone the same thing. It leads to growth through individual prosperity but monopolies arise and distort the market The next economic system is the planned economy, in this kind of economy the major decisions such as the goods, production method, distribution and the prices of the goods, all these important decisions are made by the government. Countries such as the old USSR and North Korea have a totalitarian government with socialist economies, where the government fix prices from the procurement of raw materials to the price its sold to the consumer. It is usually stable; it aims to meet a collective objective rather than individual needs, under such a system, rewards, whether wages or perquisites, are to be distributed according to the value that the state ascribes to the service performance. And finally a Mixed Economy, it is an Economic system in which resources are more equally divided between private and government ownership. This system integrates both elements of the market and planned economies in one organized system seeking to reach a balance between them. The business sector and the government play an important role in decision making as regards to the economy but a mixed economy results in neither business entities nor the government controlling the  economic  activities of that country. In a mixed economy, there is a lot of flexibility in certain sectors and in other sectors government control exists. Free market economy compared to a planned economy or a mixed economy has it its various advantages and disadvantages; A planned economy in theory appears more stable than the other two because it is not subject to various economic crises that the market economy and a mixed economy face, i.e. the business cycles such as the housing market bubble and the recession with high rate of unemployment There is also a question of efficiency, free markets and mixed economies contrast sharply with  controlled markets  , in which governments directly or indirectly regulate prices or supplies, which according to free-market theory causes markets to be less efficient. ; It  also lacks innovation that the other two systems possess, free market and mixed economies encourage specialization of labour, eliminate costly and complex bureaucracy. However, a planned economy has some advantages over the free market system in regard to efficiency; a planned economy  aims to use all existing resources for manufacturing public goods rather than directing some of those resources to advertising or marketing. It appears that a free market system could lead to more inequality due to the uneven distribution of power and wealth; property owner, big business shareholders will have access or gain more power compared to the less well off. A disadvantage of a market economic system is that, though competing firms try to be efficient to keep costs and prices low, it sometimes creates a monopoly, a few large firms may hike prices, sometimes pricing a certain part of the society out of various products. A planned economy on the other hand , national income could be distributed more equally in accordance with needs; public goods that would be described as necessities such as health care, In a planned economy, state planners would allocate state resources toward public goods and state projects, this might not necessarily be available in a market economy, or might require precise government provision (which then makes it a mixed economy), in a mixed economy, the government would have to achieve this goal through taxation or inflation. Mixed and free market economies are flexible, production reacts almost immediately to the movement of demand; a planned economy lacks the kind of flexibility and because of this, it reacts slower to changes in consumer needs and variable patterns of demand and supply. A planned economy eliminates the individual profit motives as the driving force of production and places it in the hands of the state planners to determine what is the appropriate production of different sets of goods; on the other hand because a market economy is profit oriented, it leads to innovation and creativity which a planned economy lacks. In a mixed or market economy, there is a plethora of choices, it lets the consumer choose according to their preferences which is evident through the interaction between supply and demand but a planned economy more often than not cannot detect consumer preferences. A free market system might not be better than a planned economy or a mixed one, it all lies in the balance, and no one system can guarantee absolute success. The market economy is clearly the system of choice in todays global marketplace but mixed economies should be encouraged which is largely what countries like France, U.K and the US practice, there is a considerable amount of government interventions to ensure stability although they could be classified as practicing a free market system because they allow market forces drive their economic activities. What the financial meltdown of 2007-2010 showed was that a totally free market doesnt necessarily make the best system. With some of the developed countries manufacturing less and relying more on financial services as the basis for their economic growth, for examples the UK, leaving the various financial institutions with little or no regulations has left the consumers exposed and the world economy in tatters. In conclusion, having a system where the government step in with regulations is imperative to prevent this sort of melt down in the near future. There ought to be directives and regulatory bodies to police the activities of private business enough to protect the end user and the economy but not too much, so as not to stifle growth. Free market system has shown it is not fail proof just as much as a command economy is not. A market economy combined with some degree of regulation, and special directives to stabilize prices by the government to protect people with low income can provide idyllic circumstances for developing countries like India, Brazil, China and other South East Asian countries to attain growth and prosperity.

National Missile Defense Essay -- Weapons War Cold War American Histor

National Missile Defense Historical Perspective On March 23, 1983, through a nationally televised address to the nation, then President Ronald Reagan envisioned a †Star Wars† defense system to replace the existing element of mutual deterrence between the two Cold War superpowers. The system calls for a high-tech impenetrable ballistic missile shield for the United States. The speech marks the birth of the Strategic Defense Initiative1 (SDI). It came about when the Soviets then had numerical advantage over the United States in ballistic missiles that are increasingly accurate and powerful. In fact, the Soviets has the ability to overwhelm the United States' missiles on the ground should a conflict ever occur. Arms race is a vicious cycle in itself and will not contribute to the cause of world peace. Therefore, to render this advantage impotent and obsolete, President Reagan directs the nation’s talented and government agencies to begin exploring and researching programs that will achieve the ultimate goal of elim inating threats due to weapons of mass destruction now and for the years to come. In less than a decade after setting the vision, the United States was grossly reminded of the necessity of employing a capable missile defense system during the Gulf War. On February 25, 1991, in a missile attack on Dhahran, Saudi Arabia, an Iraqi-launched Scud missile’s warhead hit a warehouse that served as a United States barrack, killing 28 soldiers and injuring scores of others in the process. Apparently, one Patriot battery was not operational while the other was not able to track the incoming missile due to a software problem. Immediate Perspective The number of nations possessing ballistic missiles has increased ov... ...ense What Does It All Mean?" Missile Defense Issue Brief. Center of Defense Information. 17 May 2002. <http://www.cdi.org/Hotspots/nmdissuebrief/nmd32.pdf> 10. Antonia Handler Chayes and Paul Doty. Defending Deterrence. Virgina: Pergamon- Brassey's International Defense Publishers, Inc., 1989. 11. "Commentary: The Moral Necessity of Missile Defense." Reason, Individualism, Achievement and, Freedom. Mar. 2001. The Objectivist Center. 17 May 2002. <http://www.objectivistcenter.org/articles/jrobbins_moral-necessity-missile- defense.asp> 12. Lieutenant Ron G. Jacobson "Morality of Nuclear Deterrence and Missile Defense." Military Philosophy and Ethnics. Feb. 1999 National Security Affairs. 18 May 2002. <http://nsa.nps.navy.mil/Publications/Micewski/Jacobson.html>

The More Important Consequence Of The Printing Press

The most important consequence of the printing press was the spread of know welled. Knowledge is one of the greatest aspects of power. Before Gutenberg invent ion of the printing press, other things had to be developed first. Language, writing hirer glyphs, the alphabet and then printing. Scribes would write a book by hand from the dicta action of of a scholar. Most citizens were uneducated while few actually had an education. Handwritten books were more expensive and rare so only the rich could own them. But eve en the rich were not smart enough to read books.The methods of book making were much qua kicker with the printing press and made the books cheaper and it could make more books in less time. Document one shows a group of men making a book. With uneducated men I abort was cheaper which made the price of the book decrease a lot. Because it took less time to make books, many could be produced. Without the printing press it would take year S to complete only one book. Now with th e printing press and books spreading throughout countries people are becoming more aware of what is going on around them.People are also b economy knowledgeable. In 1 500 the printing press spread to lower regions were more people lived (DOC. 2). This reflects on the Church. The Bible was the first book to be mass produced. Two hundred copies of the twofold Gutenberg Bible were printed. People could d buy the Bible and they didn't go to church anymore.

Gender Inequality - 1554 Words

Gender inequality in the workforce is a matter of fervent debate and while some argue that there are innate and distinct differences between male and female cognitive abilities, I believe there to be other factors at play, including pervasive gender stereotyping and other social forces like bias and parenting effects. Elizabeth Spelke (2005), in the article, Do Significant Innate Differences Influence the Career Success of Males and Females, explains how a study conducted on high school students who were given a mathematical word problem to solve, found that girls tended to favor a formula to solve a math problem and boys a venn diagram, thus demonstrating that boys have a preference for spatial reasoning (p. 64). Although the research†¦show more content†¦This could be due to the way girls and boys are treated or perceived differently from early on in their lives. An interesting study on gender labeling found that people ascribe a male or female label to a child responding to a jack-in-the-box popping up, where the child was labeled male if people perceived the child’s response to be anger, or female if the perceived response was fear (Significant Innate Differences, Career Success p. 67). A child will learn to live out the perceptions that others have of them, where girls in the study will learn that their response to the jack-in-the-box is attributed to fear and people expect them to respond as such. According to Erik Erikson, early adulthood coincides with entry into a psychosocial stage that involves exploration into and the need to form warm and close connections with others and establish a partnership with an intimate other. If this intimacy versus isolation stage is not successful, a young adult may feel lonely and isolated as opposed to experiencing fulfilling and committed relationships (Messineo, 2017). 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