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Economics - Essay Example

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Summary to essay on topic "Economics"
It’s opposed to heterodox economics. Though it’s neither a branch of economics nor a school of thought as such, it seeks to align itself with neo-classical economics. More recently it…
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Download file "Economics" to see previous pages... Friedman’s main argument is that tax cuts and little or no intervention by the government in regulating private enterprise would help entrepreneurs to produce more at a lower cost. Thus consumers would benefit from plenty of cheaper goods. However conservative economics has acquired a newer dimension in that the absence of concern among conservative economists for environment related problems is changing for better.
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Karl Marx, the German political thinker, is better known for his ideological premises expressed in his treatise Das Kapital. Marxian economics is based on these thoughts, though most of his teachings are basically centered on the perpetual conflict between the bourgeoisie and the proletariat. His economic thoughts though aren’t substantial are concerned with how working classes are able to run the country’s economy with fair play and social justice. When all productive resources are controlled by the proletariat a comparative cost/benefit analysis is not possible.
This paper takes the free market appraoch as the point of refernce for comparative analysis. Market forces, demand and supply, move in opposite directions with respect to price changes. When the price of a good is high the demand for it is less while the supply of it is greater. This is economic sense but nevertheless this positive economic statement about the predictable behavior of the consumer does not hold true when the demand patterns for Giffen and inferior goods are factored in. For instance when income, of the individual consumer, rises his demand for inferior goods such as potatoes, would rise. This is because the consumer’s purchasing power increases when his real income increases.
Consumer sovereignty principle illustrates the fact that in a free market economy the consumer is free to consume what he wants. However, the consumer’s sovereignty does not have meaning if he/she is unable to buy what he/she wants. This paradox ...Download file "Economics" to see next pagesRead More
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