Sunday, December 29, 2019

A Free Market Economy Is Better Than Command Economy Essay

A Free-market economy is better than Command economy Free-market and Command economy are the two-major economy system. It has sparked years of controversies among individuals over which system is better. However, no agreement has been reached. Meanwhile, it is obvious that free-market economy predominates all around the world as the majority of countries are following an economy which free-market process the dominating position. The significant difference between is whether government intervention of economy exists. For command economy, the state has the right for all economy decisions, including planning and adjusting. Properties are owned by the government. The other extreme situation is the free-market economy, where the government do not place any intervention. However pure command economy as well as free-market economy do not exist in the world that is also agreed by Samuelson (2010). Throughout the world, free-market economy functions are much more popular as it is the fundamental of capitalism. As the majority of the world economies are mixed economy, the features of command economy cannot be ignored. This essay tends to distinguish the difference between two extreme economies from economic prospects as well as politic prospects which are inseparable. Economic prospects are divided into three parts. The first part is about economic growth. In command economy, the government planned the demand and supply as well as resources distributions, which makes it easierShow MoreRelatedThe Theory Of Economics As A Science1182 Words   |  5 PagesThe economy born since the man realizes that he cannot get everything he wants. The economists analyse the economic problems as it happens, without adding their feelings, thoughts or them owns assumptions. Economics is based essentially in scarcity, if there is not shortage there would be no need of Economics as a science. 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