Economics Essay Example | Topics and Well Written Essays - 3000 words - 5

Economics - Essay idealFriedmans main argument is that tax cuts and little or no intervention by the political science in regulating private enterprise would help entrepreneurs to produce more at a note cost. Thus consumers would benefit from plenty of cheaper effectives. 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.Karl Marx, the German political thinker, is better known for his ideologic premises expressed in his treatise Das Kapital. Marxian economics is based on these thoughts, though most of his teachings argon basically centered on the perpetual conflict between the bourgeoisie and the proletariat. His economic thoughts though arent substantial are concerned with how working classes are able to run the countrys thrift with fair play and social justice. When all productive resources are controlled by the proletariat a comparative cost/benef it analysis is not possible.This paper takes the drop by the wayside 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 verifying 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 consumers purchasing motive 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 consumers sovereignty does not have meaning if he/she is unable to cloud what he/she wants. This paradox