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Different Economics Models, Different Results

In: Business and Management

Submitted By jorgenjavier
Words 982
Pages 4
Different Economics Models, Different Results.
Jorgen J. Ramirez
Miami Dade College
Professor Valdes
Principles of Macroeconomics

Different Economic Models, Different Results. Believe or not, each person is free to decide which economic model is the most suitable for its company or business; well, the same idea applies for countries. Each country has the freedom to choose whichever economic model is going to be their guidance for its economic development. Choosing between 3 options sounds easy, but it is not easy. Capitalism, socialism, and finally mixed economics are the three basic economics models that have been around the world since the beginning of the economics’ studies. Each one of the models listed before are different one from another; they are opposite ideas, so their results after practicing them are very different.
According to the Scottish philosopher Adam Smith, considered “The father of Economics”, the capitalism is the best way to increase the economic efficiency in any country. Adam Smith (1776) The Wealth of Nations that “free market economy produces more wealth, and more benefits to society, than other systems.” He argued that the competition between different people is the key to create a successful capitalism. The pursue of people’s individual interests makes possible the creation of a free market. Everybody wins, the costumers and the owners wins. Capitalism works very simple, companies and businesses have to address the needs of the society, but also they have to set affordable prices; they are able to have affordable prices only if the constantly find ways to lower down their production’s costs. Here is where the competition gets into the formula for the successful capitalism. Suppose there are two companies, and they sell the same product. If one company rises their prices, what is going to happen? There are two options: number…...

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