economic system essay conclusion

Economic Systems, Markets and Politics pp 419–431 Cite as

Final Conclusion: Economic Systems, Markets and Politics

• Christian A. Conrad 2  
• First Online: 05 January 2023

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The economics, with their focus on a pure objective utility maximization, are far from human reality. Economic sciences are exclusively individually oriented. People decide in a social environment, which is why sociology is at least as important for behavior as psychology. The influence of the group (the company) or society must also be taken into account. All modern societies have institutions and organizations, giving them order, and instilling discipline in their citizens to behave in the manner socially desired. Norms, values and morality are important here, including attitudes towards the political and economic system. The attitudes of people in a society to the economically relevant activities have been paid as little attention by economic science as the existence of general economic knowledge.

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See Kydland and Prescott ( 1977 ).

Kydland, F. E., & Prescott, E. C. (1977). Rules rather than discretion: The inconsistency of optimal plans. Journal of Political Economy, 85 (3), 473–491.

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Conrad, C.A. (2022). Final Conclusion: Economic Systems, Markets and Politics. In: Economic Systems, Markets and Politics. Springer, Cham. https://doi.org/10.1007/978-3-031-10366-7_9

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Essay on Economic Systems

An economic system is composed of different but interrelated aspects that create an economic structure (Hayek, McWilliams & Churchill). Every society has an economic system; however, some communities have a similar system. The economic system is essential in a society because it addresses the needs and scarcity. A complex system of economy entails all means of production. Most societies have four basic economic systems, i.e., traditional economy, command economy, a pure market economy, and mixed economy. A command economy benefits society by addressing some important services such as health, however, it has a large bureaucracy that discourages new ideas.

A pure command economy is a well-organized economy system with a central institution that controls the means of production. The governing body is usually the central dominant that determines what, who, how and means of production. The demands and supply of goods and services are predetermined through statistical analysis (Hayek, McWilliams & Churchill). Private ownership is discouraged in this system. command economy is advantegous since there minimal chance of an overproduction crisis. Secondly, there is little wastage of resources and high savings. Scholars argue that the governing body can respond quickly to threats that might arise, such as military and economic threats. An example is a soviet response to communism in USSR. However, its disadvantages include limited motivation to work hard, and large bureaucracy results in little or no flexibility (Corporate Finance Institute, 2021). Individual and unique ideas are not rewarded, which also results in stagnant markets.

A Pure market economy comprises a free market where individuals and businesses bring together the buyers and sellers. Contrary to a command economy, a market economy comprises a decentralized in terms of decision making and structure. Most of the world’s economies are decentralized; they include the US economy. Market economy entails a large variety of products; there are also government interferences. As a result, consumers are highly satisfied, and there is the capability of gradual changes. However, fewer public facilities such as schools and healthcare are also at risk of unhealthy competition. Furthermore, it might face risks of market failure.

The traditional economy is a type of economic system that heavily relies mostly on agricultural production. Other activities include hunting and gathering. The traditional economy is the oldest system; the allocation of production and resources is based on rituals, customs, traditions, and customs by ancestors and elders(CK-Foundation, 2021). It is advantageous to society since different production and economic are determined based on gender and age. It is also stable and predictable. However, it is accompanied by low living standards, and economic progress is limited. In addition, it is criticized since it discourages new ideas and innovations.

A mixed economy entails both the characteristics of a market and command economy; hence it is sometimes referred to as a dual economic system (Corporate Finance Institute, 2021). Most modern economies are characterized by a mix of traditional, command, and free economies. In a mixed economy, some production like nuclear weapons is designated to the governing body while consumer goods and services are designated to the private sector since they can easily determine consumer needs (Hayek, McWilliams & Churchill). Although, mixed economy encounters balance challenge between state control and private sector, their equal distribution of goods and services while addressing consumer needs and wants. Also, most efficient producers are rewarded and also receive capital that can reinvest. Fourthly, it addresses the limitations in market economies like areas of nuclear weapons. However, efficient investors can disadvantage other businesses by lobbying states for tax subsidies. It can result in a monopoly of some products like nuclear.

There are four major economic systems, i.e., traditional, mixed, market, and command economy. Traditional economy mainly relies on agriculture, with ancestors and elders playing a subtle role in distributing roles. Command economy is composed of a central body governing production. It, however, does not address the consumers’ needs efficiently. The mixed economy comprises features of the three other economies . Since mixed addresses the limitations in market economies, e.g., addressing some important aspects of defense, it is the most preferred economic system. It also exhibits other characteristics of other economics; it further exhibits the advantages of other economic systems.

Corporate Finance Institute. (2021, January 30).  Economic System . https://corporatefinanceinstitute.com/resources/knowledge/economics/economic-system/

Foundation, C., 2021.  CK12-Foundation . [online] CK-12 Foundation. Available at: <https://flexbooks.ck12.org/user:zxbpc2rzcziwmthaz21hawwuy29t/cbook/episd-2019-2020-economics-with-emphasis-on-the-free-enterprise-system/section/1.5/primary/lesson/economic-systems/> [Accessed 21 August 2021].

Hayek, F., McWilliams, C., & Churchill, W. The economic system. Types of economic systems. Major economic systems All types of economic systems.

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How to Write a Good Economics Essay

Last Updated: March 7, 2023 References

This article was co-authored by Emily Listmann, MA . Emily Listmann is a private tutor in San Carlos, California. She has worked as a Social Studies Teacher, Curriculum Coordinator, and an SAT Prep Teacher. She received her MA in Education from the Stanford Graduate School of Education in 2014. This article has been viewed 127,522 times.

A good economics essay requires a clear argument that is well-supported by appropriately referenced evidence. Research your topic thoroughly and then carefully plan out your essay. A good structure is essential, as is sticking closely to the main essay question. Be sure to proofread your essay and try to write in formal and precise prose.

Preparing to Write Your Essay

• For example a question such as “Discuss the macroeconomic consequences of rising house prices, alongside falling interest rates” could be divided into 2 parts: 1 part could be on the effects of rising prices, and 1 on the effects of falling interest rates.
• In this example you could begin by discussing each separately and then bringing the 2 together and analysing how they influence each other.
• Be sure to keep the question at the forefront of your mind and don’t veer off topic. [1] X Research source

• Be sure that you understand all the key terms that you are being asked about.
• Try to keep your reading focussed closely to the essay question.
• Don’t forget to look at any lecture or class notes you have made.
• 3 Come up with a thesis statement . A thesis statement is the main argument you will make in your essay. It should be 1-2 sentences long and respond to the essential question that’s being asked. The thesis will help you structure the body of your essay, and each point you make should relate back to the thesis.

• Once you have put together a list of key points, then try to add in some more detail that brings in elements from your research.
• When you come to write out your essay, you can develop a paragraph based on each point.

• All of the evidence and explanation will be in the main body of the essay.
• Order the key points in the body of your essay in such a way that they flow logically.
• If you are writing a longer essay, you can break the main body into different sections. [2] X Research source
• If you have a word limit, be sure to take this into account when you are planning.
• Allocate yourself a rough number of words per section.
• The introduction and conclusion can be just a paragraph each.

Writing the Essay

• What your essay is about.
• What material you will cover in the essay.
• What your argument is. [3] X Research source

• Having this stated clearly at the start can help you to stay focussed on the question as you work your way through the essay.
• Try writing out this one or two sentence statement and sticking it up in front of you as you write, so it’s stays at the forefront of your mind.

• Try to begin each paragraph with a sentence that outlines what the paragraph will cover.
• Look at the opening sentence of each paragraph and ask yourself if it is addressing the essay question. [5] X Research source

• Try to engage with arguments that run counter to yours, and use the evidence you have found to show the flaws.
• It might help to imagine someone reading the essay, and anticipating the objections that he might raise.
• Showing that you have thought about potential problems, and you can make an argument that overcomes them, is a hallmark of an excellent essay. [6] X Research source
• If there is conflicting evidence, discuss it openly and try to show where the weight of the evidence lies. [7] X Research source
• Don’t just ignore the evidence that runs counter to your argument.

• In the conclusion you can add a few sentences that show how your essay could be developed and taken further.
• Here you can assert why the question is important and make some tentative suggestions for further analysis.

Proofreading and Making Revisions

• As you read through it, think about how closely you stick to main overarching question.
• If you notice paragraphs that drift off into other areas, you need to be tough and cut them out.
• You have a limited number of words so it’s essential to make every one count by keeping tightly focussed on the main question.

• Think about how you use the evidence too. Do you critically engage with it, or do you merely quote it to support your point?
• A good analytical essay such discuss evidence critically at all times.
• Even if the evidence supports your argument, you need to show that you have thought about the value of this particular piece of data.
• Try to avoid making any assumptions, or writing as if something were beyond dispute. [10] X Research source

• Remember an academic essay should be written in a formal style, so avoid colloquialisms.
• Avoid contractions, such as “don’t”, or “won’t”.
• Try to avoid paragraphs that are more than ten or fifteen lines long.
• Think about how it looks on the page. [12] X Research source

• Always include a bibliography, but don’t include references to things you haven’t read or didn’t inform your argument. [13] X Research source
• Your teacher will know if you just add a load of titles into your bibliography that are not evidenced in the body of your essay.
• Always follow the bibliography format used by your department or class.

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• ↑ http://www.economicshelp.org/help/tips-economic-essays/
• ↑ http://www.writing.utoronto.ca/advice/planning-and-organizing/organizing
• ↑ http://carleton.ca/economics/courses/writing-preliminaries/academic-essay-writing/
• ↑ https://www.economicsnetwork.ac.uk/archive/lse_writing/page_11.htm
• ↑ http://homes.chass.utoronto.ca/~mcmillan/writing.pdf
• ↑ https://www.royalholloway.ac.uk/economics/documents/pdf/essaywriting-departmentofeconomics.pdf

About This Article

Before you begin writing your economics essay, make sure to carefully read the prompt so that you have a clear sense of the paper's purpose and scope. Once you have read the prompt, conduct research using your textbook and relevant articles. If you cannot find research materials, ask your instructor for recommendations. After your research is done, construct a 1-2 sentence thesis statement and begin outlining your main ideas so that your essay will have a clear structure. Make sure to leave time to write a draft and revise your work before it is due. If you want to learn more, like how to cite the sources you used for your essay, keep reading the article! Did this summary help you? Yes No

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1.1 What Is Economics, and Why Is It Important?

Learning objectives.

By the end of this section, you will be able to:

• Discuss the importance of studying economics
• Explain the relationship between production and division of labor
• Evaluate the significance of scarcity

Economics is the study of how humans make decisions in the face of scarcity. These can be individual decisions, family decisions, business decisions or societal decisions. If you look around carefully, you will see that scarcity is a fact of life. Scarcity means that human wants for goods, services and resources exceed what is available. Resources, such as labor, tools, land, and raw materials are necessary to produce the goods and services we want but they exist in limited supply. Of course, the ultimate scarce resource is time- everyone, rich or poor, has just 24 expendable hours in the day to earn income to acquire goods and services, for leisure time, or for sleep. At any point in time, there is only a finite amount of resources available.

Think about it this way: In 2015 the labor force in the United States contained over 158 million workers, according to the U.S. Bureau of Labor Statistics. The total land area was 3,794,101 square miles. While these are certainly large numbers, they are not infinite. Because these resources are limited, so are the numbers of goods and services we produce with them. Combine this with the fact that human wants seem to be virtually infinite, and you can see why scarcity is a problem.

Introduction to FRED

Data is very important in economics because it describes and measures the issues and problems that economics seek to understand. A variety of government agencies publish economic and social data. For this course, we will generally use data from the St. Louis Federal Reserve Bank's FRED database. FRED is very user friendly. It allows you to display data in tables or charts, and you can easily download it into spreadsheet form if you want to use the data for other purposes. The FRED website includes data on nearly 400,000 domestic and international variables over time, in the following broad categories:

• Money, Banking & Finance
• Population, Employment, & Labor Markets (including Income Distribution)
• National Accounts (Gross Domestic Product & its components), Flow of Funds, and International Accounts
• Production & Business Activity (including Business Cycles)
• Prices & Inflation (including the Consumer Price Index, the Producer Price Index, and the Employment Cost Index)
• International Data from other nations
• U.S. Regional Data
• Academic Data (including Penn World Tables & NBER Macrohistory database)

For more information about how to use FRED, see the variety of videos on YouTube starting with this introduction.

If you still do not believe that scarcity is a problem, consider the following: Does everyone require food to eat? Does everyone need a decent place to live? Does everyone have access to healthcare? In every country in the world, there are people who are hungry, homeless (for example, those who call park benches their beds, as Figure 1.2 shows), and in need of healthcare, just to focus on a few critical goods and services. Why is this the case? It is because of scarcity. Let’s delve into the concept of scarcity a little deeper, because it is crucial to understanding economics.

The Problem of Scarcity

Think about all the things you consume: food, shelter, clothing, transportation, healthcare, and entertainment. How do you acquire those items? You do not produce them yourself. You buy them. How do you afford the things you buy? You work for pay. If you do not, someone else does on your behalf. Yet most of us never have enough income to buy all the things we want. This is because of scarcity. So how do we solve it?

Visit this website to read about how the United States is dealing with scarcity in resources.

Every society, at every level, must make choices about how to use its resources. Families must decide whether to spend their money on a new car or a fancy vacation. Towns must choose whether to put more of the budget into police and fire protection or into the school system. Nations must decide whether to devote more funds to national defense or to protecting the environment. In most cases, there just isn’t enough money in the budget to do everything. How do we use our limited resources the best way possible, that is, to obtain the most goods and services we can? There are a couple of options. First, we could each produce everything we each consume. Alternatively, we could each produce some of what we want to consume, and “trade” for the rest of what we want. Let’s explore these options. Why do we not each just produce all of the things we consume? Think back to pioneer days, when individuals knew how to do so much more than we do today, from building their homes, to growing their crops, to hunting for food, to repairing their equipment. Most of us do not know how to do all—or any—of those things, but it is not because we could not learn. Rather, we do not have to. The reason why is something called the division and specialization of labor , a production innovation first put forth by Adam Smith ( Figure 1.3 ) in his book, The Wealth of Nations .

The Division of and Specialization of Labor

The formal study of economics began when Adam Smith (1723–1790) published his famous book The Wealth of Nations in 1776. Many authors had written on economics in the centuries before Smith, but he was the first to address the subject in a comprehensive way. In the first chapter, Smith introduces the concept of division of labor , which means that the way one produces a good or service is divided into a number of tasks that different workers perform, instead of all the tasks being done by the same person.

To illustrate division of labor, Smith counted how many tasks went into making a pin: drawing out a piece of wire, cutting it to the right length, straightening it, putting a head on one end and a point on the other, and packaging pins for sale, to name just a few. Smith counted 18 distinct tasks that different people performed—all for a pin, believe it or not!

Modern businesses divide tasks as well. Even a relatively simple business like a restaurant divides the task of serving meals into a range of jobs like top chef, sous chefs, less-skilled kitchen help, servers to wait on the tables, a greeter at the door, janitors to clean up, and a business manager to handle paychecks and bills—not to mention the economic connections a restaurant has with suppliers of food, furniture, kitchen equipment, and the building where it is located. A complex business like a large manufacturing factory, such as the shoe factory ( Figure 1.4 ), or a hospital can have hundreds of job classifications.

Why the Division of Labor Increases Production

When we divide and subdivide the tasks involved with producing a good or service, workers and businesses can produce a greater quantity of output. In his observations of pin factories, Smith noticed that one worker alone might make 20 pins in a day, but that a small business of 10 workers (some of whom would need to complete two or three of the 18 tasks involved with pin-making), could make 48,000 pins in a day. How can a group of workers, each specializing in certain tasks, produce so much more than the same number of workers who try to produce the entire good or service by themselves? Smith offered three reasons.

First, specialization in a particular small job allows workers to focus on the parts of the production process where they have an advantage. (In later chapters, we will develop this idea by discussing comparative advantage .) People have different skills, talents, and interests, so they will be better at some jobs than at others. The particular advantages may be based on educational choices, which are in turn shaped by interests and talents. Only those with medical degrees qualify to become doctors, for instance. For some goods, geography affects specialization. For example, it is easier to be a wheat farmer in North Dakota than in Florida, but easier to run a tourist hotel in Florida than in North Dakota. If you live in or near a big city, it is easier to attract enough customers to operate a successful dry cleaning business or movie theater than if you live in a sparsely populated rural area. Whatever the reason, if people specialize in the production of what they do best, they will be more effective than if they produce a combination of things, some of which they are good at and some of which they are not.

Second, workers who specialize in certain tasks often learn to produce more quickly and with higher quality. This pattern holds true for many workers, including assembly line laborers who build cars, stylists who cut hair, and doctors who perform heart surgery. In fact, specialized workers often know their jobs well enough to suggest innovative ways to do their work faster and better.

A similar pattern often operates within businesses. In many cases, a business that focuses on one or a few products (sometimes called its “ core competency ”) is more successful than firms that try to make a wide range of products.

Third, specialization allows businesses to take advantage of economies of scale , which means that for many goods, as the level of production increases, the average cost of producing each individual unit declines. For example, if a factory produces only 100 cars per year, each car will be quite expensive to make on average. However, if a factory produces 50,000 cars each year, then it can set up an assembly line with huge machines and workers performing specialized tasks, and the average cost of production per car will be lower. The ultimate result of workers who can focus on their preferences and talents, learn to do their specialized jobs better, and work in larger organizations is that society as a whole can produce and consume far more than if each person tried to produce all of their own goods and services. The division and specialization of labor has been a force against the problem of scarcity.

Trade and Markets

Specialization only makes sense, though, if workers can use the pay they receive for doing their jobs to purchase the other goods and services that they need. In short, specialization requires trade.

You do not have to know anything about electronics or sound systems to play music—you just buy an iPod or MP3 player, download the music, and listen. You do not have to know anything about artificial fibers or the construction of sewing machines if you need a jacket—you just buy the jacket and wear it. You do not need to know anything about internal combustion engines to operate a car—you just get in and drive. Instead of trying to acquire all the knowledge and skills involved in producing all of the goods and services that you wish to consume, the market allows you to learn a specialized set of skills and then use the pay you receive to buy the goods and services you need or want. This is how our modern society has evolved into a strong economy.

Why Study Economics?

Now that you have an overview on what economics studies, let’s quickly discuss why you are right to study it. Economics is not primarily a collection of facts to memorize, although there are plenty of important concepts to learn. Instead, think of economics as a collection of questions to answer or puzzles to work. Most importantly, economics provides the tools to solve those puzzles.

Consider the complex and critical issue of education barriers on national and regional levels, which affect millions of people and result in widespread poverty and inequality. Governments, aid organizations, and wealthy individuals spend billions of dollars each year trying to address these issues. Nations announce the revitalization of their education programs; tech companies donate devices and infrastructure, and celebrities and charities build schools and sponsor students. Yet the problems remain, sometimes almost as pronounced as they were before the intervention. Why is that the case? In 2019, three economists—Esther Duflo, Abhijit Banerjee, and Michael Kremer—were awarded the Nobel Prize for their work to answer those questions. They worked diligently to break the widespread problems into smaller pieces, and experimented with small interventions to test success. The award citation credited their work with giving the world better tools and information to address poverty and improve education. Esther Duflo, who is the youngest person and second woman to win the Nobel Prize in Economics, said, "We believed that like the war on cancer, the war on poverty was not going to be won in one major battle, but in a series of small triumphs. . . . This work and the culture of learning that it fostered in governments has led to real improvement in the lives of hundreds of millions of poor people.”

As you can see, economics affects far more than business. For example:

• Virtually every major problem facing the world today, from global warming, to world poverty, to the conflicts in Syria, Afghanistan, and Somalia, has an economic dimension. If you are going to be part of solving those problems, you need to be able to understand them. Economics is crucial.
• It is hard to overstate the importance of economics to good citizenship. You need to be able to vote intelligently on budgets, regulations, and laws in general. When the U.S. government came close to a standstill at the end of 2012 due to the “fiscal cliff,” what were the issues? Did you know?
• A basic understanding of economics makes you a well-rounded thinker. When you read articles about economic issues, you will understand and be able to evaluate the writer’s argument. When you hear classmates, co-workers, or political candidates talking about economics, you will be able to distinguish between common sense and nonsense. You will find new ways of thinking about current events and about personal and business decisions, as well as current events and politics.

The study of economics does not dictate the answers, but it can illuminate the different choices.

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Writing for Economics

Up: Economics Network > Writing for Economics

Essay writing

The idea of setting essays is to offer you the chance to make a longer, more complex argument. Nonetheless, in the model we recommend, the fundamentals remain the same. In each paragraph, a flow of main idea (thesis) — explanation / reasoning (justification) — evidence / example (support) is an excellent structure to use. If you read through academic writing, you will find this structure over and over. The same is true for professional writing. There are of course other structures, however this one always works and makes you sound concise and clear.

An essay has conventional sections that it is wise to follow. These are an introduction, main body and a conclusion. The 'LSE' essay structure can be described as 'say what you're going to say (intro), say it in detail (main body), say what you've said (conclusion)'. Although this may appear repetitive, it offers the reader great clarity. Also, if you think about the executive summary, background, analysis and conclusions / recommendations sections of a business report, you can see that a similar structure holds.

In your essay, try to follow this structure for your essay sections.

        Statement about the context of the question — explain why the question in important (either in the 'real' world or for the discipline of economics)

        Give your answer to the question

        Summarise your argument in support of this answer — this summary should match the order of your paragraphs

        Decide on the most logical order of your paragraphs — this might be importance, chronology or causation, but the basic flow should be simple and clear

Start each paragraph with a sentence that clearly addresses the question itself — this will be your thesis for the paragraph and if a reader only read these opening sentences, they should make sense one after the other and provide a summary of your argument Follow the opening 'topic' sentence with your reasoning and evidence for why this opening statement is valid. Be specific, not general. The more detail you can bring in, the more expert you will sound and the more persuasive your argument will be

Conclusion Summarise your argument again — as you did in the intro (different words though!)

        Restate your answer to the essay question

        So what? — say what the significance of your answer is either in the 'real' world or to the discipline of economics

Bibliography

        List the books / articles you read while researching your answer

Below you'll find two essays written by students last year. Bearing the above in mind, decide which one makes the clearer argument and which, therefore, got the higher mark.

In the year 2000, there were auctions of spectrum rights for third generation mobile telephones in several European countries. These auctions generated very different amount of revenue in different countries. How can this be explained?

Auction theory as a very useful brunch of game theory is of the great interest of modern economists. Among other reasons of its popularity stands direct importance of its ideas to modern businesses and governments. Nowadays any business sector is more or less competitive, which requires all it's participants to be dynamic and creative. Modernization and expansion is a vital part of modern business world. Governments, as owners of resources that allow businesses to expand and modernize, are always ready to sell those resources as it will eventually help businesses and certainly bring revenues.

The best way for government to sell available resources is to declare an auction. That's where auction theory comes into play. Modern auction theory is a very powerful tool for designing auctions of very profitable kind. Proper auction design will rise maximum amount of money for the government and provide companies with resources they need. However actions that maximize profits for the government have a direct influence also on the life of the citizens, as Dixit puts it: "...because of significant contributions the budget, auctions affect important macroeconomic magnitudes, such as interest rates".

So, auctions held by government, and to be more specific properly designed actions directly influence the life of modern country. In this essay I would like to make a kind of short review of auctions of spectrum rights for third generation mobile phones held in Europe in year 2000. The peculiarity of these auctions lies in the fact that revenues that were generated by European governments are different as a result of differently designed actions they held. This fact allows as to trace features of the auctions that were successful and resulted in relatively high revenues for the government.

There were 6 European countries to held spectrum right auctions in 2000. They were: United Kingdom, Austria, Germany, Italy, Netherlands and Switzerland. Let's start with United Kingdom as it was the first country to hold such kind of auctions.

Strategy that United Kingdom had chosen was selling 5 licenses during classical ascending auction. Auction resulted in huge revenues: 650 euros per capita. Firstly it should be said that auctions as any normal business activity should be competitive in order to be effective. UK spectrum auction was relatively competitive attracting 13 participants. There are several reasons why this action attracted so many participants. Firstly, UK was the first country in the world to hold spectrum rights auction. Participants were not completely aware of the usefulness of 3G cell phones, but were eager to get competitive advantage in the new generation mobile communication technology. Secondly, UK sold 5 licenses to the market with 4 major phone operators. This fact attracted new entrants, since at least one of the licenses can be potentially won by new entrants to the market. Both this facts generated highly competitive auction environment and limited possible collusions. Result of the auction was a huge success for UK government.

The next country to run spectrum rights auction in 2000 was Netherlands. This auction raised 170 euros per capita. Reason of such flop, comparing to the British result was lack of competition. When auction were run there were 5 major phone operators for 5 licenses to be sold. Few entrants decided to participate in the auction, since everybody was sure that 5 licenses will be distributed among market leaders. Another factor that made things even worse was the fact that that was an ascending auction. In this case with few participants there is a risk of collusion among market leaders. Netherlands would have generated much more money if they would some how encourage competition and change the action design in such a way that it would be possible for participants other than market leaders to place bids independently of each other to reduce collusion (sealed bid).

Italy generated 240 euros per capita and attracted 6 participants. Italy intentionally reduced amount of participants by imposing a requirements that participant of the auction must satisfy. Such situation combined with the fact that Italian auction was ascending could result in possible collusions among competitors. As a result wrong auction design resulted in low revenues.

Swiss auction was a real flop. They generated only 20 euros per capita. Here amount of participants was also artificially limited by allowing participants to join into the groups. And the price that government accepts was also reduced for some reason. Number of participants was sufficient to run profitable auction, but combination of officially permitted collusions and low reserve price resulted in absolutely insufficient revenues.

German and Austrian auctions were similar. Number of participants in both countries' auctions was low, which means that there were risks of collusion. Both countries sold licenses in blocks, allowing "number of winners be determined by bidders". Additionally Austrian government set a very low reserve price. Germany and Austria generated 615 and 100 euros per capita in revenue respectively. Germany designed auction in such a way that bids of two main market players were rationalized in a way that it resulted in high revenues.

Generally, the main difference in revenues generated from spectrum rights auctions can be explained by the difference in chosen auction design. Different auction design results in different amounts of money in revenues. Countries that tried to facilitate competitive bidding and limited the possibilities of collusion enjoyed high revenues.

Klemperer say that what really matters in auction design is "robustness against collusion and attractiveness to entry". Exactly the combination or lack of one of this factors resulted in the difference in the revenues generated by European countries. Any country that wants to increase revenues from auction must try to facilitate the competition among bidders by trying to make participation in auction as attractive as possible and eliminating any barriers for participation. There should be no cooperation between participants, as it will result in lower bids and as a consequence in low revenues. Countries should not choose auction design that facilitates collusion, as ascending auction in our case.

Of course there are several other reasons for difference in revenues, among them there is a fact that UK as a country that run the first spectrum rights auction in the world, might have enjoyed high revenues simply because participants were new to the licenses and had no idea of their true value. Overall economic situations in the counties as well as political might also result in differences in revenues. But the main reason for difference in profitability of the spectrum licenses auctions is difference in auction designs which were effective in some countries and not in the others.

BIBLIOGRAPHY

A.K. Dixit and S. Skeath, Games of Strategy , 2nd edition, Norton, 2004

Paul Klemperer, Auctions: Theory and Practice Electronic version of book on http://www.paulklemperer.org/index.htm

In the year 2000, European auctions of 3G mobile telecommunication licenses raised over 100 billion euros in government revenues. The countries that participated were United Kingdom, Netherlands, Italy, Switzerland, Germany and Austria. There was a big differential between revenues raised in each country with United Kingdom leading at 650 euros per capita and Switzerland coming in last at 20 euros per capita. The reasons for this big discrepancy in revenues is likely due to poor auction designs and the sequence in which the auctions took place.

When it comes to auction design, the two crucial components are attracting entry and preventing collusion. Ascending auctions encourage bidders to act collusively and deter weaker potential bidders as they know that the stronger bidder will always out bid him. On the other hand, (first-price) sealed-bid auctions act in the opposite direction from ascending auctions. It does not give bidders a chance to collude and encourages weaker bidders to participate. However, the disadvantage of using a sealed-bid auction is that it is more likely to lead to inefficient results than an ascending auction. The reason for this is that sometimes bidders with a lower value may beat opponents with a higher value. Hence, there is no perfect auction design and they must be customized to suit different environments and targets.

United Kingdom was the first to hold the auctions and they are a good example of how a well-planned auction design and good marketing strategies can lead to a favourable outcome. As there were five licenses and 4 incumbents, they had an ascending auction. To prevent collusion, each license could not be shared and each bidder was allowed no more than one license. Also, the fact that at least one license was available to new entrants lead to fierce competition from nine new entrants. To top it all off, UK had a solid marketing strategy which was planned over three years (1997 - 2000). All this helped contribute to UK raising 39 billion euros and being the most successful out of all the countries that took part in the 3G auctions.

Netherlands, Italy and Switzerland made the mistake of following UK and carrying out an ascending auction when a sealed-bid auction would have served them better. This resulted in revenues less than that achieved by UK.

In the case of Netherlands, they had five licenses and five incumbents. This deterred new entrants as well as facilitated collusion. For example, Deutsche Telekom colluded with local incumbents to bid for a 3G license. A sealed-bid would have worked better as this would have discouraged joint bidding, raise higher revenues as well as give new entrants a glimmer of hope.

Italy had their auction next but failed to learn from Netherlands and UK. Their auction design was not robust and failed to adapt to the environment in Italy. They adopted the UK design but had the additional rule that if bidders did not exceed licenses, the number of licenses would be reduced. They did not realize that having one more bidder than license does not assure that the outcome will be competitive. Also, Italy had failed to anticipate that firms would react differently to those in Netherlands and UK as they now had more information. Hence, weaker bidders were discouraged by previous auctions and did not bother to participate and since the participation rate was low, it made it easier for the strong bidders to collude. A bad auction design that was not tailored to the Italian environment and a low reserve price resulted in Italy only earning less than 25 billion euros.

Switzerland was the most unsuccessful amongst all the countries that held the auctions. It raised only 20 euros per capita in its ascending auction and this can be attributed to an unfeasible auction design, badly formulated rules and an absurdly low reserve price. Since the beginning, weaker bidders were deterred by the auction form. They felt that they did not stand a chance against the strong bidders and hence did not bother participating. This resulted in little competition. Furthermore, The Swiss government committed auction suicide when they permitted last-minute joint-bidding! This resulted in nine bidders colluding to become just four. The last mistake that the Swiss government made was to set a reserve price that was way too low. Since there were four licenses and four bidders, bidders ended up paying only the reserve price.

Germany and Austria chose a more complicated auction design.

Germany's auction design was an ascending auction of twelve blocks of spectrum from which bidders could create four three-block licenses or six two-block licenses. Germany's auction design was very susceptible to collusion and deterring new entrants but they were lucky and managed to earn high revenues.

Austria, on the other hand, adopted Germany's auction design but was not so lucky and only earned 100 euros per capita. The reason for this was that there were 6 bidders competing for 12 blocks of spectrum and a very low reserve price (one-eight of the reserve price in Germany). So instead of trying to get three blocks of spectrum, the bidders divided the 12 blocks of spectrum equally and paid the reserve price. This reason lead to Austria earning less per capita revenue than UK and Germany.

The other factor that affected the amount of revenue earned by each country was the sequence in which the auctions took place. Looking at the results of the 3G auctions held in 2000, it can be seen that the most successful auctions were the first of their type (United Kingdom and Germany). The reason for this is that between auctions, bidders learnt from previous auctions, came up with new strategies and learnt more about their rivals. However, the auction designs remained almost the same and were unable to keep up with the new ideas the bidders had come up with. This resulted in the later auctions not being as successful as the first.

In conclusion, the reason for the different revenues earned amongst the countries that took part in the 3G auctions is due to the auction designs and the sequence in which they took place. Revenues depend on how well the auction design is able to attract entry and prevent collusion. Also, it has to be able to adapt to new environments. For example, a good auction design takes into account the information bidders have and the knowledge they have gained from previous auctions. A sensible reserve price is of high importance as well and should not be overlooked like in the case of Switzerland and Germany. Lastly, auction design is not "one size fits all" and the failure of the government to design an auction that suited the country's environment lead to different revenues being earned.

References:

A.K. Dixit and S.Skeath, Games of Strategy, 2 nd edition, Norton, 2004

Professor Kenneth Binmore, "Economic Theory Sometimes Works"

Economics Essay Topics: 162 Practical Ideas & Useful Tips

Essay writing is an inherent part of the economics studying process. Nevertheless, it is quite a challenging task. Are you a high school or college student who is struggling with an economic essay topic choice? Or maybe you are unsure about your writing skills?

We know how to help you .

The following article will guide you in choosing the best topic for your essay on economics. Here, you can find a variety of ideas for high school or college. The economic essay topics are divided into several categories that will help you with your research. And a pleasant bonus from our team! We have created a great guide on how to write an economics essay.

So, don’t miss your chance to write an outstanding economic paper! Check out our essay ideas, read our tips carefully, and be ready to receive your grade A!

• ⭐ Best Economic Topics
• 🤝 Socio-Economic
• 🗺️ International Economics
• 🛠️ Labor Economics
• 🌆 Urban Economics
• ⚽ Sports Economics
• 💉 Health Economics
• 💼 Business Economics
• 🏤 Globalization
• 🧮 Economic History
• 💫 How to Write?

⭐ 15 Best Economic Essay Topics

• 2008 Economic Crisis.
• Socio-economic policy.
• Economic systems – Singapore.
• Racial pay gap.
• Economic globalization.
• History of online trading.
• Child labor policies.
• The Economic Naturalist.
• Foundations of economic theory.
• Impact of unemployment.
• Universal Basic Income.
• The role of consumerism.
• Healthcare economics – Canada’s Medicare.
• Reasons for recession.
• Cryptocurrency & environmental issues.

✨ Excellent Economic Essay Topics

Has economics always been a subject of meticulous research? The question is quite controversial, right? There is no specific time when economics started its rapid progress. Generally, economics remains the topic of interest since the establishment of capitalism in the Western world.

Nowadays, the economy is the main engine that moves our world forward. The way we do business determines the geopolitical situation in the world. Moreover, it influences many other parts of our lives.

Economics studying is of utmost importance nowadays. It helps to gain a better understanding of processes that put everything in motion.

Economics is quite broad, so it has a great variety of subfields. And this is a fantastic opportunity for us to generate as many essay ideas as possible. Here, you will find great economic topics for your paper. As mentioned before, we have divided them into several sections to ease your selection process. There’s a wide selection of free college essays samples on economics in our database, too. So be sure to check that out.

🤝 Socio-Economic Essay Topics

• The economic impact of racial segregation in America in the 1950s.
• Designing a just socio-economic system.
• Socio-economic status of Hong Kong in modern-day China. Explain how the city of Hong Kong gained a special status in China. Why did it emerge as one of the most important cities in its economy? Comment on the significance of Hong Kong in the international economic arena.
• Economic growth in the United States in the post-World War 2 period.
• Mobile banking in Saudi Arabia: towards understanding the factors that affect the sector.
• The importance of Dior’s bar suit to the women’s fashion industry.
• Economic problems in the 1980’s Soviet Union. Talk about the significant problems with the economy the USSR had in the 1980s. What role did they play in its collapse?
• What socio-economic problems did segregation in South Africa cause?
• History of economic development in the UAE. Discuss the economic miracle in the UAE and Dubai. Explain how the government could turn the city of Dubai into one of the most famous tourist destinations. What strategies were applied?
• Gender inequality and socio-economic development .
• The problem of poverty in Venezuela.
• How the socio-economic and political position of women changed between 1880 and 1940.
• The economic impact of COVID-19 on global trade.

• How do the three main economic groups interact with each other? There are three critical economic groups: – Consumers – Producers – Government Analyze the interaction of these groups with each other.
• Extended essay: how the study of economic data helped our society to advance?
• Western industrialization socio-economic impacts.
• Inequality at the top: not all billionaires have the same powers. Analyze billionaires’ net worth, liquidity, political power, and wealth security. Explain why they have unequal social status. What factors determine the influence of billionaires?
• An analysis of systems that help us measure agricultural development in a country.
• Is social media a useful tool for brand promotion?
• The phenomenon of dualism in economic development.

🗺️ International Economics Essay Topics

• Globalization and its impact on international economic relations. Define the term globalization. What role does globalization play in international economic relations? Provide specific examples of globalization’s impact on the global political economy.
• The lack of justice for the cheap international labor market. Discuss the issue of cheap labor in various countries. Why do some workers often lack fundamental human rights while others abuse moral norms? Analyze the causes and effects of inequality in the workplace.
• Japan macroeconomics: problems and possible solutions.
• The issue of mercantilism in the history of Great Britain. Analyze the rise and development of mercantilism in the history of Great Britain. To solidify your ideas, provide persuasive arguments, and appropriate examples of mercantilism.
• Why does the problem of environmental protection remain unresolved among global economies?
• Nissan Motor company’s international business.
• International environmental concerns in economics: the case of China .
• The issue of international criminal justice in industry. Explain why international businesses often avoid criminal justice after wrongdoings. Select one case of unethical behavior of a company’s CEO or regular employee. Briefly introduce the problem. What were the causes and effects? How was the issue resolved? Express your own opinion regarding the lack of criminal justice in business.
• The economy of Singapore and its role in international trade.
• International microeconomics trade dispute case study: US-China dispute on the exportation of raw materials.
• The phenomenon of the “gig economy” and its impact on the global economy.
• The effect of population growth in the international economy.
• International economics in the context of globalization.

• How does Brexit affect the economy of the European Union? Analyze the immediate impact of Brexit on the EU’s economy. Predict future advantages and disadvantages of Brexit for both: Great Britain and the EU.
• South Africa: international agribusiness, trade, and financing.
• Historical essay: the economy of the Dutch East India company.
• The issue of Mozambique’s economy and possible solutions. Investigate the issue of extreme poverty in Mozambique. What are some possible solutions to the problem of poverty? Base your suggestions on the country’s cultural, historical, and geographical aspects.
• Imbalances in the global economy. Discuss the imbalances between trading countries on the scale of the global economy. What solutions would you suggest to deal with this issue?
• How will global economies adapt to China’s growing power?
• Etihad Airways company managerial economics.

🛠️ Labor Economics Essay Topics

• Ford Motor company’s labor economics.
• Labor economics: child labor.
• The UPS firm perspective: the labor market.
• Gender inequality of wage rate in modern business. Research how and why gender inequality is still an issue in the modern world of economics. What are some ways to deal with the problem? Present your ideas accurately and effectively. Provide solid arguments and appropriate examples to prove your position.
• What are the best ways to increase labor productivity in business?
• Labor unions adverse effects on economics.
• The decrease of the labor force in modern industries. Talk about the rising rates of robotization in the majority of industries. How will it affect the traditional labor force? Comment on the problem of unemployment caused by labor automatization.
• Violations of labor rights of workers.
• Modern labor essay: how can an entrepreneur guarantee the minimum wage to their workers?
• How can labor geography help develop a special economic zone? Talk about labor geography and its effects on developing an exclusive economic zone. How does the geopolitical location of a particular country influence its level of economic development?
• Entrepreneurship in the organic cosmetics sphere.
• Gender-oriented labor trade unions. A case study. Discuss the gender-oriented trade unions and analyze their impact on our society.
• Child labor in the Turkish cotton industry.

• The connection between economic growth and demography. Analyze the connection between economic growth and its demographic context. Investigate both sides: – The issue of overpopulation – The problem of low birth rate. From an economic perspective, what problem is more dangerous?
• The issue of sex discrimination in the workplace.
• The effects of Landrum-Griffin Labor Act. Explore the labor Act of Landrum-Griffin that was passed in the US Congress in 1959. Discuss its implications and consequences. Discuss its implications and consequences.

🌆 Urban Economics Essay Topics

• Cities and their role in aggregate economics.
• Urbanization in Hong Kong and its effects on citizens.
• The urban planning of the city of New York: a critical analysis. Analyze the urban history of NY. How has the city been developing? Discuss revolutionary solutions to the past and problems of modern times.
• The impact of a city’s design on the local traffic.
• Dubai’s spatial planning: creative solutions for building a city in the desert.
• Globalization, urban political economy, and economic restructuring.
• How do urban areas affect local wildlife? Comment on how modern production technologies in urban areas impact the natural diversity of wildlife. What impact does the rapid economic progress have on the environment? Suggest possible solutions.
• Urban sociology: does the city make us better people?
• Why should people be more careful about investing in real estate? Discuss the issues of overinvestment into real estate. Consider the economic crisis of 2008 as an example.
• How can regional authorities help improve a city?
• Urban life and its effects on education.
• The economic development of a city’s metropolitan area: challenges and solutions.
• Main factors for the emergence of cities in the Middle Ages.
• The ethics of relocation: is it justified? Talk about the case of relocating locals when building projects of great magnitude. To what extent can it be justified? Mention its economic and ethical side.
• The difficulties behind the construction of “green” buildings. Discuss the relatively new phenomenon of environmentally friendly buildings. Analyze both sides: the pros and cons. What obstacles lie behind the “green” building? What opportunities do the “green” buildings offer? Elaborate on your ideas by providing clear arguments or counterarguments.
• What factors play a critical role in the success of retail productivity in cities?

⚽ Sports Economics Essay Topics

• Do teams with higher budgets perform better on the field?
• Corruption in European football leagues: a critical analysis. Investigate the corruption issue in the European football leagues. State reasons and solutions for the problem.
• The managerial catastrophe of Arsenal F.C.

• The NextG sports company’s communication planning.
• Roger D. Blair’s Sports Economics literary review. Write a literary analysis of Sports Economics by Roger D. Blair. Discuss his opinion on the economy of sports. Do you agree or disagree with his position? Provide compelling supportive arguments or strong counterarguments.
• How significant is the impact factor of a local team on a city’s economy?
• Kinsmen Sports Centre: marketing metrics innovation.
• What role does statistical data play in sports? Analyze the part of economic statistical data in different sports organizations. How can statistics help to develop an effective financing plan? Comment on the impact of financing on the performance of a sports club.
• Sports and energy drinks marketing analysis.
• Is there a connection between the lack of money and any contemporary issues in a sports team?
• Performance-enhancing drugs in sports.
• The business of FIFA: a financial analysis. Investigate the finances of FIFA. What economic factors make them so influential in the modern world of football?
• The global sports retail industry.
• The Olympics: logistics and economy. Discuss the logistics behind the Olympics Games event. How the Olympic Games impact the economy of the host country?

💉 Health Economics Essay Topics

• Is bioprinting the new future of medicine? Analyze the new market of organ printing and discuss its challenges. Investigate bioprinting from an economic perspective. Will the outputs cover the inputs? How will bioprinting impact the financial aspect of the health care sector?
• Cost-effectiveness of pharmaceutical products in the United States. Comment on the immense cost-effectiveness of pharmaceuticals. What do you think is the price of pharmaceutical products reasonable? Is it ethical to set extremely high prices on the medicals?
• An economic evaluation of the antibiotics market.
• Health economics-SIC and NAICS.
• The financial side of cancer treatment: is it too expensive? Analyze the market for cancer treatment programs in various countries. Explore its costs and complications. What are some possible ways to reduce the price of cancer treatment and make it more affordable?
• The issue of fast food consumption: a multibillion-dollar market . Fast food has always been one of the notable causes of obesity, diabetes, and other illnesses. Investigate the economic aspect of the issue. Are high profits from fast food production worth peoples’ health conditions?
• History and evolution of healthcare economics.

• The financial management of a hospital: a case study.
• The issue of public healthcare in the USA. Write about the long-standing issue of medical sector operation in the USA. Analyze its history, financial, and social aspects.
• Demand in healthcare economics.
• What are the economic outcomes of a global pandemic? Taking the COVID-19 outbreak as an example, conduct research on the effects of a pandemic on the economy. How does it affect local economies? What impact does the quarantine have on the international economy? Provide appropriate examples to support your ideas.

💼 Business Economics Essay Topics

• When does an advertising campaign become unnecessary?
• Sustainable development of a nation’s economic stability. Discuss how a country can create a sustainable economy. Provide bright examples to solidify your position.
• How can a small business compete with monopolies?
• What are the limitations of the Lewis Model?
• The phenomenon of inflation: inevitable liability or a land of opportunity for our economies? Explore the process of inflation in modern economies. Does it only have adverse effects on the countries’ economies? Are there any advantages of inflation? Analyze it from a positive perspective.
• Economics, business, and sugar in the UK.
• The shadow economy of the finance sector. Dive into the backstage of the finance sector and research various “grey” areas where business can be done.
• Chinese and Japanese business systems comparison.
• Oil demand and its changes in the XXI century: a critical analysis. Analyze the oil sector and write about its fluctuation in the XXI century. How did the changes in oil demand affect the global economy?
• The social and economic impact of mass emigration.

🌠 40 More Good Economic Essay Topics

Scrolled through our ideas, but can’t find a suitable topic for yourself? No worries! We have more issues to share with you.

So, don’t stress out. Take a look at our list of economical essay topics. Here are 40 more ideas focusing on globalization and the history of economics.

🏤 Economic Globalization Essay Topics

• The impact of globalization on the tourist industry in the Caribbean . Analyze both: the positive and negative effects of globalization on the Caribbean. To make your paper well-structured, explore two advantages and two disadvantages. Don’t forget to improve your essay with strong evidence and appropriate examples!
• Toyota Motor Corporation: impacts of globalization.
• What are the effects of globalization on developing countries? To what extent do developing countries profit from globalization? Research the subject by comparing various examples.
• Defining globalization and its effects on current trade.
• Economic growth as a result of globalization: proper financial strategies. How can a country successfully achieve prosperity with globalization? Discuss proper economic strategies.
• The socio-political significance of the IT industry’s globalization.
• Human trafficking in developing nations as a result of globalization.

• Globalization and criminal justice policy.
• What are the advantages and disadvantages of globalization?
• Globalization challenges and countermeasures.
• The effect of globalization on worldwide trade and employment rates.
• Economic integration within the European Union: a critical analysis. Talk about the history of economic integration within the EU. What are the negative and positive outcomes of economic integration?
• Globalization and food in Japan.
• Does globalization bring negative effects to cultural heritage and identity?
• The Industrial Revolution as the first step towards globalization. Focus on the Industrial Revolution in Europe. Discuss its precursors and consequences. Why is the revolution considered to be a starting point of globalization? Provide specific examples of globalization processes that occurred in the economic sector after the Industrial revolution.
• Globalization 2.0 an analysis of a book by David Rieff.
• Globalization effects on fundamentalism growth.
• Does direct investment by foreign businesses come with strings attached? Dive into the shady area of globalization and discuss how to direct foreign investment can bring problems of geopolitical scale.
• Effects of globalization on sexuality.
• Alibaba’s globalization strategy: an economic analysis.

🧮 Economic History Essay Topics

• The rapid economic growth of Europe during the Age of Discovery. Analyze the factors that brought economic growth to Europe during the Age of Discovery. What factors contributed to the dynamic economic progress of that time?
• Brazil’s economic history.
• History of capitalism: from the Renaissance to the United States of America. Discuss the origins of capitalism and its centuries-long path towards XXth century America. How the establishment of capitalism impacted the economy of the USA?
• Max Weber: economic history, the theory of bureaucracy, and politics as a vocation.
• 2008 Economic Crisis: origins and fallout. Talk about the 2008 Financial Crisis. Discuss its causes and outcomes. What should have been done differently to avoid the global crisis? Comment on the economic strategies countries used to recover from it.
• The economic marvel of Communist China: from rags to riches.
• What made world economic growth of the Renaissance possible?

• The economic history of Canada: how did the settlers facilitate economic growth?
• What did the major powers of the XIXth century base their economies on?
• The Rothschilds: political and financial role in the Industrial Revolution. Research the dynasty of Rothschilds and how they came to power. What was their role in Europe’s Industrial Revolution?
• The link between the “oil curse” and the economic history of Latin America.
• Roman Empire’s monetary policy: a socio-economic analysis.
• How did the demand for different goods change their value in the 2000s years? Analyze the demand for goods in the 2000s years and their change in value. Why do these fluctuations in demand for products and services occur?
• The history of economic thought.
• Soviet Union’s economic timeline: from the new Economic Policy to Reformation. Discuss the economic issues of the Soviet Union from the historical perspective. Why did the Soviet Union collapse? What improvements in the financial sector should have been done?
• History of France economics over the past 20 years.
• The history of economic analysis.
• The concept of serfdom and slavery as the main economic engine of the past. Dive into the idea of feudalism and serfdom. Discuss its social and economic aspects.
• The World Bank’s structure, history, activities.
• The history of Islamic banking: concepts and ideas.

💫 How to Write an Economics Essay?

Generally, essay writing on economics has the same structure as any other essay. However, there are some distinctive features of economic papers. Thus, it is essential to figure them out from the very beginning of your work.

You might be wondering what those aspects of the economic paper are. Well, we have an answer.

Below, you will find a detailed plan that explains the fundamental concepts of the essay writing process. So, don’t hesitate to use our tips! They are indeed helpful.

Pick a topic and dissect it. Picking the right topic is the very basis of writing a successful essay. Think of something that you will be interested in and make sure you understand the issue clearly. Also, don’t forget to check our ultimate economics essay topics and samples list!

Research it. After selecting the right idea from our economical essay topics, research your subject thoroughly. Try to find every fascinating and intriguing detail about it. Remember that you can always ask your fellow students, friends, or a teacher for help.

Come up with a thesis statement. A thesis statement is an essential element of your essay. It will determine your focus and guide the readers throughout your paper. Make your thesis secure and try to catch the reader’s attention using context and word choice.

Outline your essay. Never underestimate the power of a well-structured outline! Creating an essay outline can significantly help you to determine your general plan. Evaluate which economic framework you will be using to address the issue. State the main points of your thesis and antithesis. Make sure that they answer the central question of your work.

Write your introduction. First and foremost, a practical introduction should capture the readers’ attention and state the essay’s key topic. So, put enough effort to develop an outstanding introduction. It will create the first impression of your paper.

Moreover, an introduction should include a thesis statement. As we have mentioned above, a thesis plays a crucial role. Thus, make sure it is clearly stated.

Another significant feature of the introduction is its coherence with the body of your essay. Consequently, the introductory paragraph’s last statement has to present the subject of the next section, generically. Also, keep in mind that no more than three key points can be discussed in a paper, even if it is an extended essay.

Thoroughly work on the body paragraphs. Usually, the body of the essay contains several paragraphs. The number of these paragraphs will depend on the nature of your question. Be sure to create one section for every critical point that you make. This will make your paper properly-structured, and the reader will quickly get your ideas. For your convenience, we created a plan to develop your ideas in each paragraph, So, use it and make your writing process easier!

• Argument. Present your argument in the topic sentence of the paragraph in a way that directly answers the question. A hint: the most effective way to introduce the critical point is to place the topic sentence at the beginning of the paragraph. This will help the readers to concentrate their attention on a specific idea.
• Comment and discussion. Explain the meaning of your argument and provide an economic analysis. Present clear evidence and persuasive arguments to solidify your position.
• Connection. Link your comments with the vital point of the paragraph. Demonstrate the coherence of your evidence with the point.
• Diagrams, tables, charts. If necessary, provide the reader with visual aids. Sometimes, an appropriate diagram or a suitable chart can say more than words. Besides, your paper will look more professional if you use any kind of visual aids.

Conclude your essay. In your conclusion, summarize and synthesize your work by restating your thesis. Also, it is crucial to strengthen it by mentioning the practical value of your findings. Remember to make your essay readable by choosing appropriate wording and avoiding too complex grammar constructions.

Thank you for visiting our page! Did you enjoy our article and learned something new? We are glad to help you. Don’t forget to leave a comment and share the article with others!

🔗 References

• High School Economics Topics: Econlib, The Library of Economics and Liberty
• Guide to Writing an Economics Essay: The Economics Tutor
• How to Write the Introduction of Your Development Economics Paper: David Evans, Center For Global Development
• Senior Essay: Department of Economics, Yale University
• Developing A Thesis: Maxine Rodburg and The Tutors of the Writing Center at Harvard University
• Academic Essay Writing, Some Guidelines: Department of Economics, Carleton University
• The Writing Process: Writing Centre Resource Guide, LibGuides at Dalhousie University
• Research Papers: KU Writing Center, the University of Kansas
• Unpacking the Topic: University of Southern Queensland
• Economic Issues: PIIE, Peterson Institute for International Economics
• Areas of Research: EPI, Economic Policy Institute
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The Types of Economic Systems

Introduction, types of economic systems, capitalist system, communist system, socialist and mixed economic systems, benefits to society and individuals, current trends and conclusion.

Any system that involves the mechanism for production, distribution and exchange of goods apart from consumption of the goods and services within the different entities can be classified as an Economic System. The various kinds of economic systems and their classifications broadly follow the methods by which means of ownership are established. Thus, the mode of ownership of capital leads to the different kinds of economic systems in vogue. In this paper, we discuss the different types of economic systems and their classifications based on the methods described above. In addition, we look at the advantages and disadvantages of each type of economic system and the examples of countries that have the economic systems in place. In the last section, we look at the benefits an individual might get from the different kinds of economic systems.

The different kinds of economic systems are Market Economy, Planned Economy, Centrally Planned Economy, Socialist and Communist Economies. All these are characterized by the ownership of the economics resources and the allocation of the same. For instance, in a Capitalist Economy, the capital is privately owned and distributed with governmental oversight and regulation. On the other hand, in a Communist Economy, the state itself takes on the task of allocation of resources according to the needs of the different sectors.

In a mixed economy, the state looks after some sectors whereas it frees up the other sectors for private participation. Apart from this, the extent of governmental or state intervention determines the kinds of economic systems that are classified accordingly. In many ways, each of these systems has their own pros and cons when it comes to the welfare of the citizens.

This is the predominant economic system in the world today. In this system, the capital is privately owned and distributed. The distribution mechanism is left to the market to allocate the resources with the emphasis being on efficient allocation of capital. Going by the “Invisible Hand” of Adam Smith that guides the allocation of resources, it is deemed that the market does a good job of determining which sectors receive the capital and how much. Thus, perfect knowledge and perfect competition are assumed to be given and the market mechanism is taken to determine the beneficiaries and the recipients.

In the modern context, this kind of system has come to be associated with the laissez faire mode of capitalism where the state has minimal responsibility and is seen as a “hands off” player rather than being interventionist. Of course, the state is expected to have regulatory mechanisms in place and ensure that the market corrections are supervised and the state steps in whenever there is a crisis of liquidity or other market failures.

As we are currently witnessing the different kinds of state interventions arising out of the credit crunch, it becomes apparent that this kind of economic system may not be the ideal one as was being propounded over the last few decades. In this economic system, the four kinds of land, labor, capital and entrepreneurship are the types of production that make up the mechanism for production and distribution of resources.

The capitalist system of production and distribution has proved to be highly successful in western countries and it has spawned several clones in the east as well.

In this kind of economic system, the state takes upon itself the allocation and production functions as well as distribution of the goods and services. In this system, capital cannot be privately held and there is communal ownership or what is known as “Communism”. The workers are paid uniform wages and what Marx called the “participation of the workers in the collective bargaining” is a feature of the system. This model was pursued in the erstwhile USSR before it broke up and has been considered a failure though there is debate whether it was an ideological failure or an implementation failure. Like capitalism, communism also had several takers in the newly independent economies of the east. Thus, the Cold war was fought as much between two blocs as between two competing ideologies.

In these forms of economic systems, the state has control over some areas which it deems to be of primary importance as regards national security and importance to the welfare of the citizens. Thus, the state does not allow private participation in sectors such as defense and essential goods and services whereas the entrepreneurs are provided incentives to contribute in other sectors that the state thinks fit. This kind of economic system was followed in countries like India till the 1990’s when the economies were liberalized and full private sector participation allowed. This parallels the demise of the centrally planned economy where the command and control of the economy is top down rather than bottom up. This has often led to several imbalances in the distribution and allocation of resources.

An economic system, in whatever form is necessary for the society to prosper and function as a cohesive unit. From the primitive societies of barter and the hunter gatherers to the new technocratic ages, there always has been some form of economic systems. The economic systems make up the whole system that comprised the political system, the legal system and the like.

Some of the benefits are self-evident in the sense that the individuals in a society get paid for their work and in return can buy and exchange goods and services. In other ways, the material well being of the individuals is guaranteed with promise of wages and other inducements. On the other hand, the individuals contribute to the collective pool of wealth by paying taxes that in turn make up a portion of the social security nets.

As can be seen from the prosperity of the western world, the economic systems contribute in a major way towards the sense of well being and security of the citizens. The state guarantees the rights of the citizens and in turn expects duties from them. There are instances of breakdown of economic systems in Sub-Saharan Africa that has resulted in chaos and civil war. Thus, one of the pre-requisites of the economic systems is that of a “social contract” between the individual and the state along with the legal and other forms of enforceable contracts. As can be seen, an effective economic and social system not only takes care of the constituents but also enforces the mode of behavior through a set of laws and regulations to be followed. Thus this is a kind of win-win situation for all the players concerned.

In communist societies, the state had an additional responsibility to ensure that the material well being of the citizens is taken care under the auspices of the state. Thus, one of the conditions for communal ownership was the co-ordination of the services and the goods.

The society as a whole gains from the distribution of wealth and its effects on the economy are as real as the whole structure of production and distribution of services are concerned. Society participates by providing services and gets paid in return. On the other hand the political economy enforces the contracts of the participants and the players concerned. Overall, society stands to gain from the methods of production and distribution of goods and services.

Individuals perform duties as per the market rules for participation and are guaranteed their share of the profits according to the norms of the wages prescribed.

With the advent of the Internet and the rise of the “dot com” companies, a new kind of Economic system based on the “virtual” exchange of goods and services is arising that leads to dramatic shifts of wealth around the world. However, there is also a need to refine the current market economies for them to have proper regulation and oversight. Unfettered capitalism is as risky as an absence of economic system. The whole edifice of an economic system can come down if not properly regulated and enforced.

As far as the current market crises are concerned, it is imperative that some kind of “paradigm shifts” occur within the systems and these are taken care by the regulatory authorities.

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Introduction

The manner in which each individual live in a society depends on how a country handles questions and problems concerning their economy. These issues involve dealing with consumer needs, inflation, and recession just to mention a few. When dealing with economic issues, three basic questions come into mind involving the type of goods to be produced using the available resources, the method of production, and the market for these goods. The way of handling these questions is based on the economic system of a country. As such, an economic system refers to the way in which the resources of a country are allocated to produce goods and services, and the manner in which these services and goods are distributed to the consumers. There are four different types of economic systems, including traditional economy, free market/capitalism economy, planned/socialist/command economy, and mixed economy. Each type of economic system has its distinct features regarding functions, characteristics, and the role of the government in each economic system.

Traditional Economy

A traditional economy refers to a system where customs, traditions, and beliefs and inheritance determine the answer to the three economic questions. Commonly referred to as subsistence economy, a traditional economy is defined by trading and bartering (Sullivan, 2009). Under such economic system, little is produced and in any cases of surplus, they are typically donated to the landowner or the ruling authority. Traditional economies do not use modern technology in the production of goods and services. The main tasks of workers in a traditional economy include hunting, gathering, and cultivation. There many parts of the world that continue to operate in traditional economies, primarily in developing countries with large indigenous populations. Examples of traditional economies include the Australian aboriginals, the Mbuti in Central Africa, and Amazon tribes. In most cases, traditional economies do not have official currency, with any available wealth going to the upper class. Traditional economies can morph into a mixed, command, or market economy due as influences from neighboring countries permeate the economy. One advantage of a traditional economy is that each member of the society has a role to play. This typically results into strong social networks, as people feel more unified with the society, while increasing a sense of worth. Additionally, because goods and services are only made for survival, the natural resources of the country may not be compromised as in other types of economies. The disadvantage of traditional economy is that individuals have set roles and lack the ability to accumulate wealth. Undeniably, most people who live in this type of economy remain in poverty for their entire life. According to Hart (2007), about four billion people may exist in traditional economies. The basic economic in a traditional economy are answered by past experience and practices. The roles of individuals are defined by the customs of elders and ancestors. The custom of collaborating and sharing for the benefit of the society defines a traditional economy.

Market Economy

In a market economy, the private sector (private firms and individuals) answer the three basic economic questions. It is an economic system in which the three economic questions are answered by the interplay of demand and supply in free markets, with no government interference through rationing, price-fixing, and other coercive mechanisms. The government plays a limited role in the economy, with emphasis on freedom of the individual consumers and producers. In theory, no government interference can be found in this system, but in reality, governments regulate and legislate economic systems. In a market economy, price mechanism determines prices. Under this economic system, only the most efficient method of production is employed, and the production of goods and services takes place where labor is cheapest. There is no real life example of a purely free market economy. In the late nineteenth century, the United States was about close to becoming a pure market economy. In his book, The Wealth of Nations, Adam Smith asserts that there is limited but important role for governments to play in our economy (Zhou, 2011). The role of the government in market economy is to guarantee fluidity and complete functioning of the world of business. Under this type of economy, the government plays a significant role in providing a legal system to make and enforce laws and regulations to protect private property rights. The government also plays a significant role in providing public goods that individuals or private businesses would not provide. Additionally, government may come in to correct market failures such as external costs and economic slowdowns. The government also plays a significant role in maintaining competition by regulating monopolies. This is because competition among sellers ensures fair market prices and wide variety of products and services at fair prices. The government can also redistribute income by taxing people earning larger incomes to help the poor.

Command Economy

Command economy is a type of economic system where supply and demand are regulated by the government rather than market mechanism (Orr, 2011). Economic agents in a controlled economy, particularly producers operate primarily under specific directives from the government or the highest administrative authority, as in the former Soviet Union, Cuba, and China. A command economy does not take into account mutual interest and agreement between parties. As the name implies, command economy orders the affairs of a nation through coercion. The former Soviet Union, China, and Cuba dismantled their planned economies from 1990. North Korea practices this type of economic system to present day. The main advantage of this economy is that it takes the welfare of all citizens as the primary goal. It also ensures employments of all available resources. The government has the information required to direct resources where they are most needed. Under controlled economy, wasteful competition and industrial unrest such striking are avoided because the government controls wages. The downfall of this economic system is the lack of economic freedom for producers and consumers. This results into lack of incentives and low morale among workers due to rigidity of the system. There is no equal distribution of wealth and income in a command economy. The production is for need rather than profit, which demoralizes the producers. In a command economy, the government controls all aspects of the economy with those on the top of the hierarchy giving economic commands to those further down the ladder. The government plans what to produce, how to produce it, and prices. The government also sets wages for all its citizens. The government employee most of the workers and determines how they do their jobs. The government organizes, plans, and coordinates the whole production process in all industries.

Mixed Economy

A mixed economy is an economic system that incorporates some government involvement into a market economy (Rosefielde, 2008). Most modern economies incorporate the elements of both centrally planned economies and market economies. This is due to the limitations that arise from the aforementioned systems. In countries such as Sweden where the government plays significant economic role in social provision, taxes will be higher and distribution of wealth and income more equal. Conversely, in countries such as the U. S. where the private sector plays the most significant economic role, social provision and taxes will be lower and the distribution of income and wealth less equal (Duignan, 2013). The government allocates some of the resources while the rat by the market mechanism. The public sector holds the responsibility of supplying public goods and service, and amenities. These goods and services are provided to all citizens for free and paid by taxes, for example healthcare, roads, street lights, and police services. The local or the central government makes decision regarding allocation of resources. The state owns large proportion of production factors in the public sector. The private sector is responsible for meeting the needs and wants of consumers. The government or state can intervene in areas of the economy through passing laws and legislation to protect citizens from unfair trading practices. In a mixed economy, the government functions as a guide or reference in economic activities by intervening through regulating policies of industries. In order to adequately meet the demands of their citizens, government have adopted mixed economy to try to provide for both consumer and national interests.

Bibliography:

Duignan, B., 2013. Economics and economic systems. New York: The Rosen Publishing Group Hart, S. L., 2007. Capitalism at the crossroads: Aligning business, earth, and humanity. 2nd ed. New Jersey: Pearson Prentice Hall. Orr, T., 2011. Understanding economic systems. New York: The Rosen Publishing Group. Rosefielde, S., 2008. Comparative economic systems: culture, wealth, and power in the 21st century. New Jersey: John Wiley & Sons. Sullivan, L. E., 2009. Economic system. California: Sage Publications, Inc Zhou, H 2011, 'Economic Systems and Economic Growth', Atlantic Economic Journal, 39, 3, pp. 217-229, EconLit with Full Text, EBSCOhost, viewed 10 June 2013.

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