kyuminlydia83

[kyuminlydia83]

Check the new post on my blog out!!

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Check my new article analysis post out at my blog!!

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CHECK MY NEW POST OUT! 

anyone willing to learn economics with me- check my blog out!! 

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CHECK MY NEW POST OUT! 

Anyone interested in economics, wanting to or starting to(like me) learn economics- come check my blog out!! 

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RELATIONSHIP BETWEEN ECONOMIC FREEDOM AND POLITICAL FREEDOM

Milton Friedman in his book “ Capitalism and Freedom” has presented the direct relationship between the Economic freedom and Political freedom. He cleverly plots the role of economic arrangement by providing insights from the historic evidences to voice the relationship between the political freedom and economic freedom (a free market). And weights, that capitalism is a necessary condition for political freedom but clearly not sufficient.  He continues to illustrate this close relation through instances as that of the “ control of engagements “. He emphasizes that effective freedom would promote co-operation without coercion.Following the important role of government as an umpire to interpret and enforce the rule decided on. He further throws light on freedom to advocate capitalism in socialist and capitalist society and stresses significance of the cost to be limited but not prohibited.

I fiercely agree with Mr Friedman that the economic and political process are linked: one generates and other sustains.This is strongly supported by the performance of the United States, which is one of the oldest democracy and enjoys robust freedom. Friedman in his interview with the Young America’s Foundation on 25th Annual National Conservative Student Conference claimed that“ Economic Freedom is necessary for Political Freedom but not sufficient. Political Freedom on the other hand is neither necessary nor sufficient for Economic Freedom”. This can be argued upon by viewing the state of India,China,Saudi Arabia,Kuwait, where India enjoys a vibrant democracy, unlike China , Saudi Arabia and Kuwait yet is ranked below them in terms of Economic Freedom Index represented by Heritage. This exhibits that Economic Freedom does not seem to be a necessary condition for political freedom. The talks on the political freedom and economic freedom is a complicated and not a unilateral one which often cuts one another.

(The market is the expression of economics freedom)

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REAL LIFE ECONOMICS - Necessity Goods Necessity goods in economics are define as goods that are income inelastic in demand. In ordinary terms, this means that as incomes rise the demand for such goods will remain relatively stable. Similarly, if incomes were to fall, then the demand would stay at the same level. For example, as incomes increase, the demand for carrots is unlikely to change. This is because people need the vitamins found in vegetables in order to stay healthy and so they will prioritise such purchases, even when they encounter financial difficulty. In addition, if your income suddenly increased, carrots would probably not be something that you would rush to the supermarket to buy more. Therefore, regardless of changes in income, people tend to continue to demand the same amount of carrots over time.

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Great&concise definitions! (:

Check out what i’m doing with these economic key concepts:

What Is Economics?!

Economics is the study of handling money through necessitates and desires while regulating the distribution of wealth. There are two different types of classifications that look at the overall picture of the economy:

Macroeconomics: The outlook of the economy that deals with the circulation of wealth through the country.

Microeconomics: The individuals of the economy and their personal needs and wants.

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“Too many people think that economics is this subject that should wait until university level. But it can’t wait that long.”

— Robert Duvall

[kyuminlydia83]

check my blog article about this topic out! 

https://econfromateenager.blogspot.com/2020/06/what-in-what-negative-oil-prices-mean.html

Crude Oil Price Rise Capped By Fed’s Powell, Chart Warns of Topping https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/06/17/Crude-Oil-Price-Rise-Capped-By-Feds-Powell-Chart-Warns-of-Topping.html

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Negative Oil prices, first time in history! 

Check my blog out for key terms, analysis, opinions! 

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Anyone just starting to learn Economics as a subject like me? 

Come visit my blog!! 

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Anyone interested in analysing articles, anyone who’e starting to learn Economics just like me- you’re all welcomed!! 

check my blog out! 

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Visit my blog!

Anyone interested in analysing articles, anyone who’e starting to learn Economics just like me- you’re all welcomed!! 

https://econfromateenager.blogspot.com/