Classical Economist's Considerations to Free Markets Economics Essay (Essay Sample)
You are required to complete 4 essays based upon specific questions listed in each assignment's instructions below. The purpose of the essays is for you to fully develop your critical thinking, comprehension, and writing skills in important areas of classical economics. Essays should demonstrate collegiate-level writing skills with regard to content and style and should be free from syntax errors. These essays require external research with a minimum of 3 scholarly economic journals required for each essay, not including the textbook.
You are required to write a minimum of 1,000 words and cite 3 sources for each essay. Grading will be based upon how well the essay demonstrates that you have read, understood, and carefully considered the question, the associated textbook theory, and external resources needed to complete the assignment.
• Good introductions will highlight the key points of your Critical Writing Assignments and should lead the entire paper. You can only write a good introduction after you have conducted the necessary research and thoroughly understand the pertinent chapters in the textbook.
• Following the introduction, discuss and corroborate the key points of your Critical Writing Assignment.
• Conclusions are 1 paragraph and should never introduce or discuss anything that hasn't been discussed earlier.
Research Question: What considerations did Classical Economists give to free markets?
The author of the course textbook, Dr. Thomas Sowell, defines free markets as the “most revolutionary concept to emerge in the long history of ideas.” In F.A. Hayek's Road to Serfdom, free markets are defined as “the only mechanism that has ever been discovered for achieving participatory democracy.” The topic of free markets is very relevant to any discussion of Classical Economics; it provides context for the entire period and at times a point of demarcation for many well-known economists of the period.
When writing your Critical Writing Assignment, you must define and discuss a free market; this will provide context and a starting point for your paper. Choose any number of classical economists for your paper, but you must discuss how at least 2 of them address free markets. This assignment must address each Classical Economist (Ricardo, Marx, and Mill) separately.
Classic Economic Principles and The Wealth of Nations
On Classical Economics
Classical Economist's Considerations to Free Markets
Classical Economist's Considerations to Free Markets
A free market is a market where the laws of supply, demand, and voluntary exchange are the sole basis for the economic system, without the government's intervention. Different classical economists have different ideas regarding free markets, but they all believed in the sense that each individual should have the right to go after their wealth in their means. The right to possess material welfare is natural since it is not a political privilege or psychological features with which people were born. A free market should be defined by efficiency rather than the ethics or psychology involved. Principles of a free market are not difficult to grasp, and they are even applicable in authoritarian countries to increase consumer satisfaction. Ricardo, Marx, and Mill are some of the classical economists that shared different ideas on free markets.
Ricardo was one of the most influential classical economists during the first half of the nineteenth century. Ricardo's contributions to the ideas of the free-market are some of the essential concepts in economics that have shaped modern economics. Ricardo supported the liberalization of markets and supporting personal liberty, initiatives that made him earn respect from members of the house of Commons (Genetski 2011). He believed that the economy was a complex system of unified mechanisms that relied on each other for efficiency. Ricardo drew inspiration from Adam Smith's Wealth of Nations, which inspired him to write his first article on economics at the age of thirty-seven. He then spent his later life studying and publishing different ideas, including those on a free market.
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