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Sample Essay on Political Economy

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Sample Essay on Political Economy

Market economy is a structure where trade is determined by demand and supply. Command economy is where the government has power over the market.

Importance of market economy

Competition promotes high efficiency between businesses. Through competition varieties of products have entered the market. It also increases productivity as one can lose a lot if they don’t work hard. Given demand of a certain commodity the market economy always allow its introduction thus widening availability of products in the market thus explains demand orientation. Even though the government gives standard rules firms have freedom to do want they want.

Shortcomings of market economy

Competition can lead to others with influence and money getting more profits than others and thus increasing the gap between the rich and the poor. In view of demand orientation, businesses tend to produce more goods given demand without minding the quality of those commodities. With freedom of firms, commodities could be overproduced.   Social effects might be overlooked due to the want to attain more profits thus leading to inflation and recession.

Advantages of command economy

 With no competition, wealth and earning can be fairly distributed. This system controls production rate of commodities so as to meet the exact need of the market. With supply orientation, this system production can be ordered to counter the needs of people. Lower costs of goods are also maintained. As with the central plan, the government guarantees that commodities are equally distributed. This ensures a stable situation in the nation.

Shortcomings of command market

No competition prevents high productivity and initiation. Looking at supply orientation, resources are not accessed easily and central plan leads to less innovation due to strict rules of the system and lack of freedom.

Conclusion

Both systems have their troubles and benefits. Therefore, they should both be used to the advantage of the economy.

 

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