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Economic Theory Deep Thoughts Book Report

¶ … Economics One of the most fascinating aspects of Chapter 4 is how the Marxists theories provide insights into how tightly economic, geopolitical and societal forces interact to redefine the foundational definition of value in a society. What's most fascinating about Marxism relative to capitalism is that fact that the former tends to see economic ecosystems as manageable and even predictable. Capitalism shows that economic ecosystems, while defined through constructs and frameworks at the macro- and micro-level, is best managed with a laissez-faire based approach to orchestrating commerce. To the Marxist, laissez-faire economic systems seem fertile for exploitation and the monopolistic aggregation of entire industries. To the capitalist, Marist economies lack the freedom to allow resources to flow to and fund innovation and needed products that a turbulently changing market require. The dichotomy of egalitarianism relative...

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There is no way of knowing what demand will be for specific products, services that span the spectrum of price elasticity. Factor in product and service obsolescence and the entire level of complexity accelerates. It is difficult to see why a Marxist-led economy would ethnocentrically believe that their approaches to planning an economy to ensure egalitarianism ironically creates the same class-based economic structure with even less mobility than a capitalistic one. Equally challenging to understand is why centrally planned economies don't see the value of…

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