Essay on Laissez-Faire Economics - 865 Words

Tommy Jones begged, pleaded, and hoped beyond hope for that new touch screen phone that would immediately move him up the social ranks at his school. His wish was granted on Christmas morning. He was rewarded with that sleek, black phone with 4G capabilities. Two months later the next phone in that series is out; it is almost an exact clone of the first model with the most moderate changes, and suddenly Tommy’s phone is obsolete. There was no great improvement when compared to the old model, no; the corporation knows that it will sell, no matter how small the improvement. This model of constant obsolescence has become the norm in the economy today; companies reap profits with mediocre products, completely uncaring of the consumers. To put†¦show more content†¦Free market policies would also amputates any needless regulations such as quotas, tariffs, or unnecessary boundaries on corporations. In turn, production costs of goods and services are now reduced since money t hat would have gone to satisfying these regulations can now be supplied into the business. Now firms are able to afford to provide more of the same product at a lower cost for consumers, with extra revenue to improve production or even wages of the workers. These workers will then, in turn, have a larger amount of money to utilize to buy products now offered at a lower rate improving not one, but multiple businesses. Another advantage with the removal of government interference from the economy is a reduction in the start up costs of new corporations along with a reduction in taxation, since less requirements and regulations are now in place. With business no longer having to conform and abide by strict regulations, this allows more innovators to enter and profit in the marketplace with their ideas. These inventors will create jobs for their new business and products even reducing unemployment. Free market economies offer the highest incentive to be the next Bill Gates or Steve Jobs since one is able to succeed and profit solely based off their own product or idea, making this the most efficient economy possible. With more entrepreneurs able to enter the market, there will also be a rise in competition, or business competing for customers to buy similarShow MoreRelatedClassical Laissez-faire Economics Essay1774 Words   |  8 PagesClassical Laissez-faire Economics The earliest organized school of economic thought is known as Classical. The father of this school is Adam Smith. Smith used the concept of the invisible hand to describe the role of the market in the allocation of resources. In the market, the interaction of demand and supply determines how much of a good will be produced and the price that is charged for that good. Absent any explicit guidance mechanism, the invisible hand guides participants in the marketRead MoreAn Era Of Great Conflict1375 Words   |  6 Pages disproved egalitarianism, conformity, in the suburbs and women’s lives, throughout this decade refuted individualism, populism was belittled with the government’s little help for the Civil Rights Movement, and Laissez Faire Economics was replaced for a short time with Keynesian economics. The 1950’s did not completely have freedom and independence; restriction of the people was displayed through the Cold War policies, like McCarthyism. The Cold War was the tense relationship between the SovietRead MoreCapitalism Is Good For The Economy1327 Words   |  6 PagesGovernment should only interfere with the economy or with how business owners run over their companies when there is a dramatic problem within the economy and when there is nothing else that can fix the economy but the government. 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