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Title: Naked Economics

Essay Details

Subject: Business
Author: Daniel K
Date: September 8, 2015
Level: University
Grade: A
Length: 10 / 2767
No of views: 0
Essay rating: good 0, average 0, bad 0 (total score: 0)

Essay text:

Wheelan begins with the question, "Who feeds Paris?" as a starting point to explain how markets are powerful influences in an individual's every day life. Wheelan explains how markets use prices to allocate scarce resources and how markets are self-correcting. Wheelan expounds on how the market gears up and aligns incentives such that individuals work for their own self-interest for an improved standard of living...

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In no uncertain terms, the author explains how the Soviet socialist economy failed because the bureaucracy of the government controlled the economy. This chapter makes a strong stand that it is not fair to impose preferences on others. He alleges that it is "bad economics to impose preferences on individuals whose lives are much different from all the rest...

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