A Definition Of Market Economies With A Human Face Essays

869 Words Nov 18th, 2014 4 Pages
A market economy involves having a supply and demand type system involving the law of diminishing returns and comparative advantage. In simple terms this basically means that the nations sharing their goods must know how much of their product they need to manufacture at a time not only to keep up with the demand but also to not go overboard and have too much of their product, because goods don’t remain a constant value if you have more of them, and lastly if both nations specialize their trade then both will have great economic output. But what are the pros and cons about this kind of economy? Sumner M. Rosen writes, “A definition of ‘market economies with a human face’ might begin with the normative ethical view that both the benefits and pain of economic progress should be equitably shared among social and economic classes, racial and ethnic groups, men and women, and different regions of the economy and society.” Robert Sugden agrees and says that, “Equality of opportunity is often presented as a criterion which reconciles egalitarianism with principles of freedom and responsibility.” But unfortunately this is one of the things a market economy lacks. It harms instead of helps domestic jobs, which in turn is not supporting certain groups of society and not sharing the equitability.
Another con is one that can be quite disturbing in some marketplaces. We are talking about dangerous business practices. This means that a method, procedure, or process followed by a…

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