Economic Perception Has Varied Throughoutu.s History Essay

Economic Perception Has Varied Throughoutu.s History Essay

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Economic perception has varied throughout U.S history. According to Milton Friedman, pure capitalism—without government regulation—is essential to individual freedom. On the other hand, a variety of other economists have advocated on behalf of regulatory positons that favors government intervention. What accounts for the distinct economical positions varies; however, it is clear that the economic system in the U.S contains multiple economic perspectives working corporately.
According to Friedman, capitalism—in its natural practice—reflects the basic principle and components of freedom; which essentially are the choice in a matter of action, and the ability to carry out such action. Friedman’s argument was centered on his belief that economic freedom in a society is essential to an individual’s overall freedom, and that capitalism is the only economic organization that can enable the fullest extent of freedom in society. For example, unlike a traditional economic system, which had limited job variations in family lineage, and a command economic system, which gave a government control of the factors of production, a capitalistic system on the other hand allowed for social, political, and economic flexibility in that it enabled individual interest to dominate the economic markets {Worldly Philosophers]. This capability of capitalism, from Friedman’s perspective, truly contain the essence of economic freedom, which provides an allowance for both social and political freedom in a society. As such, a capitalistic economic system in society is a vital component of an individual’s overall freedom.
However, Friedman strongly believed that though Governments have a responsibility to protect individual freedom, as well as mediate conflicting...

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...ctives held towards individual private interest, and public protection. Though economists such as Milton Friedman argued the importance of the free market to an individual’s overall freedom in society, other economists such as Robert Kuttner and Amitai Etzioni critiqued the free market’s inability to sufficiently regulate itself and provide consumers with protection against their producers. Furthermore, according to Friedman, the free market is, “in political terms, a system of proportional representation”. However, such an assertion omits the fact that the free market system provides more economic and political representation to those with more money, and as such, is not proportional in representation. That said, though there is a variety of strong economic perspectives, the U.S mixed economical system is dependent on its consideration and inclusion of that variety.

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