Economic Systems In Society: Change Through Time

1287 Words6 Pages
In the course of time, knowledge has been constantly created and refuted. I disagree with the prescribed title “That which is accepted as knowledge today is sometimes discarded tomorrow.” I define the word “sometimes” as being less than half of the time, as opposed to more often than not. I believe that knowledge is discarded more often than the prescribed title implies, and is only sometimes not discarded. This is apparent in the human and natural sciences since there have been paradigm shifts in both of these areas of knowledge, leading to the discarding of previous knowledge in favor of the acceptance of newer philosophies and ways of thinking. In this essay, I will focus on economics in the human sciences. As an example, economic systems in society have seen a change through time, leading to the following knowledge issue: To what extent has emotion led to the rejection of economic structures? Communism is an economic doctrine where equality is prioritized over equity, leading to everyone in a particular nation to have the same living standards. At its introduction, this socialist movement was enforced by the emotions of the population since they wanted everyone to be on equal terms. However, as this system was tried, people started to see that it was not working; it led to economic inefficiency in the country. This then resulted in people’s emotions turning against the system and towards a new proposed system of free market economics in the 18th century by Adam Smith (Adam Smith). This system asked for no government intervention in the market and that goods and services would be produced by private firms in order to satisfy consumer demand. Today, no country with the exception of North Korea, to some extent, employs communism,... ... middle of paper ... ...g more accurate, but a fragment of that first knowledge still remains as it acts as a bridge that connects the two paradigms. Thus, in conclusion, previous knowledge is discarded most of the time, as opposed to sometimes, when it is not. Works Cited Page 1. "Adam Smith." : The Concise Encyclopedia of Economics. N.p., n.d. Web. 10 Dec. 2013. . 2. Maley, Sean, and Jason Welker. "Macroeconomic Objective: Equity in Income Distribution." Economics. Oxford: Pearson Education, 2011. 356. Print. 3. "Phlogiston Theory." Phlogiston Theory. N.p., n.d. Web. 11 Dec. 2013. . 4. Brown, Catrin, and Mike Ford. "Acids and Bases." Chemistry: Standard Level : Developed Specifically for the IB Diploma. Harlow, Essex: Pearson Education, 2008. 145-49. Print.
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