Economic Systems

I believe the most successful economic system is one that is the least regulated. With that being said, I don't believe a traditional economic system is very productive because it's main goal is meeting the "needs" of the society. In order to thrive and be successful, you have to give society the freedom to do what they want to do, and the system that I believe parallels this the best would be market economy.

A market economy has private ownership and is driven by supply and demand. Touching on the ladder detail, it makes perfect sense that if an item is scarce that is should cost more to obtain, vice versa, if there is a surplus of that item, it should cost less. In this economy, businesses have more freedom and it's a competition. There will always be winners and losers regardless of how you play the game, but having the opportunity thrive is what makes it so special. Of course, it's not a perfect system. There will be people who don't get fed because of a shortage or people that get paid less because even though they may work twice as much as someone who makes twice as much as they do. In a market economy you get rewarded for intelligence, skill, and creativity, unlike a socialist economy. A market economy is the best at meeting the needs and demands of a society and it does so in a way that produces a diversified economy that has the freedom to choose it's own path.