Political Economy

The Purpose of an Economy

The Purpose of an Economy

Taken from, Toward A Truly Free Market, by John C. Medaille:

  1. An economic system must answer three questions: What do produce? How to produce it? And to whom do we distribute the output?
  2. The answers to these questions will come from a combination of tradition, command, and market forces.
  3. The economy must provide for the material provision of the family, because the family is the basis of both the social and economic orders; it is the reason for having an economy and the indispensible condition of an economy.
  4. The economy must provide for a relative abundance of ends using relatively scarce means.
  5. It must accomplish all of these tasks in ways that advance freedom.

 

– Lucas G. Westman

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