My Economic Philosophy - 1004 Words

In modern economics there are two major schools of thought in regards to how the economy should be run; socialism and libertarianism. As with the issue of prohibition in the 1920’s, how our government should interact with our economy has been a polarizing issue in American politics for decades. Both sides carry valid points and support different ideals. I will walk you through a brief history and explanation of libertarianism, highlight a fundamental economist who really developed the ideals behind libertarianism and give the pros and cons. I will then do the same for socialism. I will attempt to share this knowledge with you in as unbiased a way as possible. First we will discuss libertarianism. The main ideal of libertarianism is that the individual or business should be regulated by the natural flow of the economic market. Some of the ideals of libertarianism include deregulation of many of the economic, social and legal practices that our government has established. Libertarianism advocates the practice of free enterprise where governments have little to no input to how businesses function. They believe that individuals can and should regulate themselves; that business should be regulated by the flow of the markets, not the manipulation of the government. Libertarians believe that the economic market will, over time, regulate itself and that government shouldn’t interfere. The most prominent founder of libertarianism is Friedrich August Hayek. Hayek was born in AustriaShow MoreRelatedEssay on Personal Philosophy of Nursing707 Words   |  3 PagesPersonal Philosophy of Nursing Melissa L. 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