An updated version of this article can be found at my new blog HERE.
Every economic system has to answer the following five questions.
1.What does the economy produce? Whatever people are willing to buy.
2.How does the economy produce it? The most efficient/cheapest way.
3.Who gets the goods? Whoever wants it and can afford it.
4.How do we promote change? Through self-interested innovators and inventors.
5.How do we promote progress? Through self-interested entrepreneurs and politicians.
economic questions not well explained
Wow, thanks man, I now know some fundamentals in a nut shell!