CRITICAL WRITING ASSIGNMENT 4
ECON-350
August 23, 2018
Professor
Free Market
There were so many relative differences about the free market and the concerning
opinions of a few classical economist brought attention to the process of the industry world. One
famous author who wrote the textbook, gives the term of what free market is, “which the
freedom for people enjoy and search out their own material welfare in their own way.” Sowell
believed that as long as an individual had concept of free market, that person, business, or
anyone who had a plan, could profit and always have employment because of the demand for
items and production for supplies. For a company to run and hold their standards for demands
and product supply, the market had to be in good standing and perfect condition so that the
wages and prices would be reasonable and flexible (“Reference for Business, 2016”).
In Adams notes of theory about free market, there was the debate about the economy and
individuals a few things were unnecessary such as giving attention to things that could have been
sorted out through the people that partake in interactions with each other. The development was
introduced by physiocrats and later become part of Adam smith’s market economy it also became
a part of the economy classics as well. This only aided a guide to research and analyze the
transitions to make the political role smaller and guide other leaders (“Sowel, 2006”). Smith’s
work was the foundation of the market economic genre. His vision on free market and trade
people would benefit and more jobs would employee more people. This meant more productions
and more demands for products because this gave humans the right to choose their own nature of
products and demands (Smith, 1896).
CRITICAL WRITING ASSIGNMENT 4
Marx, who also addressed his thoughts on classical economists believed that human
beings are creative that can transform and modify anything on earth. He also believed that the
world was not out of our control, but the free market world would block individuals from
controlling things that was not beyond the control of individuals. If the free market was not
governed correctly, in Marx theory believed that, the laws for demands and production would be
unreachable for individuals. Marx had another theory which was based on the “theory of value,”
which was labor only produced by certain commodities that could be measured by hours to those
in the capital world and they conducted this labor as wages “labor power.” What Marx was
speaking about when it came to labor power was what workers produced in hours in a day’s
work. This meant that they produced only goods and their services, and this was the only way
that they could get their food, clothing, and the option to work (“Prychitko, 2008”).
In free market, it can be verified in areas not only in the political standpoint but also it
can be justified to the basis of efficiency and not so much of ethics and scientific measures. For
example, it could be generated of the gratitude in the empowerment state to the means of adding
the satisfaction to consumers. The free market does not have need the justification as means of
people having permission to make their own choices because the people can. It is called virtue
which is what people see concept in and have the consistency to act upon their own choices.
There were conceptions about free market from the views of classical economists which they
analyzed it has humans exercising their rights to make economic decisions. Free market implies
on the idea of being universal in the economy franchise including the business world yet,
government tries to set limitations on the right of natural freedom. Even some of the great
philosophers saw the evilness in the government, to which they wanted to infringe themselves on
CRITICAL WRITING ASSIGNMENT 4
human nature by taking away private property. This could not be done due to the constitution that
was put into place and the end of peace was right handedly coming into play.
Ricardo, who also systematically used in later details of his PPE (1817) an article noted
about free market and the economy that was researched by other groups of generations. Ricardo
made numerous contributions to the market trade, labor markets, and international trades. His
distributions in the early 1800s was a fundamental research that of modern characteristics of
economists (Ricardo, 1911). One thing that was most important to Ricardo and his way of
viewing the free market is the mere fact that, he believed that it was more of complexed system
that was a component with deep thought strong advocates such as Marx and Adam. To this is the
inclusion that classical economists have a board statement that is important and have major work
that is framed throughout history even the classical economists Marx, Adam, and Ricardo had
their theory on how people have the right to choose their natural freedom of materials.
When it comes to free market, people should have the right to choose their own way of
material nature and not have limitations on their productions or demands. In the political sense
when some think about protecting the wealth of the people, some only think of it as the wealth of
money, which it goes deeper than that. Protecting the wealth of a nation is protecting a person’s
well-being, their health, families, anything that needs to be secured. A government that takes
away or smothers any person from their liberties is a government that people will not and cannot
tolerate and if this government brings about violence to the people in act of revoking what is
right, this is considered regrettable. Classists believed in free market for everyone not just for the
rich or middle class and their empathy for the lower class was shown in many ways. Not every
classical economist believed what they believed, they all had their own interesting take on what
CRITICAL WRITING ASSIGNMENT 4
References
n. a. (2016). Reference for Business. Retrieved from:
http://www.referenceforbusiness.com/encyclopedia/Eco-Ent/Economic-Theories.html
Prychitko, D. (2008). Marxism. Retrieved from:
http://www.econlib.org/library/Enc/Marxism.html
Smith, A. Lectures on Justice, Police, Revenue and Arms, ed. Edwin Cannan (Oxford, 1896), pp.
11-13; and The Wealth of Nations, ed. Edwin Cannan (New York, 1937), pp. 670, 674.
Sowell, T. (2006). On Classical Economics. Yale University Press. New Haven & London.
United States of America.
Ricardo, D. Principles of Political Economy and Taxation (London, 1911), p. 61
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