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| CATEGORIES ABOUT ECONOMIC SYSTEM | |
| economic systems | |
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An economic system is a particular set of of economics that includes the study of different systems. OVERVIEW An economic system can be considered a part of the Social System and hierarchically equal to the Law System , Political System , Cultural System , etc. There is often a strong correlation between certain Ideologies , Political System s and certain economic systems (for example, consider the meanings of the term " Communism "). Many economic systems overlap each other in various areas (for example, the term " Mixed Economy " can be argued to include elements from various systems). There are also various mutually exclusive hierarchical categorizations. The basic and general economic systems are:
There are several basic and unfinished questions that must be answered in order to resolve the problems of economics satisfactorily. The scarcity problem, for example, requires answers to basic questions, such as: ''what'' to produce, ''how'' to produce it, and ''who'' gets what is produced. An economic system is a way of answering these basic questions. Different economic systems answer them differently. DIVISION OF ECONOMIC SYSTEMS Typically, "hands-on" economic systems involve a greater role for Society and/or the Government to determine what gets produced, how it gets produced, and who gets the produced Goods and Services , with the stated aim of ensuring Social Justice and a more equitable distribution of Wealth (see Welfare State ). Meanwhile, "hands-off" economic systems give more power to private individuals (and perhaps Corporations ) to make those decisions, rather than leaving them up to society as a whole, and often limit government involvement in the economy. The primary concern of "hands-on" economic systems is usually Egalitarianism , while the primary concern of "hands-off" economic systems is usually Private Property . Libertarian s target individual Economic Freedom as a primary goal of their "hands-off" policies. The following list divides the main economic systems into "hands-on" and "hands-off," it attempts to structure the systems in a given section by alphabetical order and in a vertical hierarchy where possible. "Hands-on" systems
"Hands-off" systems
"Compromise" systems
LIST OF ECONOMIC SYSTEMS BY NAME An Etymologist 's approach to economic systems, this list attempts to sort all possible economic systems in alphabetical order, without any division or hierarchization. If a given economic system has several names, a note beside the economic system provides the most common alternate names.
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