Monday, January 23, 2012
Market Systems In Relation to Children
Recently in school, a teacher told me about an article that he had read about how children wanted discipline and rules. As we talked about market systems in economics this week, I thought that article would be an interesting article to analyze in relation to a market system. Now why in the world would kids want rules? No rules means absolute freedom to do whatever they want much like the market system that Adam Smith heavily supported. But just like the Lord of the Flies example in class, with absolute freedom comes complications and problems that can turn bad very quickly. If kids were given a world without rules, they would have to fend for themselves, make decisions and essentially survive solely by themselves. If the world was a market system, I believe chaos would break lose. We need some type of governmental structure to maintain order or else everyone would be competing with each other without rules or regulations. Life could become dangerously challenging if nobody was required to run businesses, pay employees properly, organize taxes or regulate the economy. The world is a very fragile place and without order, we would simply fall into a cycle of trouble and recklessness just like kids would do without rules.