The Free Market Is Impossible Summary

In Naked Economics, Charles Wheelan aims to break down economics into simple terms, for people who have no previous experience with economics. He attempts to explain concepts in simple terms for readers so that they can quickly grasp the subject. One of the first topics that Wheelan explains is what a free market economy is. He states that in a free market economy, people act in their own self-interest, which in turn raises the standard of living for everyone.

In chapter 8, the core economic principle that displays itself often is The Consequences of Choices Lie in the Future. This principle presents the idea that what we are doing in today’s economy will have an impact on the future. Whether it is decisions on cutting benefits or raising taxes, any of these could cripple our futures economy. In the chapter, it discusses the fiscal policy and how it saved America’s economy after the depression. By monitoring the nation 's spending budget and taxes, so another depression or a recession does not occur. Before the depression, the government did not involve its self in the economy too much, which caused America 's future economy to become weak and collapse after the market crashed and many other problems. The fiscal policy was put into order to prevent the economy from collapsing and to stabilize it. The policy was used to plan for the future, which would have still been in a great depression for longer than

Eveline Adomait and Richard Maranta, in their book titled “Cocktail Party Economics” (CPE), discuss certain conditions or characteristics which contribute towards the efficiency of competitive markets. For instance, a well-functioning free market which allows individuals to buy or sell what they want with the available methods that work best for them typifies the concept of freedom. This freedom to buy and sell leads to economic efficiency/surplus (Adomait & Maranta, 2012, p. 111 & 130). Such free markets force supply (marginal cost) to equal demand (marginal benefits) at the market price (Adomait & Maranta, 2012, p. 107), and the price must match the personal benefit of consuming the product (Adomait & Maranta, 2012, p. 108). These conditions

Discuss the pros and cons of healthcare costs being passed on to employees from the employers.

The days of monopolizing, by strong arming your competition are long gone. In Chapter 8 “Antitrust” by David Cluchey and Edward David analyzed how it all began and moving forward where were going. In the late 1800s the norm was to practice common law in a free market. After the civil war, the united states experienced a substantial rapid industrialization. With the rise of a more complex economic system, came individuals that could increase their wealth by becoming powerful. One way this was established was by starting a trust and eventually running the competition out of business. By the 1890s the government was launching their own laws to find such individuals liable. The Sherman Act was introduced but for decades was not successful. This

Being Consumed: Economics and Christian Desire deals with what Cavanaugh refers to as “the basic matters of economic life”, which is the free market, consumerism, globalization, and scarcity, as he aims to change the reader’s views on each of these topics. Cavanaugh also gives his argument both for and against each of these matters, which are often characterized by stories or comparisons which make his arguments and points a little easier to understand and a little clearer. Cavanaugh also answers few questions such as, are we for or against the free market? Should we not think of ourselves as a consumer? Are we for or againt globalization? How do we live in a world of scarce resources? And finally, when is a market free? (Loc.8 and 14). Cavanaugh anwers and addresses these issues within the “four brief chapters” of his book.

Capitalism: Pro and Con by Phil Washburn is a philosophical debate seeking for reading to determine whether capitalism is a respectable way of society that provides the most sensible format of government for justice to thrive. The author first seeks to analyze the good of capitalism mentioning that it is the most practical answer for the issues that arrive from the idea of Justice. The key factors for the pro-capitalist society is people can succeed and or fail, government allows the economy to proliferate on its own, and most importantly what a person gives to society (making a living for themselves) is what they are able to take from it (profit and consumerism) (Washburn, pg.155). Afterwards, Washburn seeks to counter the argument and writes

Yes, the trip is worthwhile because the trip requires $10 in gas therefore the total amount of money you can save is $40. In addition, the money can be used towards goods and services for one 's benefits.

In the Modern Healthcare article “Divided Over Bundled Payments”, the author Elizabeth Whitman suggests that there is a separation between payers and providers as to the direction of bundled payment models. As a result of the passage of the Affordable Care Act in 2010, the author asserts that bundled payment is becoming more popular for value based payment in the healthcare industry.

Adam Smith and Karl Polanyi are philosophers of two different eras, 18th and 20th centuries respectively. While the former witnessed early periods of the capitalist system with the emergence of the industrial revolution, the latter had opportunity to analyze the consequences of a mature capitalist system. Since both of them believe in social being of humans, they differ in methodological terms while analyzing the human beings.

“Because of the corruption of the term liberalism the views that formerly went under that name are now of labeled conservatism,”(6) argues Milton Friedman, stating his liberal views similar to those of Europe in the late eighteenth century. Capitalism and Freedom discusses the role of government and freedom of individuals, and Milton Friedman expands on both of these topics politically and economically. Using a range of topics like monetary control, fiscal policy, education, discrimination, monopolies, income distribution, and poverty, Milton Friedman expands his argument of a free society emphasizing the individual. The connections between government and the economy are challenged in many different examples by Milton Friedman, and alternatives

Fee for Service payment systems are based on a “budget”- that is, a prediction of how much it will cost to treat a particular patient population or a particular condition.(1) Fee for service is, by design, a less complex model. It has clear definitions and expectations. It has predictable outcomes. The provider knows in advance how much reimbursement a particular procedure of service will bring. Fee for service models can also be used in combination with other models. Newer models emerging now are more complex and most health care entities are ill equipped to transition to newer models. The Fee for Service model has positively influenced the health care system in several ways. It has allowed consumers to budget for health care services in that services have predetermined fees. The fee for service model has been critical to the health care system in that it has been a relatively simple system that was easy to follow and easy to understand for consumers.

How are the themes of capitalism and its effects explored in the texts of The War With The Newts and Catch-22?

The Feeble market camp believe that the market influenced by culture and society. The ideas of the feeble market can be seen in the quote, “the theme throughout is that markets are embedded in, entangled with or otherwise dependent on other parts of society,” Forcade and Healy 2007: 295). This leads to look at how capitalism only thrives in certain cultures and there are specific conditions that help it thrive. The concept of the society having an imporant role in the market can be seen in Weber’s theory on the Spirit of Capitalism and the origins of capitalism.

However, this is not unanimously agreed upon; Rouse and Surban (58) cite numerous sources contradicting this. Brostoff’s 1993 study, presented by Rouse and Surban, into the effects of health service price controls suggests that costs inflate rather than deflate. This could be due to a number of reasons; primarily, it is possible that producers are focusing on a larger quantity of services, rather than the quality of these services. Rouse and Surban (58) cite another study in support of this argument, saying that the likely reaction would be to bundle “additional high-margin services (e.g., tests) along with the service for which the price is