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Approaches of Economics

The approaches of economics must be include while writing an economic dissertation because it gives good impression on the reader. There are two approaches of economics, which are given below:

  1. Keynesian approach
  2. Laissez-Faire approach

Keynesian Approach

A famous economist “John Maynard Keynes” gave this theory in 1930. The basic purpose of this theory is to identify the causes behind the Great Depression. The approach of Keynesian was just focuses on the ‘requirement” of an individual or overall economy. This theory also evaluates the financial system over the short run. In my opinion, this theory is not helpful nowadays because now most of the countries focus to shift their level of production into large scale and this theory only deal with the short run.

Laissez-Faire Approach

This approach is totally against the intervention of government or any other higher authorities into the operations of business. According to Laissez-Faire, due to the intervention of government, the businessperson cannot work freely and they are not able to take their decisions independently.

Economic System

Students have to consisderd these economic system while writing an economic dissertation because these system are the core part of an economics. There are three types of economic system that are as follows:

Capitalism

Capitalism is an economic system that is particularly based on the personal ownership of capital and resources that are invested for the production of commodities and offer services to get some profit. It is directly linked with economic development, as prices and production level are determined by the individual owner of a business rather than by governments. This system encourages the individual to offer their goods and services in the market with no intervention of government.

Socialism

Socialism economic system give emphasize on the equality rather than accomplishments, and the values that workers received for their work rather than by the amount of value, they produce in shape of goods. In this type of system an individual is totally, depend on the state because they are not allowed to do any type of business without taking permission of a government. The government and other higher authorities set the prices of commodities.

Mixed Economic System

Mixed economic system is the combination of both capitalism and socialism. This system allows an individual to start their business, or use their capital and resources as they want but it also allows governments to interfere in their business operations in order to achieve common objectives. Nowadays most of the countries follow this type of system because it helps them to run their economy with the constant growth and achieve their goals in a desired manner. I personally prefer the mixed economic system, because it gives enough opportunity to an individual and government to work together for the better growth of an economy.