1. Summary
The economy is created primarily by country or region, and occurs in the process of meeting the material needs of people. These economic systems have different characteristics by region and age. Today, the market system came from the Roman Empire, the Golden Age of Islam and the Islamic Agricultural Revolution. And the economic system adopted between the 16th and 18th centuries is mercantilism.
The later economics of capitalism evolved from the interaction of goods, money, labor, means of production, and production. Scholars who explain capitalism include Adam Smith and Karl Marx. There is criticism of socialism in this article. Friedrich Hayek criticized that the socialist command economy could not make a reasonable price decision, and Ludwig von Mises criticized the impossibility of a rational, non-priceable socialist economy.
2. What was interesting/What did we learn
I was curious that the income of the capitalist economy depends mainly on what technology is in demand and what technology is being supplied. So I first realized that people with scarce skills can get a lot more value and higher income in the market. I could not understand this part at first, but I could understand the wage of workers when I needed a lot of work because I could get higher wages than workers when my job was not enough. And because of this part, people could even think that most workers are afraid of radically developing technologies.
3. Discussion point
The minimum wage is set to protect workers in the capitalist economy. Do you oppose this minimum wage policy? Do you agree? And why? Are you satisfied with our current minimum wage policy? If not, how do you think it should be improved?
Although there are improvements to the minimum wage, I think the minimum wage policy is positive. And I think it is desirable to see a minimum wage increase with rising prices every year.
ReplyDeleteUntil now, young workers have been paid ridiculously less than adult workers. I think it's a good system to protect them. However, some businessmen pay minimum wage for hard labor. Those operators believe that an appropriate hourly rate is necessary.
:)
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