Equilibrium the Short-Run

Equilibrium the Short-Run Short-run has been defined as a period of time sufficient to allow the firm to adjust its output by increasing or decreasing the amount of variable factors uf production, but during which fixed factors of production cannot be altered. Thus,...

Main Features of Mixed Economy

Main Features of Mixed Economy Having understood the meaning of mixed economy, we are now in a position to bring out the main features or characteristics of such an economy, It will also be clear from these characteristics how a mixed economy functions. The following...

MIXED ECONOMY

MIXED ECONOMY  We have discussed in the preceding chapters the two economic system. capitalism and socialism. But there is also a third one,  the mixed economy. It is neither pure capitalism nor pure socialism but a mixture of the two. In the system we find the...

Some Problems of Socialism

Some Problems of Socialism It will be of interest to know how Soviet Russia has tackled the various economic problems:  Private property. Private property in the form of a house, a car, a few animals and other consumers’ goods is allowed. A man is free to buy...

Criticism Answered

Criticism Answered This looks a formidable array of arguments against socialism, but it is not so formidable as it may seem. The strength of socialism lies in the proved evils of capitalism. The world is periodically plunged into depression causing much dislocation....

DEMERITS OF SOCIALISM

DEMERITS OF SOCIALISM The critics of socialism claim to have picked numerous holes in the socialist fabric. Apart from some silly objections, which have been exploded since long-e.g., socialism would ban religion, abolish marriage and family life, and the dangling of...