Okay shaz, Quick economics question i though of while i just took a Morgan.
Very basic economics, humans have unlimited wants, but limited resources, this is the economic problem.
Governments of economies make decisions of which wants to satisfy and which to not. They do this with the reallocation of resources.
But i would say that the Australian economy is almost a completely free market economy, because the main way that governments reallocate resources is through a taxation system, and distribution of this income.
Governments can choose what collective needs and wants to satisfy, but i would argue they cant really influence our decision on what personal wants we satisfy. The can somewhat influence our decision, in multiple ways, by imposing/dropping tarrifs, by subsidising the production of goods, or implementing price floors and ceilings.
So would you say that it is technically impossible for governments to solve the economic problem, because the wants that are chosen to be satisfied are chosen by individuals?
This idea could be very flawed, because you know how good an idea seems while pumping out a dump.
Do you have a TL;DR you can post?
Not really, but here
-Economic problem, unlimited wants, limited resources.
-Government of economy must choose which needs to satisfy and which to leave
-Done through reallocation of resources, distribution of income.
-Id argue they cant really do this.
-Government can choose collective goods, but have very little say on individual wants. They can somewhat sway our decision, but its always our choice.
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