Economic Systems & Resource Allocation Example Essays (Volume 1) for A Level Economics

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ABOUT THIS BOOKLET

The eight essays in this booklet cover the following essay titles:

1. According to Milton Friedman, the free market is “the most effective system we have discovered to enable people who hate one another to deal with one another and help one another.” Does the market mechanism achieve good outcomes more often than it fails to do so?

2. Von Hayek was one economist to criticise the feasibility and effectiveness of a centrally operated resource allocation mechanisms. He felt in particular that the market is the best way of aggregating the necessary information. Are command economies necessarily less successful than market economies?

3. “We have a lot of secondary market problems in the U.K” – Mick Jagger. What are secondary market problems and what, if anything, should be done about them?

4. Can true allocative efficiency ever be achieved?

5. When resources are finite but wants are infinite, some means of allocation, or deciding who gets what must be found. What is the best means of allocation when no markets are present?

6. A recent TED talk claimed that the currency of the new economy is trust. Collaborative consumption – web-based sharing of cars, accommodation and skills is based on trust or “reputation capital”. Technology has created all sorts of market places that never existed before. To what extent has technological progress improved the allocation mechanism?

7. It has been said that a central question of economics concerns the relative roles of markets and governments in the allocation of resources. Are future economic developments likely to increase or reduce the role of governments?

8. Adam Smith’s invisible hand, along with subsequent work, shows that under certain conditions concerning market structure and information, competition will achieve a Pareto optimal allocation of resources. Is this the best criteria to judge an allocation mechanism?

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