Economic Philosophies Free Essay Samples & Outline

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Sample Essay On Economic Philosophies

The era we live in is complex. The problems that we have are daunting and also challenging and a right solution calls for us to abandon dogma so as to favor pragmatism. This has greatly underscored current debate between conservatism and liberalism. This is where, a conservative thought has always made a reflection like a thirteen year old viewing the world: a more dualistic, darkness-and-light morality fable that is full of heroic patriots and freedom defenders contending against slithering forces which pull liberal evil.

Though it seems hyperbolic and witty, there is grain of truth in it, at the conservative ideology core there are heroes and villains thirst, visceral resistance to change, traditional adherence that is rigid, fear of unknown, tribal tendency of chastising those that seem different, and encapsulation into simplistic principles of complex realities. There are several economic philosophies that are in use around the world. They include economic conservatism, liberalism and radicalism.

Economic conservatives promote an economy that is laissez-faire with little government intervention. Ideological division between liberal and conservative viewpoints has consumed the U.S health policy. Liberal philosophy based on utilitarian arguments as well as moral principles attempts to have a balance in the individual’s needs with the entire population concerns (Robinson, n.d). The liberal healthcare perspective elements include the belief that indeed health care is an all people equal right.

Implementation of this right through social insurance system which provides health coverage that is universal, financing healthcare equitably, and commitment to healthcare equality today, conservatives differ from liberals not only about proper role of government but more fundamental on how wealth and power is to be produced and in the process have an equal right advancement to freedom.

According to liberals the government without sacrificing freedoms of individual can take on broader functions so long as there is provision by law of strong safeguards against any arbitrary power. They believe in an achievement of equality for all and equal opportunity through government action (Robinson, n.d). It is the government’s duty to alleviate any social ill and at the same time protect civil liberties and human and individual rights.

In Liberalism, the government role is to guarantee that no individual is in need. There is a general emphasis by liberal policies on the need of problem solving by the government. In conservatism there is a belief on personal responsibility, free market, limited government, individual liberty, traditional values as well as national defense. Conservatives therefore believe that the government role is providing the people with the freedom necessary in pursuance of their own goals. Its policy emphasize generally on empowering individuals to solve problems.

In healthcare, liberals support low-cost or free government controlled healthcare. Millions of people in America cannot afford health care making them to be deprived of the particular basic right (Robinson, n.d). Every American for example have a right to health care that is affordable and therefore it is the duty of the government to provide equal health care for all without considering their ability to pay. Conservatism on the other hand supports health care system which is competitive and free market.

According to conservatives, all Americans are able to access health care and the debate is on who is to pay for it. Government programs that are low-cost and free like socialized medicine result to higher costs and every individual tend to receive similar poor-quality health care. In as far as conservatism is concerned, health care should be privatized. The uninsured individual’s problem need to be addressed and a solution gotten within the health care system’s free market-the government according to conservatisms, need not to control health care.

Ideological division between liberal and conservative viewpoints has consumed the U.S health policy. Liberal philosophy based on utilitarian arguments as well as moral principles attempts to have a balance in the individual’s needs with the entire population concerns. The liberal healthcare perspective elements include the belief that indeed health care is an all people equal right. Implementation of this right is done through social insurance system which provides health coverage that is universal, financing healthcare equitably, and commitment to healthcare equality.

In economic perspective, liberalism supports a market system where the economy is regulated by the government. Citizens must therefore be protected by the government from the big business greed. The government unlike the private sector is motivated through public interest and the government regulation across all areas is necessary in order to have a playing field that is leveled. In conservatism, competitive capitalism, free market system, and private enterprise bring about great opportunity and high living standard for all. More jobs, more economic growth, and high living standards are produced by free markets than the systems that are burdened by government regulations that are excessive.

Originally the word radical meant seeking the root of a problem and not in any way shrinking from the action that follows as a logical consequence of the different findings. There are several radical streams of economic thought; they argue that there is a need to take a holistic approach towards economics (Harris & In Darity, 1989). They argue that the basic premise of human nature is flawed and it is subject to recurrent economic breakdowns and it produces increasing degrees of inequality that are inherently organized.

The radical school of thought argues that workers are alienated from the products that they create and also from the processes of production that they have no control of. According to the Marxist current that exists in radical economics, these tendencies can at best be moderated but they can never be completely reversed by reforms in the institutions that currently exist in the capitalistic economy.

Marxism advocates a communistic approach in terms of organization where the class formations that are purely based on private ownership of the industry are completely eliminated. Radicalism advocates for economy-wide planning where there is production for need as compared to profit as the operating principle. The radical though states that there is a need for worker control at the point of production and community control when it comes to investment decisions where goods and services are produced.

It is clear that in liberalism the belief is that there is collective responsibility by individuals for the entire community welfare therefore programs of helping the entire community require bigger government intervention in such programs. Contrary in conservatism there is personal responsibility by individuals on their own and the corresponding individual effort results to an overall benefit by the community. Thus the goal is less programs by the government and less taxes. Radicalism on the other deals with increased worker control and production because of need as compared to production because of profits.

References

Harris, A. L., & In Darity, W. A. (1989). Race, radicalism, and reform. New Brunswick, N.J: Transaction Pub.
Banerjee, A. V., & Duflo, E. (2011). Poor economics: A radical rethinking of the way to fight global poverty. New York: PublicAffairs.
Robinson, J. (n.d.). Economic philosophy. S.l: s.n.