In today’s society there hasn’t been an alternative way besides a collective economic benefit that would work in our economic system. That’s because the world runs on greed. No matter how unfair it may seem to those who are less fortunate than those of upper power.
The government knows what’s best for the people and even, so they give opportunities to those who are less fortunate. Even though an individual economic interest would be the more popular idea for those less fortunate, simply because they have more of a say in what gets implemented. Ultimately limiting the power of the government. What they fail to realize is that capitalism, provides for an expansion in economic growth, more incentives, consumers chooses their desired product and more benefits.
Collective economic benefits fit more into the scheme of a balanced society for the simple reason of allowing the popular demand to be instilled. In this type of economic system, the wealthy will focus on being as efficient as possible. “Firms in a capitalist-based society face incentive to be efficient and produce goods that are in demand (Pettinger, T).” Ultimately, giving the citizens a voice on what needs to be implemented or not. In the past there hasn’t been another way other than greed of an economy that has worked.
The world in general runs on the wealth of others but that doesn’t mean that it doesn’t allow others to get into position of that matter. In the YouTube video with Milton Friedman, American economist for his research on consumption analysis, monetary history and his theory of stabilization policy, states, “the great achievements haven’t come from government bureaus…and in which cases where they have escaped the kind of grinding poverty are in capitalism and free trade.” The productivity in a capitalist system is unmatched and there are opportunities for everyone out there to make something out of themselves.
If private firms know they can make a profit off what you’re doing, then they will allow it. The world revolves around money. It always has been. Greed is the driving force of capitalism and without it, capitalism wouldn’t exist and many of inventions wouldn’t have became what they are today. For example, Henry Ford when he revolutionized the automobile industry. Examples like these show the importance of a collective based economy in the world today.
One of the main issues with capitalism is that it seems that the rich get richer and the poor get poorer. Those who are wealthy are in power because they have the money to make the change and allow funding to those less fortunate. It’s harder for lower class citizens to rise above this because there is an everlasting chain with this process. Most of the people who get into power inherit the wealth from their family or friend. This limits the lower-class ability to come out of poverty because there are barriers to entry for them.
The fact of the matter is that history doesn’t show any favor to other forms because there hasn’t been one discovered, at least one who’s as efficient as capitalism. The thought of individual economic interest is unheard of just because of the system we are in. The ratio of rich people to poor is insane. Distributing the wealth isn’t going to solve the issue rather it would cause an outburst from those who are in power.
The people of the highest power in the government don’t reward virtue. Thus, finding people who are going to organize society for us is unprecedented. A collective economic should be the norm because it allows for a more advanced individual prosperity as opposed to the restrictions individual economic interest has in it whereby it attempts to distribute wealth from the rich.
Capitalism also allows markets to develop and mature on their own subsequently dying out on their own, making way for a new market opportunity to replace them and in theory new people will get rich. In any way you look at it collective or individual or not you can’t solely trust anyone to make the greatest decision. If the reward is lower than the risk, then you’re being fooled. This country, and many others, operates on a low risk, high reward aspect. Now, this relates to many engineering jobs because as in engineer your job is to be as efficient as possible and operate at a point, where a net loss isn’t even a thought. We must take into consideration that our data is going to based on cash flow patterns, money management, appreciation and depreciation, and other common economic knowledge.
All these aspects help engineers understand the meaning of money and how it’s used and so forth. Knowing these elements will help us understand what went wrong and how we could fix them. Being in a collective economic system will help too because we’ll be allowed funding through government help once the demand for our invention is arising.
The fact that history has showed us that success can happen in this type of economic system should be a motivation factor for up and coming engineers. It gives us the opportunity to make a change in the economy by providing our fellow citizens with our byproduct.
In conclusion staying in a collective economy is the most reliable thing us citizens can do no matter the inequality of rich and poor. It gives us the best chance to become more successful because it helps expands economic growth and gives the citizens an input on what should be implemented. The saying, “if it’s not broke, don’t fix it”, can abide by this conclusion because from history alone it shows us that there isn’t a more efficient way.