Literature Review: Economics

Literature Review: Economics

According to Armstrong et al. (2015), a market is an institution or rather a social structure. Therefore, a market provides a social platform where people have the opportunity to produce, purchase and at the same time buy goods and services while exercising freedom with no limitation of any nature by others. For markets to be safe, they need people to secure the property. Similarly, markets operate on the basis of demand and supply forces. Demand for supply triggers for the production, buying and selling of the goods and services. Armstrong et al. (2015) outlined that when there is an optimal distribution of resources in both demand and supplies in a society, and that the market is free from either unnecessary regulation nor limitations (free market from government intervention) there is social efficiency.

In these circumstances, it is notable that the government creates markets by limiting intervention in a concept referred to as liberal democracy. However, Vogel, (2018) notes that if the market is not regulated totally, markets will not thrive. The rationale is that proper

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