School of Thoughts

According to your schools, what should be the role of government in relation to the economy?

The role of the government in relation to the economy activities should be minimal. The government should interfere less in matters dealing with economic affairs. The government should leave all economic decisions to the interplay of demand and supply in the market places. The government’s primary role in an economy should be limited to setting up a legal system that protects all free markets and various competitions that face these markets.

How do you think about the current taxation system, from the perspective of your schools?

Our current system of taxation is progressive. The progressive system is equitable to the economy since it tends to reduce disparities in the dissemination of wealth and income. The system is an ideal one since it enables the government to yield more revenue through its taxation. Lastly, the current taxation system is economical since its cost collection is somehow lower as compared to the former school system.

What is the future of capitalism, in your schools’ opinion?

The future of capitalism looks shakier in the long run. Its logical senses would hit a snag as time elapses. The foundations in which capitalism was founded does not currently hold water anymore since its initial applicability was designed in an entirely different manner to what is happening now and the coming future. The iron laws that were applicable in those old days have turned out unenforceable now. Some regulations such as those that touched on industrial profits and agricultural rents can’t be enforced now or in the future since presently; it’s not the high population density that leads to high yield in industrial and agricultural production but the kind of technology that is being used.

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