Are the following statements economic axioms or myths (see details)

1 Answer

Answer :

answer:These are good points, but somewhat of an oversimplification. Economic production is an indicator of well-being and progress. It would be a better measure if the negative effects, like pollution and environmental degradation, were included. Free trade has proven superior to planned economies. Just ask the Russians and the Chinese. Some regulation, however, is necessary. Free trade among industrial nations works to the benefit of all classes, though the rich do benefit disproportionately. The relationship between poor nations and wealthy ones is more complicated. Don’t we already have economic globalization? I agree with the fifth point. Corporations are out to maximize profit. They will not create a clean environment if it is not in their economic interest to do so. As to the last point, worker owned corporations provide an interesting alternative to the current system .

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