The fundamental task of economic science is the development of models describing the functioning of the world economic system
. Scientists have proposed both general theories describing the economy as a whole (see Blaug, 1985) for a review of these theories) and specific models that explain individual economic processes (Allais, 1977; Arrow, 1963; Debreu, 1952, 1962, 1970; Friedman, 1968; Harsanyi & Selten, 1988; Kantorovich, 1939; Koopmans, 1960; Koopmans & Montias, 1971; Lucas & Prescott, 1971; McFadden, 1986; Nash, 1951; Simon, 1959; Tinbergen, 1956; Tobin, 1955).
Every economic system
of the world is different from other economic systems
prevailing in the world, due to its distinct features.
They should study various economic systems
and their relevance to underdeveloped countries like us.
Bohle and Greskovits (2007) categorise the economic systems
that resulted from 15 years of reform in Central and Eastern Europe.
Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum said that the Islamic Economic system
offers a real opportunity for finding new ways of managing economic, commercial and financial growth.
He said world's leading economic systems
have already admitted their failure to deliver and now onwards Islamic economic system
should be implemented for better progress and prosperity of people.
"An economic system
is a theoretical piece of work unless we put people into it," Zahra said.
Capitalism is an economic system
in which the means of production are privately owned and operated for profit, usually in competitive markets.
Writing for engineers and managers concerned with the systems engineering and management of systems that are generally information technology intensive, Sage (George Mason U.) and Rouse (Georgia Institute of Technology) introduce the fundamentals of economic systems
analysis and assessment.
However, we have different political, social and economic systems
in India as compared to China," he added.
It is pathetic to hear national and international politicians bickering about the economy and how major change will disrupt our economic systems
when maintaining these economic systems
will entirely disrupt the ecological systems that are necessary for our existence.
The comparative study of economic systems
should ask three basic questions: What is an economic system