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.
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?