Week 4 : posting by Yeong Su Jeon

2016014457

전영수

Yeong Su Jeon

summary

economy is the activity such as production, exchange, sale, purchase (…) for satisfy people’s material needs. there are two economic system called capitalism and socialism. capitalism is the system that government acknowledge private hands and individuals take responsibility for economic activity. And socialism is the system that community share goods and distribute communal property fairly.

opinion

I agree with the argument that ‘placing the economy entirely to the state’s control’ is same ‘Iron cage of future bondage’. because I think that although socialism is ideal in that it is entirely equal, the establishment to distribute resource will exist necessarily for hand out resources to people fairly, ultimately it means the establishment has powerful authority. Also, as hayek said, I think that social control over distribution of property will constrict individual’s vigorous activity, so it will reduce prosperity of populace. If people with power or establishment with power exist, it may be impossible to realize this attractive system for populace.

question

I read brief explanation of informal economy, and I think that I want to investigate how informal economy affect society. many people doing informal economic activity. If we regulate informal economic activity or legalize informal economic activity, how society changes?

the picture bring from : http://www.huffingtonpost.com/lawrence-wittner/the-return-of-democratic-_b_10110048.html