Quiz Assignment Example | Topics and Well Written Essays - 250 words - 3

Quiz - Assignment Example digm of economic activity tries to encapsulate the natural order of an economy based on that paradigm, to show that it has a logic that works best when left to its own devices. Governmental intervention has no role in this regard. Jacques Turgot argues for the same, and sees the privileged classes, by virtue of their unnatural privileges, warping the natural flow of the economy so to speak. In place of the privileged classes, Turgot points to the farmers, the proponents of capitalism, as being best able to farm the lands in the most market efficient manner (â€Å"Critics of the Mercantilist Era†). Meltzer makes a good point about how democratic societies ultimately shape the extend of wealth redistribution through the power of the vote. In the US, for instance, where voters want greater wealth redistribution, voters go for Democrats with such agendas, and where they want less, they go for Republicans who espouse lower taxes and minimalists governments. The gist of his thoughts on deficits and sustainability is that while deficit spending may cure some economic ills in the short term, society pays for it in the long term in one way or the other, including deficit spending that inevitably fuels inflationary forces (PowerPoint