In Chapter 1 of “The Road to Prosperity”, you learned the first in our two-part series on basic economic systems, or more specifically, monetary systems. In this chapter, we will dig into the second of our series: What is the end result of your own personal economic systems worksheet? Hopefully by the time you're finished reading this, you'll have a better idea of how to design and construct your own economic system.
Let's start with an even simpler example of a monetary system – A US Department of Education worksheet. If you can find it and study it, you have all the information you need to construct your own economic model. The Department of Education worksheet has four quadrants, labeled A, B, C, and D. You can use your graph paper to make a nice little portfolio of your own. Once you know what the stock market, interest rates, and real estate are, you can plug that information into your own economic worksheet. The result will be a portfolio of investments you made based on your own understanding of how the financial system works.
Another example of a monetary system would be a simple bar chart of currency (in British English, we'll call it pounds). You would plug in the price of a basket of currencies (the items you listed in your portfolio in the previous chapter) and see the value of your portfolio in the “Paying Interest” section. You could use this worksheet to help you understand interest rates, inflation, and other economic factors affecting the value of your portfolio. You would then answer key questions, in the form of numerical data, about how each of the factors affected the value of your portfolio. This kind of data can be used in any economic class, so don't feel like you are being too plain old-fashioned here.
If you're a student in college, your economic study class may have assigned a paper on economics. Assignments will usually include a couple of economic systems worksheets, and probably even a couple of workbooks or reference guides with all the data you need to evaluate your findings. Feel free to use these worksheets as you please, and just as important as they are to your class assignments, they are invaluable to your research. (If you aren't an assignment writer, though, make sure you format your own worksheets so that they look nice!)
Now, don't feel discouraged if you haven't gotten a good grade on any of the economic systems worksheets in class. The point is, as a college student, you want to be able to excel in whatever area of study you choose. Just because you didn't do so well on one worksheet, though, doesn't mean you shouldn't take the class and take your assignment very seriously. Even if you didn't do so well on the worksheets, it could still be a good thing to know that you have a solid understanding of the topic. It also opens up a great opportunity to get more questions answered during class from your professors.
After you have your question answered, make sure to spend some time reflecting on it. Try to come up with a list of questions and issues that you would like to address with your future professors. Write these questions down, and then go over your answers for possible review with your teacher. This doesn't mean that you should spend hours re-writing your papers; what I'm saying is just make sure that you spend enough time reflecting on the information so that your next question is ready to go, and ready for discussion in class. You may find that you don't need additional guidance after all, but it never hurts to get extra pointers – especially for future classes, where your grades will be crucial.
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What is the list of economic systems? This is one question that has preoccupied scholars for many years. The aim of this essay is to explain the answer to this question in as clear a way as possible. In other words, what is it that economists mean when they say that a particular economic ...
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