The principles of economics are based on natural law as firmly as any other science. However, the sciences such as biology and physics are more favorable to conduct experiments, as well as work in “hard” sciences, as a rule, get immediate results. Due to the high testability of such sciences as chemistry and physics, there is a much greater consensus among experts in such areas as to what is true and what is not. On the other hand, the economy is something that can not be tested in the laboratory. Laboratory of the economic principles of the global economy. In order to get an understanding of how the economy really works, and how to behave in a fiscally responsible manner, we must study the history and explore the lives of people and countries who have learned the hard way. In some countries, private charter jets is too common for public use whereas in other countries, this might be only meant for millionaires or high profile politicians.
In America, the economic ideologies come to a conservative / liberal continuum. Financial side of the liberal generally believed that economic decisions should be centrally controlled by the government. Without national control over most financial issues, people will not behave wisely enough to keep a strong economy. During the national economic crises, such as the Great Depression of the 1930’s or the downturn in late 2000, government intervention in the form of a package of incentives necessary to sustain the economy alive.
Financial side of conservatism generally believed that economic decisions must be made by individuals and unregulated government as much as possible. If economic decisions are still people, the economy will be stable, because people are more interested in ensuring their economic security than the government does. Fiscal conservatives generally view government intervention in times of economic crisis, as part of the problem, not part of the solution.
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