Goals and Values
How does the achievement of one of the economic goals impact/interfere with the success of other economic goals?
Each economic goal impacts another. If one goal succeeds, the rest are sure to be impacted by that success. For example, if there is good economic freedom, the people will be able to choose what they want, how much they want, and when they want it. That leads to better economic security and predictability because good and services will be available when needed, and there will be a increase in protection over individuals in case of an economic disaster. However, that means that economic equity will decrease. There will not be a fair distribution of wealth if people are choosing how much of certain things they want without the government interfering.
Developed Country: Spain
Spain has a high rate of trade. This means that it has a high level of economic freedom because individuals are able to trade freely with others. They are then able to gain items and money at their own free will. There is also a high level of economic growth and innovation because of this. Trade helps grow Spain's economy by bringing in new innovations, materials, and ideas. Spain's economic efficiency has grown. It has a high level of property rights, which means that resources can be owned by anyone, but they are carefully maintained. The economic equity in Spain is about average. Government spending and fiscal freedom is currently rising, so there is not a completely fair distribution of wealth among the people. However, the economic security and predictability is higher because of the increase in taxes. The more taxes that individuals give the government, the more they can be assured that goods and services will be available if and when a disaster strikes.
Less Developed Country: Madagascar
Madagascar does not have much economic freedom or economic security and predictability because of its high poverty rate. The government does not impose high taxes on its citizens, but that is because of the limited amount of money that they make to begin with. The economic efficiency of Madagascar is not too bad. It is a rural economy, for the most part, and because of that the amount of resources that the society has is typically controlled well. The economic equity is generally a little lower due to the fact that Madagascar has a rural economy. A fair amount of individuals work as farmers, and they do not make as much as those who work in the government. Therefore, the distribution of wealth among workers is not entirely equal. There is not much economic growth and innovation either because of the poverty and lack of new ideas. The country of Madagascar struggles with poverty as its main problem, and it's currently fighting to stop that problem.