ECONOMIC GOALS RANKING APPROACH INCOMPARATIVE ANALYSIS OF ECONOMIC SYSTEMS

Alexander Katkov

Global Journal of Business Research, 2014, vol. 8, issue 1, 99-108

Abstract: Three main economic systems that have coexisted during last 100 years: pure market, pure command, and mixed economies, have the same mission: to satisfy unlimited human needs and wants using a set of limited economic resources. Each of them is pursuing the same major economic goals: economic efficiency, economic growth, economic stability, economic equality and economic self-sufficiency. But these systems are very different. One reason why they are different, in our opinion, is the difference in the priorities and ranking order of these five major economic goals. This ranking order is different for every system. As a result, each system has established its own economic structure, has determined its own role for the government, and has used a different strategy for its function and economic development. In this paper I will compare the correlation of the perceived priorities in the ranking orders of economic goals of selected countries of the world: USA, China, Russia and Costa Rica, with ranking orders of so-called pure market, pure command, and ideal mixed economies using the Kendall rank correlation coefficient as the instrument for measuring the correlation between ideal orders and perceived real orders of economic goals.

Keywords: Economic Systems; Comparative Analysis; Ranking Approach (search for similar items in EconPapers)
JEL-codes: C40 P5 P51 (search for similar items in EconPapers)
Date: 2014
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