Ancient Greece Had Market Economy 3, 000 Years Earlier Than Thought

The initial investment was considered as a sunk cost, and the government exhibited paternalism. A new relationship between privacy vis-à-vis the government, and privacy vis-à-vis commercial interests is emerging. What rights should government have to access this privately collected data? One proposed policy approach would provide property rights in data about ourselves that we as individuals can sell or withhold. But that property right, it appears, may not include genetic data about us obtained by physicians or surgeons in medical practice. A second approach would propose that privacy is a function of the community’s needs, that there must be limits on the personal data that can be gathered or dispensed for the sake of security of the community.

Market Economy

This is characterized by personal ownership, freedom of option, self-interest, optimized buying plus selling platforms, competition, plus limited government intervention. Need includes purchases by customers, businesses, and the authorities. Kimberly Amadeo has twenty years of experience inside economic analysis and company strategy. Text is obtainable under the Creative Commons Attribution-ShareAlike License; additional conditions may apply.

This sharing of knowledge illustrates why Silicon Valley is America’s innovative advantage. Second, goods and services are produced in the most efficient way possible. The most productive companies will earn more than less productive ones. The owners can make legally binding contracts to buy, sell, or lease their property. Since 1865, for example, you cannot legally buy and sell human beings. Market economies marginalize those that cannot compete, adding to income inequality.

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Amendments IX and X limit the government’s power to interfere in any rights not expressly outlined in the Constitution. Article I, Sections 9 and 10, protects free enterprise and freedom of choice by prohibiting states from taxing each other’s goods and services. For example , a child who might otherwise discover the cure for cancer might instead work at McDonald’s to support her low-income family.

Fourth, the most successful businesses invest in other top-notch companies. That gives them a leg up and leads to increased quality of production. Creative new products will meet the needs of consumers in better ways that existing goods and services. These cutting-edge technologies will spread to other competitors so they, too, can be more profitable.

The questions of privacy blur quickly into questions of security of communication and transaction, and in turn to a balance between privacy and community safety and protection. The complexity of the values involved in these kinds of decisions ensures that the debates will be tortuous. The key debates will ultimately be about what regulation can and should do to modify the technical possibilities that shape what kind of network world we have, what kind of code-constructed realities and businesses we develop, and hence what kind of economy we build.

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