Which of the following best explains how
economists have understood the effectiveness of markets
compared to central planning (socialism) in terms of
promoting economic growth and development.
Almost all economists have always thought that a
market system was a better way to get economic growth
than central planning.
Almost all economists have always thought that a
central planning was a better way to get economic
growth than a market system.
During most of the first half of the
twentieth century, there was considerable controversy
about whether the market or central planning was more
likely to produce growth. After 1970 the view that the
market was better increasingly dominated.
During most of the first half of the
twentieth century, there was considerable controversy
about whether the market or central planning was more
likely to produce growth. After 1970 the view that
central planning was better increasingly
dominated.
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