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According to the classical theories of economics, a democracy economy is more likely to achieve economic freedom, and therefore, develops its economy better. However, if we take several examples in Asia such as China, South Korea, Singapore... These countries developed their economies the most during the periods which they were not too democracy, at least not to the western classical extent of democracy. How should we view the relationship between the politically freedom and democracy and the economic development?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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