Here Is an Excerpt Form an Editorial Praising Capitalism in the Economist

question 143

Essay

Here is an excerpt form an editorial praising capitalism in The Economist: "It is competition that delivers choice, holds prices down, encourages invention and service, and (through all these things) delivers economic growth." To what type of competition does the writer refer? Is it the sort of competition that economists study? Explain.

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Definitions:

Social Contagion

The spread of behaviors, emotions, and attitudes through a group or society via social influence.

Mimicry

The action of imitating or replicating behaviors, gestures, or sounds, often to facilitate social bonding or learning.

Descriptive Norms

Norms that convey information about what is commonly done in specific situations, serving as guides for expected behavior.

Private Acceptance

Conforming by altering private beliefs as well as public behavior.