Basic Economics Essay

305 words - 2 pages

Polanyi’s embedded economy notion indicates a person or a group of people participating in daily rituals that incorporate economics; their practice of economics is camouflaged in a social institution morally sought out by their personal beliefs. At the simplest level, economics is the distribution and production of goods. When an economic institution is embedded in a noneconomic institution, people do not think about the production and distribution of goods but about their daily routine and expectations ...view middle of the document...

While every social institution does intertwine. Economics is the underlying factor in these institutions, economics demands it’s own institution because of the advancement of modern society. The disembedded economic process revolves around individual affluence and focusing on what goods are produced and distributed in order to reach self-accomplishment. Disembedded economies allow individuals to be selfish and reach your ideal welfare state. It’s important to note that a disembedded mindset ultimately evolved so that individually, we can reach affluence and differentiate ourselves, rather than worrying about the community before ourselves. The economic structure of modern society, which includes thousands of distribution and production companies, financial institutions and currencies, is much too intricate to be combined with other institutions. In part, the economy has become so intricate because everyone wants to reach personal welfare; we all compete to better ourselves and demand a variety of goods so we can differentiate the population to show that we are not community based as seen in society.

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