Economics Literature & Language Coursework Research (Coursework Sample)

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Economics
According to Dr. Amartya Sen, Nobel Prize Winner in Economics in 1998, a firm believer in Economic Freedom, what elements are crucial in developing a country?
A free market is crucial to an economy as it encourages innovation amongst individuals. It provides freedom for the creation of new products and ideas.
Fair markets increase the value of goods and services as individuals can trade freely in the market, hence a continual flow of products that guarantee the economy develops consequently.
Fair distribution within the middle class improves the economy as this respective group is the driving force in a country's economy; hence, the equitable distribution of goods and services amongst this separate group positively impacts the progress of an economy.
No monopolies can positively impact the development of a country as the resulting low average costs considerably aids in funding research and development in a respective economy.
Access to the credit system and secure banking system increases the economic freedom of a country as citizens can acquire banking and credit services that can be invested in projects that can uplift the commercial standard of the respective nation ( Sen, 2001).