Microeconomics across the World

Paper Summary:

This paper analyzes the microeconomics of the U.S. and Germany, highlighting the competitive, capitalist economies. The paper discusses the pricing of capitalist-style microeconomies and explains how it is competitively structured. The paper contends that pricing within a capitalist system is based upon consumer demand and the desire of suppliers to meet that demand at a state of equilibrium determined by the market.

From the Paper:

"With notable exceptions, such as Cuba and North Korea, most of the major global economic powers have within their national microeconomic or internal frameworks, some forms or a semblance of a competitive, capitalist economies. In other words, individual economic actors such as firms compete for the monetary confidence of consumers within particular industries, rather than having such behavior regulated by the government. As such, the pricing of capitalist-style micro economies are also competitively structured. Pricing within a capitalist system is based upon consumer demand and the desire of suppliers to meet that demand at a state of equilibrium determined by the market. But although this may be the ideal Adam Smith formulation of capitalism in terms of pricing, no nation and no series of markets operates according to such principles in a pure fashion."

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