Perfect Economics in an Imperfect Essay

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These safety nets would give assistance to those who need it most, giving priority to developing economies. As economies and people grow more interdependent, the gap between the "have's" and the "have not's" grows wider and wider. Longstaff sees this as a negative consequence of the informational and opportunity inequalities that are becoming more and more prevalent. He argues that people need to be more "fair" to each other and that corporations and individuals should not prey on other, weaker economic entities and individuals at the cost of the equality and fairness within the markets.

Some people will admittedly choose not to ultimately participate in the markets as developing nations and individuals begin to have more opportunities and access to information in a perfect world. The economic models that Smith posited would work in a perfect world, or as Longstaff words it, in a "vacuum.

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" According to the article's author, it is important to realize the human factors in the market, and not just those that are represe4ntative of imperfection, but those factors that are indicative of the rich preying on the poor or situations where unequal access to information and opportunities creates an imbalance of economic wealth and power. Longstaff shows the reader that the modern day global economy is much more complex than is taught in many educational circles, and that as conscious, caring human beings, people need to begin to bridge the gaps of inequality in the markets in order for developing and developed economies to have a more symbiotic, mutually beneficial relationship with each other......

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