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I get the impression that a lot of people in the west fundamentally fail to understand what the purpose of an economy actually is.

So, I'll do a short 🧵 on the topic.

An economy is a model for allocating labour and resources in a way that meets the needs of the people in the country.

The original argument for capitalism was that market economy with private ownership is the most effective way to allocate labour and resources in a way that benefits everyone.

#economy #economics