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106 Philip Morelli Final Paper.pdf

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Philip Morelli 24 May 2016 PLSI 106 Final Paper A Mash up of Creative Ideas, Creates A Well Oiled Global Economy! Despite facing challenges at the domestic level along with a rapidly transforming global landscape, the United States economy is the largest and most important in the world. With the economy being highly developed, challenges frequently arise demurring the system. Economists have been studying the U.S economy from day one and studies show that no one theory of how things should be is completely accurate. When looking at the different ideas, thoughts, and views by Hayek, Picketty, and Yu- Kai, we see that these authors drew accurate descriptions of our present day global economy. Comparing and contrasting between these three authors will allow a deeper understanding of how their models of the economy most accurately matches our present day global economy. In Yu- Kai Chou’s book, Actionable Gamification: Beyond Points, Badges, and Leaderboards, eight core drives are formed that describe the field of behavior design. Yu- Kai Chou’s core drives serves as incredible guidelines as to what fuels a persons motivation in everyday life. Applying these core drives to Hayek’s and Picketty’s economic theories will allow us to uncover why their models of economies work best in todays present day global economy. Hayeks does not think highly of perfect competition due to its unrealistic perfections, even changing the name to simply competition to describe it. With perfect competition being a theoretical market structure in which competition is as its greatest possible level, it must serve solely as a standard to measure the efficiency and
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effectiveness of real world markets. Perfect competition holds high regard due to its appeal to Yu- Kai’s core drive five, social influence and relatedness. This drive fuels perfect competition because it sets up competition, envy, as well as companionship and social responses. “Perfect competition presupposes: 1. A homogeneous commodity offered and demanded by a large number of relatively small sellers or buyers, none of whom expects to exercise by his action a perceptible influence on price. 2. Free Entry
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