Sociology

The world runs on a market economy. One person can sell whatever he wants. Another person can buy whenever she wants.  The free market system is democratically fair.
   
 The free market system is based on the economic theory of supply and demand. This is the essence of the laissez faire economy.  The laissez faire economy is grounded on the supply theory as well as the demand theory of basic economics.  The demand theory dictates as the prices of goods and services increase, the quantity demand for such products decreases. On the other hand, a decline in the prices of goods and services will encourage clients to buy more quantities of goods and services (Colander 1998).
   
Furthermore, the supply theory dictates that as the prices of goods and services increase, the production of such goods and offering of services will increase. On the other hand, a decline in the prices of goods and services increase will force the producers and decrease production and lessen the services offered to current and prospective clients. Generally, a producer or service provider would sell more in order to increase profits.  A decline in the fair market value would discourage the producers to sell their products in the same market. In this case, many producers would rather produce other more profitable products in the same market or sell the same products in another market where the prices and the corresponding profits are higher (Blinder, 1998).
   
Lassez faire is characterized as having an accommodating stance in all business transactions. It is a justifiable economic activity for a famous movie star to earn as much as 60 million for a few weeks work.  This rate is based on the supply and demand theory. The actor can ask for such a huge amount because the movies will generate more than the amount paid to the actor. Entertainment Weekly emphasized that Actor Will Smith demanded and was given a 20 million fee for each film he starred in (No Author, 2000). Any actor can demand any fee he wants, big or small. However, a suppliers, client, or organization has to approve of the fee demanded by the actor or other personality.
     
Following the same supply and demand economic theories, a grade school teacher in Nebraska can earn about 30,000 a year. If the teacher demands a huge 60 million paycheck a year, it is okay provided there is a school that will accept her offer. Unfortunately, going rate for teachers in the same job market is only 30,000 a year. Thus, the school can always hire another person to take the vacant teaching job if the current teacher demands that she be paid 60 million a year. It would be unfair to the schools to be forced to hire such teacher on a 60 million a year salary the schools also have the right to higher someone with the same academic and experience credentials at a lower annual fee. The money saved by the school in terms of teacher salaries can be used for school improvements facilities. The inequitable distribution of resources is justified by the demand and supply theories of economics.
   
Laissez faire economy is never judgmental.   In a free market economy, a person is free to choose ones profession. One can work as employee, manager, buyer, seller, producer, farmer, or store owner. Another person could also prefer to go sailing, fishing, singing, dancing, or work three jobs to make ends meet (Opitz 2004).
   
Likewise, some people can focus their time learning lesson from the downfall and successes of other companies in a free market economy. There are valuable lessons to be learned in Enron debacle. Here, both the auditors and the Enron officers presented falsified financial statements to entice people to freely invest in a bankrupt company (Roberts, 2002).
   
However, the free market economy must not forget to take care of the environment. A world without an environment is a world where the free market economy cannot thrive. (Hood,) Another advantage of the free market economy is the freedom to rise up in a capitalist society to be an intellectual in society or be one of the mediocre ones (Haag, 2001).
 
Laissez faire economy is lax. Anyone has the freedom to strive to have lots of money or to remain in poverty. The United States statistics released its annual report on poverty in the United States alone. There were around 37million poor persons living in the country in 2005 alone.  However, when scrutinized, 43 percent of the poor owned their houses.  Also, 80 percent of the poor had air conditioning units. Likewise, only six percent of the poor lived in overcrowded units. In addition, three fourths of the poor had their own car. Lastly, 97 percent of the poor had color television (Rector, 2007).
     
Laissez faire economy is tolerating. There are many interpretations of the free market economy. The conservatives have their own definition of free market economy.  For example, most Americans want the Asian market to import American goods. However, the Americans are setting up protectionism policies to avoid competition of suppliers from outside the United States. As expected, the Marxist-Leninist communism based economic system had been rejected in many countries around the world the popular economic theory implemented is the free market economy because of its wealth creating capacities (Gregg, 2004).
     
Free market economy is based on democratic rules. There should be liberty from tyranny and torture. The people should be given the freedom to buy or sell without being coerced. Free market economy entails liberty of conscience, information, and ideas set in an open and free civic society. The democratic liberties include political, economic, and moral freedoms (Novak 2004).
     
In the same light, the free market economy is the key to Americas vibrant economy.  In 2006, the United States economy expanded by3.5 percent over the past year. The unemployment rate had fallenby4.6 percent. The free market economy created a favorable stir in the stock market had bounced back from the collapse of the tech bubble. Consequently, the free market improved the retirement prospects of tens of millions of American elders. The free market economy has increased the probability for Americans to improve their standard of living. An increase in the free market economy revenues increases resources to open up more jobs (Sherk 2006).
     
In addition, the free market economy is a better choice as compared to the Socialism based economy. Replacing the market economy with the Socialism economy entails removing the buyers and the sellers right to freely join the market. Tyranny often replaces the buyers and the sellers freedom. Here, the individual is totally dependent on the state to dictate a persons every move (Ebeling, 2004).
  Briefly, a free market economy entails freedom. Freedom is the absence of force. However, freedom includes choosing ones destiny from many alternatives. Definitely, the free market system is democratically fair.