Answer :

Capitalist economy focus on maximisation of individual benefits by maximum utilisation of natural resources and these resources are owned by private people, it also produces goods which provides maximum satisfaction to the consumers, in socialist economy humans are considered as means to achieve maximum social welfare with least freedom to choose about what to produce and what to consume, whereas ancient economics focus on holistic approach, as per which economic system should be of this type where economic decision of the person is motivated by freedom and self-interest but there should be moral control to prevent exploitation of resources and excessive consumption of goods and services which disturbs economic system. In ancient economics, an individual should be able to divert in the direction of public welfare through moral value and statutory welfare.


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