THE ECONOMY; A FOOLS ARM-CHAIR ANALYSIS.....

The Economy is composed of all aspects and activities of human beings that involves earning and spending money or the exchange of any other means of storing value.
There are different ways by which the economy can be classified. We have the FORMAL and the INFORMAL ECONOMY, we have the LEGAL and the ILLEGAL ECONOMY, we have the OLD INDUSTRIAL ECONOMY and the NEW KNOWLEDGE/INFORMATION BASED ECONOMY.
Evidently, every activity to secure the means to put food on a man's table is an economic activity. A cursory look at how that means is acquired then determines under which classification such an activity belongs.
The father of economics, Adam Smith once rightly postulated that Human Needs are Insatiable. Hence, the need for more and more and the survival instinct of assuring what man already has is essentially the drive behind every economic activity. What some intellectuals refer to as the motivation that keeps the wheel of progress moving.
A good knowledge of economics and the economic situation cum environment  is sine qua non to be considered as an intellectual in any modern society.
The economic playground is so large that it accomodates all and sundry, knowingly or unknowingly, without bias nor prejudice. All that matters, is most times a basic knowledge of arithmetic, a burning desire to succeed and a sound knowledge of your trade/profession.
The economy can be basically categorised into three;

1. Free Economy/Free Market: this is essentially what intellectuals refer to as a capitalist system. It is the type of economy that encourages that every form of enterprise or profit making activity should be left in the hands of private citizens and/or organizations. It is also known as the LAISSEZ-FAIRE Economy. Which is of french origin and means "allow to do/make". This system operates in most advanced economies or first world countries.

2. The Socialist/Collective Economy: in this system it is believed that natural thoughts and predisposition of man towards man is evil. Hence, a collective/common ownership of the means of production would ensure a continous availability of the basic needs of man to each person just enough to ensure his/her survival. It is derived from the communist political philosophy of "All For One and One For All" and from the Socialist political philosophy of "Be Your Brother's Keeper!"

3. Mixed Economy: this is an economic system where the government controls a sizeable portion of the economy and "privatizes" the rest or "liberalises" some sectors of the economy. It combines the best and worst of the two worlds. A typical example of a mixed economy system is Nigeria; the sleeping giant of Africa!

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