October 5 - October 5, 2010 Essay next Tuesday will cover...

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October 5, 2010 Essay next Tuesday will cover Dore article Where do the different economic systems come from, and how do they differ from each other? Phelps article Authorities (government, CEOs, entrepreneurs, wealthy individuals) can act with autonomy. They have a degree of detachment from the system. This gives them the ability to reform the economic system. Stakeholders Four prominent categories Business owners Sole proprietors or shareholders Consumers Environment Ecology, natural resources Workers/labor The comparison of economic systems depends on the relationship between these four examples. Who does the system privilege/neglect? How do these stakeholders interact? There exists a fifth category of stakeholders: “Wannabes” Outsiders who want in Possible to label them as entrepreneurs who have yet to break into a market.
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Phelps is focused on new ideas and new thinkers Dynamism The first 4 stakeholders have a desire for protection within the system They don’t want to be run over or ignored. Government actions have the potential to counter the “protective rigidities” of first 4 stakeholders The incumbents dampen the effects of dynamism through their desire for protection. By subsidizing low-wage workers, government increases
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October 5 - October 5, 2010 Essay next Tuesday will cover...

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