October 7 - October 7, 2010 Essay #4 (Phelps) Comments...

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October 7, 2010 Essay #4 (Phelps) Comments Self-actualization is an ideal, and unemployment is intolerable Exclusion – desire for security political pressure to interfere with markets Government must compensate for the non-inclusive nature of the economic process. Desperation – incentive for would-be innovators to be “predatory entrepreneurs” Subprime lending Employment subsidies align incentive to seek productive work and productive workers “Living wage” – ability to acquire skills for oneself and ones children Subsidy for innovation counters incumbent advantages and temptation to lethargy Incumbents focus their energy on protecting themselves, discourages outside competition, discourages innovation Dore and some anthropology Systems change whether they’re being reformed or not. When the British were creating capitalism, they were not seeking the benefits of industrialization (because it hadn’t happened yet). First signs of industrialization were apparent by 1800.
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October 7 - October 7, 2010 Essay #4 (Phelps) Comments...

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