Garrett's Notes - Econ350 04:29 Lawsofwubba...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 350 04:29 Laws of wubba How to choose the rulers Who will make the rules What principles of philosophies How to meet the physiological needs of society What should be produced How much of each How to combine resources to produce the desired quantities of goods and  services How to distribute the goods and services produced What rights will people have regarding acquisition, disposition, and utilization  of goods and services Should the same economic responsibilities be available to individuals  independent of their personal characteristics How to treat people incapable of performing productive tasks Which code of ethics or morals to guide social behavior Which religion (if any) to allow Should holidays be observed- which ones Objectives Efficiency Growth
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Liberty Equality Decision methods Free markets Price controls Subsidies Taxation Non-price regulations Public enterprises Armed forces= centralized decision making system Institutional characteristics People engage in activities Activities governed by common rules Philosophical basis for the rules Philosophical Basis Specifies place of the individual in society Ideal state serving as ultimate goal of society
Background image of page 2
General program to get from actual conditions to ideal “state” Property Rights- bundle or “set” of powers vested in an individual by law or  custom Right of income or wealth Right of decision o Right of use o Right of disposal o Right of appointment Usufruct: the right of use and income from another’s property without damaging it Usucaption: the acquisition of title or right of use of property as a result of  uninterrupted possession for a prescribed period of time Socialists believe that property matter and that ownership gives capitalists power-  this power can be eliminated by eliminating private property in capital Change location of decisions so the decisions will be more favorable to  workers Production creates income Governments can only create income through production Interest is payment for non-consumption
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
04:29 Classification by Allocation Mode I. Transfer Systems Unilateral transfer o Gift-taxes-subsidies-grants-theft-free advice Bilateral transfer o Potlatch-war Multilateral transfer o Tribal economies-manorial economies II. Exchange Economies Full “visible hand” domination o Centrally administered Some “visible hand” participation o Fascism o Micro-regulation- wartime market economies, antitrust o Macro controls- indicative planning, price stabilization, full employment “laissez faire” o voluntary self-organization- cartels, oligopolies o atomistic Examples
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 17

Garrett's Notes - Econ350 04:29 Lawsofwubba...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online