lectur6-page2 - government And we have specific “property...

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2 2 Pure Capitalism Type of economic system generally characterized by: u Limited involvement of the government in the economy. u Individual ownership of the factors of production. u Individuals pursue their own self interest with few constraints. Limited government involvement DOES NOT mean zero government involvement. It means that government has a very narrow role in the pure capitalistic economy. Individual ownership of the factors of production means that individuals like you and I own land, capital, our labor and entrepreneurial talents; not the
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Unformatted text preview: government. And, we have specific “property rights” associated with these resources. Individuals pursue their own self interest with few constraints means that we can use the factors of production in a way that we as individuals choose to use them in order to make a living subject to few legal barriers. This would be in contrast to the extensive system of federal and state laws, rules, and regulations that we currently confront in our economy with respect to the factors of production that we own....
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