Lecture September 5 - Humans cooperate to an extent unknown elsewhere in the animal kingdom The notion of a solitary individual doesnt exist because of

Lecture September 5 - Humans cooperate to an extent unknown...

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Humans cooperate to an extent unknown elsewhere in the animal kingdom The notion of a solitary individual doesn’t exist because of our cooperation with one another Social control : what people think about you and what you expect others to think of you as well as the disadvantages of doing the wrong thing -with voluntary action, don’t need formal control Government: authorized formal social control implies that it is always coercing, a constraint on liberty (when is that restraint justified?) even a voluntary action is always coercion in its resources When is restraint justified=when is coercion justified? (relatively never) :governments do what people can’t do as well for themselves *Mill’s harm principle : coercion is justified only to protect other people, unless your activities are damaging to someone else, government has no right to intervene *The benefit-cost perspective : government intervene when the gains exceed the losses the notion of market failure is used as an organizing principle markets: voluntary exchange, are an important for of voluntary cooperation perfect markets are those that reach pareto-optimal results exhausts all of the potentially mutual beneficial deals; they all get made
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  • Fall '11
  • Kleiman
  • Market failure, Externality, Public choice theory, somethingpeople, key institute of society

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