Cheat sheet for BCOR 1015 midterm PDF

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Makeshift cheatsheet for the BCOR midterm...

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Friedrich Hayek - free-market capitalism

prosperity of society was driven by creativity, entrepreneurship and

innovation, which were possible only in a society with free markets. changing prices relay information that helps people

determine their economic plans Argued that decision making must be decentralized to take into account this dispersed knowledge, Markets provide a systematic process that allows us to pool our individual knowledge

David Cox- Socialist Artificial scarcity - desire for things that are not necessary, people use these "things" to show off class and status, which promotes the production of goods that are not necessary shifting labor away from more useful goods and contributes to scarcity in capitalistic models Armen Alchian - Libertarian “ economics is the study of property rights over resources." pro property rights John T. Bethell - without private property there can be no prosperity, peace, freedom or even justice Richard Oxenberg - Property

Nicholas Eberstadt everything wrong with the us since 2000 Conley, K. - Pro UBI - writing -Should

the federal government give everyone a monthly check? The latest push for universal income. Coote, A. anti UBI - writing- Let’s boost the public realm instead. The Guardian. Ezrati, M. - anti UBI writing- Universal basic income: a thoroughly wrongheaded idea. Kingma, L Pro UBI - : The Answer to Automation? Futurism

G. A. Cohen - Socialist, writing - “Why not Socialism” Camping trip helps everyone - the problem is NOT intractable human selfishness The problem is the lack of obvious means to harness human generosity. Equality is multi faced - communal reciprocity (I help you not to gain for myself but because you will help me) Milton Friedman - free market capitalist - pays according to what you produce. Equalizing ratio of leisure to work time - inequality of income and wealth Socialism is less ethical because it requires coercion to redistribute wealth Redistribution slows economic growth - inheritance is moral because people should have the right to give their money to their children. Einstein, A - why socialism - profit motive and capitalism lead to unnecessary booms and depressions - individuals only learn to advance their careers crippling human creativity - believes in planned socialist economy Vonnegut, K. J. - everyone is equal - danger of total equality John Haltiwanger - democratic leadership with socialist principles Holmberg, S., & Schmitt, M. - more incentive to help the community - CEO overpaid Cowen, T pro CEO pay they have to gave a lot of skills.

Reiff, M. Ceo pay cap diminishing marginal utility decrease wage gap focus more on company because they are not trying to drive up stock price Arthur Melvin Okun - equity vs. equality when only capitalism is looked at the distribution of welfare is compromised - human dignity can be directed at reducing the economic deprivation that stains the record of American democracy—through progressive taxation, transfer payments, job programs, broadening equality of opportunity, eliminating racial and sexual discrimination, and lowering barriers to access to capital. Helbling, T. - price does not capture all costs - externalities exist. Although there is room for market-based corrective solutions, government intervention is often required to ensure that benefits and costs are fully internalized.

Ronald Coase -where there are complete competitive markets with no transaction costs and an efficient set of inputs and outputs, an optimal decision will be selected.

Kay, J - coase thought less gov intervention was needed bc companies would figure it out Cassidy, J. - zero transaction costs because it makes it most efficient Cognoscenti - tragedy of the commons - every individual has an incentive to consume a resource, but at the expense of every other individual -- with no way to exclude anyone from consuming.

Chow, T and B. Wheeden - Common-pool resource, a resource made available to all by consumption and to which access can be limited only at high cost. Solutions - privatization and government regulation

Wood, J - tragedy of the commons - percentage of fishing income back to replenish fish Frank, R.H - smoking effects other people who don't smoke a lot too Grier, J. - smoking negative externalities not as bad as originally thought Gruber, J. - tobacco regulation...