Economic Review

940 words - 4 pages

Economics Review

List and describe the classification of economic systems based on allocation mechanisms
* Traditional economy- you do what your parents do
* ex: India in a way because of the caste system
* Market economy- based on supply and demand, prices
* Command economy- based on the government
* Markets need homogenous goods, no barriers to entry or exit, perfect information and many buyers and sellers problem is that this is not the case, markets are not perfect

List and describe the classification of economic systems based on forms of ownership
* Capitalism- people privately own inputs (land, labor, capital) and will use them in their best interests ...view middle of the document...

Include potential market solutions to such imperfections.
* Externalities – private cost/benefits do not equal social costs/benefits
* No perfect information
* Free riders on public goods
*

In your own words argue in favour of capitalism.
* Allows market to determine prices, prices are determined on supply and demand, what people want
* Encourages people to work hard, and spurs innovation
* Open competition in the market
* Hard work is often rewarded
* Private goods—ppl can work for, don’t have to worry about only having public goods with free riders

In your own words argue against capitalism.
* Lead to unfair competition, unfair methods in achieving capital (money in family- cheat system)
* Promotes greed
* Exploits developing countries and underprivileged
* Gap between rich and poor

De Soto explains why capitalism seems not to work in developing countries. Explain his arguments.
* Legal framework fractioned too many law
* Supply of labor is high, low wages, capital is high
* Isn’t a structure that allows people to use their savings to create capital
* Unified law system, legal framework, therefore convert savings into an investment
* Don’t have titles, have to provide own water, De Soto says property rights should be enforced
Explain the labor theory of value
* Everything that is produced and consumed should be measured in labor
* W (goods and services) = C (constant capital-# of labor hours) + L (variable capital- extra time towards producing)
* L = V (compensation to workers) + S (surplus—goes to capital owners)
* Capital is constant because people who have made it have already been compensated, surpluscapital owners why is capital counted twice when labourers are already paid?
* P (profits) = S / (C+V) if capital is constantly going up and S & V remain the same, then profits will decrease

Explain Lenin’s theory of Imperialism
* If capital owners keep capital but make sure to give some gains to the workers, equal distribution and then they will be better off
* Believe these countries exploit other countries
* Capitalist pay labor aristocracy
* Don’t exploit own workers, exploit others

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