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The American system's stress on work and consumerism camouflages its inefficiencies. Explain why welfare would be higher under perfect competition.
How would America's market structure change if the system were perfectly competi-tive? Would the role of obligation increase?
Why is the efficiency of the Marshallian adjustment mechanism impaired in the American production market?
Why are ideological terms like capitalism and socialism inadequate for assessing the workings of the laws of demand, supply, and their equilibration?
Why does macroeconomic policies imply that they are universal; that they will have positive effects and work the same way in all systems?
In what sense can Keynesian policies be considered a third regulatory mechanism, suppkmenting the Walrasian and Marshallian mechanisms?
What is the Hicks-Hansen neoclassical synthesis? How does it re-validate the usefulness of monetary policy? How do its assumptions differ from Keynes's?
Why did Keynes believe that consumption and investment were complements? How is this related to his concept of the multiplier?
Why did Keynes believe that speculative demand for money could invalidate the implications of the Fisher equation, if wages and prices were sticky?
What is the Fisher equation? Why does it imply that changes in the supply of money will not affect the level of aggregate economic activity?
What did classical theorists believe that fluctuations in investment would not have multiplier effects on aggregate economic activity?
What was the Soviet automatic system of management and planning (ASUP)? How did it try to overcome the technical inefficiencies of Libermanism?
What were the fundamental deficiencies of Libcrman's simulated Marshallian adjust-ment mechanism?
How did the Liberman experiment attempt to overcome the shortcomings of input-output planning?
Input-output analysis was the touchstone of Soviet economic planning. What is it? What are its strengths and weaknesses?
How is the duality theorem related to the fundamental question of whether a general economic equilibrium exists in principle?
How can competition be made more equitable by adjusting the starting conditions of the utility-seeking game?
Why do they believe that price gouging and restricted market entry call the comparative merit of private competition into question?
Why did Smith believe that the invisible hand was not a Utopian conception? Hint: think about competition. Elaborate.
Perfect competition usually excludes government, but does not have to. What assump-tions are required to exclude government?
Does power-seeking explain why individuals and nations desire security services which are superfluous under perfect global competition?
Utility-maximizing, competitive free-enterprise systems are believed to provide higher social welfare. In what sense can this be considered a liberal paradox?
Samuel Huntington asserts that power-seeking is dominant force in international affairs. Why power and Parcto efficient utility-seeking are mutually exclusive.
What are the two archetypical economic systems? Why does the duality theorem which stipulates that perfect market and perfect planned outcomes are the same.
Why is this insight fundamental to understanding the diversity of economic systems?