Oefenvragen
Questions based on the book Economics Evolving: A History of Economic Thought
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Voorbeeld 3 van de 10 Oefenvragen
Mill makes a distinction between two types of labour. What are these types and which one does add to economic growth? And why does there almost nothing remain of this distinction and becomes of little value?
Mill makes a distinction between two types of labour. What are these types and which one does add to...
• Mill distinguishes productive and unproductive labour. The part that produces material wealth is productive, the other is part is unproductive. Examples of unproductive are teachers, doctors, actors etc. Unproductive labour is also useful, but the characteristic feature of productive labour is its positive contribution to material wealth and economic growth. Productive labour is associated with capital accumulation, and, therefore, having a large share of the work force in the productive work is important economic growth.
• He also states that he will interprets the concept of production in a broad sense, so that also unproductive labour which is needed to produce material wealth will also be classified as productive. Therefore, the remains little of the distinction and thus the distinction becomes of little value.
To which two important aspects of the market mechanism did Hayek believe Mises's view on prices and market paid insufficient attention? Explain.
To which two important aspects of the market mechanism did Hayek believe Mises's view on prices and ...
• Incentives: owners of private firms strive to maximize profits, since the profits accrue to themselves
• Information: consumers’ knowledge of their preferences and resources and firms’ insights in the technology of production areas are as a rule unavailable to outside observes.
According to Lange, why does market economy not lead to optimal allocation of resources? What was Lange’s system of market socialism? According to Lange, does this system imperfections?
According to Lange, why does market economy not lead to optimal allocation of resources? What was La...
• Political attempts to control the monopolies and cartels (which the market economy has) would fail, since these large and powerful companies would easily come to have more political influence than the supervisory institutions that were set up to control them.
• Firms would be owned by the state, coordinated by trusts, supervised by public bank. Firms would be instructed to maximize profit. Prices would be determined by the central planning bureau by trial and error to create equality between demand and supply.
• Yes, it does have some imperfections.
o The danger of increasing bureaucracy that would follow from detailed state regulation of industry. But, this was also the case in market economies, which were dominated by large (monopoly) companies.
o Lack of incentives might be a problem. However, the democratic control of managers could be exercised so that efficiency would be encouraged.
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