Economic Decision-Making in a Free Market
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Economic Decision-Making in a Free Market

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Questions and Answers

What is justice defined as?

  • Misusing economic and social justice
  • Giving to each what he or she is due (correct)
  • Expanding the world's productive potential
  • Resolving and avoiding human conflicts

    • What is the first challenge in pursuing and implementing justice in today's world?

  • Understanding the inborn aversion to injustice
  • Developing a conceptual framework
  • Eliminating poverty
  • Clarifying the terms economic and social justice (correct)

    • What is the potential of the Age of the Robot according to the text?

  • Misusing economic and social justice
  • Expanding the world's productive potential (correct)
  • Eliminating poverty
  • Resolving human conflicts

    • Which of the following is NOT one of the four cardinal virtues of classical moral philosophy?

    <p>Justice</p> Signup and view all the answers

    What is the ultimate purpose of all virtues?

    <p>To elevate the dignity and sovereignty of the human person</p> Signup and view all the answers

    How is justice different from charity?

    <p>Justice supplies the material foundation for charity</p> Signup and view all the answers

    What are the two parts of justice according to Aristotle?

    <p>Commutative justice and distributive justice</p> Signup and view all the answers

    Which principle of economic justice involves how one makes an 'input' to the economic process through human and non-human contributions?

    <p>The Principle of Participation</p> Signup and view all the answers

    Which principle of economic justice defines the 'out-take' rights of an economic system based on each person's labor and capital inputs?

    <p>The Principle of Distribution</p> Signup and view all the answers

    What is the guiding principle of distributive justice in modern economic justice?

    <p>To each according to his contribution</p> Signup and view all the answers

    What is violated whenever an owner or worker is deprived of the fruits of his productive inputs?

    <p>The Principle of Distribution</p> Signup and view all the answers

    What is the guiding principle for controlling monopolies and re-synchronizing distribution with participation?

    <p>Economic harmonies</p> Signup and view all the answers

    What is the logic of a free market economy?

    <p>Balance between input and out-take</p> Signup and view all the answers

    Why do most modern political economists reject Say's Law of Markets?

    <p>Emerging technologies taking over worker tasks</p> Signup and view all the answers

    What is the third principle of Social Justice?

    <p>Harmony and realization of absolute values</p> Signup and view all the answers

    What was Marx's view on the impact of monopoly capitalism on wealth distribution?

    <p>The rich would get richer and the poor would get poorer</p> Signup and view all the answers

    What did Keynes focus on in his analysis of the economy?

    <p>Demand side of the economic equation</p> Signup and view all the answers

    What is private property in law?

    <p>The rights, powers, and privileges an individual enjoys in his relationship to things</p> Signup and view all the answers

    What was the solution proposed by Keynes to address unemployment and over-supply?

    <p>Artificially increasing mass purchasing power through governmental intervention</p> Signup and view all the answers

    What is the primary social 'link' between a human being and the process of producing and distributing wealth?

    <p>Property</p> Signup and view all the answers

    What is the role of a corporation in organizing private property rights in the means of production?

    <p>To decentralize economic power through joint ownership</p> Signup and view all the answers

    What is money according to the text?

    <p>A social tool invented to facilitate economic transactions</p> Signup and view all the answers

    What does Louis Kelso believe money is?

    <p>A yardstick of value</p> Signup and view all the answers

    What is the purpose of proper creation of money?

    <p>To provide equal opportunity and access to every person</p> Signup and view all the answers

    How do the Marxist and Kelso-Adler theories of economic justice differ?

    <p>On the prevention of ownership monopolization</p> Signup and view all the answers

    What is the connection between widespread distribution of property and political democracy?

    <p>Property makes the ballot-holder economically independent</p> Signup and view all the answers

    What is one challenge in pursuing and implementing justice in today's world?

    <p>Clarifying the terms 'economic and social justice'</p> Signup and view all the answers

    What is one possible definition of justice according to the text?

    <p>Giving to each what he or she is due</p> Signup and view all the answers

    What is the potential of the Age of the Robot according to the text?

    <p>Expanding the world's productive potential</p> Signup and view all the answers

    What is the primary social 'link' between a particular human being and the process of producing and distributing wealth?

    <p>Property ownership</p> Signup and view all the answers

    What are the four cardinal virtues of classical moral philosophy?

    <p>Justice, courage, temperance, prudence</p> Signup and view all the answers

    What is the key to distributive justice assuming economic values are set democratically and freely in a competitive marketplace?

    <p>Property incomes</p> Signup and view all the answers

    How does charity differ from justice?

    <p>Charity is concerned with exceptional cases where strict application of rules is not appropriate</p> Signup and view all the answers

    What is money according to the text?

    <p>A social tool</p> Signup and view all the answers

    What are the two parts of justice according to Aristotle?

    <p>Commutative justice and distributive justice</p> Signup and view all the answers

    What is the purpose of money in a just free market economy according to the text?

    <p>Universal economic empowerment and prosperity</p> Signup and view all the answers

    What is the broader concept that encompasses economic justice?

    <p>Social justice</p> Signup and view all the answers

    Which principle of economic justice involves equal access to the means of making a productive contribution to the economy?

    <p>Principle of Participation</p> Signup and view all the answers

    What is violated by institutions and laws that cause monopolistic or privileged access to participation in ownership of modern instruments of production?

    <p>Principle of Participation</p> Signup and view all the answers

    What does distributive justice involve according to the text?

    <p>Distribution based on contribution</p> Signup and view all the answers

    What is the postindustrial version of economic justice based on?

    <p>Distribution based on contribution</p> Signup and view all the answers

    What was Keynes' solution to address unemployment and over-supply?

    <p>Increasing mass purchasing power through governmental intervention</p> Signup and view all the answers

    What was the main contribution made by Louis Kelso?

    <p>Promoting universal participation in ownership and profit distributions</p> Signup and view all the answers

    What did Marx's logic predict under monopoly capitalism?

    <p>The rich would get richer and the poor poorer</p> Signup and view all the answers

    According to Say's Law, in a free market economy, supply would create its own demand, and demand its own supply. Why did Karl Marx and John Maynard Keynes reject Say's Law?

    <p>Because they believed that supply could not create its own demand.</p> Signup and view all the answers

    What is the guiding principle of distributive justice that governs both 'feedback' and 'correction' in an economy?

    <p>Social Justice</p> Signup and view all the answers

    What are the basic economic decisions that can be made on a more decentralized and personalized basis in a system with expanded consumer sovereignty?

    <p>Production, investment, and resource allocation</p> Signup and view all the answers

    Why have free market policies seldom been supported by a broad political constituency throughout history?

    <p>Because of perceived institutional barriers to equal access to productive credit and expanded ownership opportunities</p> Signup and view all the answers

    What is the main difference between the Marxist and Kelso-Adler theories of economic justice?

    <p>The Marxist theory focuses on abolishing private property in corporate equity, while the Kelso-Adler theory aims to diffuse access to private property among all members of society.</p> Signup and view all the answers

    What is the role of property in the economic world according to the text?

    <p>All of the above.</p> Signup and view all the answers

    What did the Virginia Declaration of Rights, the forerunner of America's Declaration of Independence and the Bill of Rights, declare as the highest purposes for forming any just government?

    <p>Life, Liberty, and Property</p> Signup and view all the answers

    What is the key focus of moral philosophers in the Third Millennium according to the text?

    <p>All of the above.</p> Signup and view all the answers

    What is one of the challenges in pursuing and implementing justice in today's world?

    <p>Clarifying the terms of economic and social justice</p> Signup and view all the answers

    What is one definition of justice according to the text?

    <p>Giving to each what he or she is due</p> Signup and view all the answers

    What is the role of property in the economic world according to the text?

    <p>It is a principle of economic justice</p> Signup and view all the answers

    Which virtue is NOT one of the four cardinal virtues of classical moral philosophy?

    <p>Justice</p> Signup and view all the answers

    What is the soul of justice?

    <p>Charity</p> Signup and view all the answers

    What is the highest aim of charity?

    <p>To elevate each person to where he does not need charity but can become charitable himself</p> Signup and view all the answers

    What is the ultimate purpose of economic justice?

    <p>To free each person to engage creatively in the unlimited work beyond economics, that of the mind and the spirit</p> Signup and view all the answers

    What was the main focus of Keynes' economic theory?

    <p>Generating full employment</p> Signup and view all the answers

    What did Marx's logic predict under monopoly capitalism?

    <p>The rich would get richer and the poor poorer</p> Signup and view all the answers

    What was the main contribution made by Louis Kelso?

    <p>Reviving the logic of Say's Law</p> Signup and view all the answers

    What is property in law?

    <p>The relationships an owner acquires</p> Signup and view all the answers

    What are the rights of private property under the law?

    <p>All of the above</p> Signup and view all the answers

    What is private property in corporate equity?

    <p>The ownership of land, machines, and other assets by a corporation</p> Signup and view all the answers

    Why is private property essential to economic justice?

    <p>It provides decentralization of economic power</p> Signup and view all the answers

    What are the three essential pillars of the expanded ownership theory of economic justice?

    <p>The Principle of Participation, The Principle of Distribution, and The Principle of Harmony</p> Signup and view all the answers

    What is the guiding principle of distributive justice in modern economic justice?

    <p>To each according to his contribution</p> Signup and view all the answers

    What is violated by institutions and laws that cause monopolistic or privileged access for a few to participation in ownership of modern instruments of production?

    <p>The Principle of Participation</p> Signup and view all the answers

    What is the principle of distribution based on justice matched to each person's labor and capital inputs?

    <p>The Principle of Distribution</p> Signup and view all the answers

    What is the main difference between the Marxist and Kelso-Adler theories of economic justice?

    <p>The Marxist theory denies personal right to acquire property in capital, while the Kelso-Adler theory aims to diffuse access to private property broadly among all members of society.</p> Signup and view all the answers

    What is the role of property in the economic world according to the text?

    <p>Property diffuses power and makes the ballot-holder economically independent of those who wield political power.</p> Signup and view all the answers

    What is the potential impact of the Age of the Robot according to the text?

    <p>The Age of the Robot can provide equal opportunity and access to every person to become an economically independent owner of new capital assets.</p> Signup and view all the answers

    What is the guiding principle for controlling monopolies and re-synchronizing distribution with participation?

    <p>Free markets and competition.</p> Signup and view all the answers

    According to Say's Law, in a free market economy, what would create its own demand?

    <p>Supply</p> Signup and view all the answers

    Why did Marx argue that Say's Law would not work in a market economy?

    <p>Owners would be forced to invest any excesses in their incomes into ever-larger accumulations of productive assets</p> Signup and view all the answers

    What is the main difference between the Marxist and Keynesian views on Say's Law?

    <p>Marx believed that supply could not create its own demand, while Keynes believed it could</p> Signup and view all the answers

    What is the logic behind balancing input and out-take in a free market economy?

    <p>All of the above</p> Signup and view all the answers

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