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Exploring Economic Justice and Say's Law of Markets

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Exploring Economic Justice and Say's Law of Markets

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Questions and Answers

According to Say's Law, in a free market economy, supply would create its own ____.

monopoly

competition

demand (correct)

inflation

Who agreed upon condemning Say's Law for different reasons?

Karl Marx and Aristotle

Aristotle and John Maynard Keynes

Karl Marx and John Maynard Keynes (correct)

Adam Smith and Jean Baptiste Say

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

Monopolization of economic power

Historical exceptions

Perceived institutional barriers (correct)

Lack of economic power and privilege

According to Marx, why would Say's Law not work in a market economy?

Because workers could only participate as workers, not owners Signup and view all the answers

According to Marx, what would be the result of a market economy expanding under pure 'laissez-faire capitalism'?

The rich would get richer and the poor poorer Signup and view all the answers

According to Keynes, why did a 'free market' economy fail to provide sufficient 'elasticity' in prices and wage rates?

To clear the market in times of massive unemployment and over-supply Signup and view all the answers

According to Kelso, how could Say's Law be made to work in a world of automation, robotics, and artificial intelligence?

By providing widespread citizen access to capital credit Signup and view all the answers