7 Questions
According to Say's Law, in a free market economy, supply would create its own ____.
demand
Who agreed upon condemning Say's Law for different reasons?
Karl Marx and John Maynard Keynes
Why do free market policies have seldom been supported by a broad political constituency?
Perceived institutional barriers
According to Marx, why would Say's Law not work in a market economy?
Because workers could only participate as workers, not owners
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
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
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
Test your knowledge of Economic Justice and Say's Law of Markets in this quiz. Learn about Aristotle's commutative justice, double-entry bookkeeping, and the principles of a free market economy. Explore the ideas of Jean Baptiste and understand the balancing between input and output in economics.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
