19 Questions
According to Kelso's principles of economic justice, what is the input principle?
Participation
According to Kelso, how should income be distributed in a market system?
Based on the value of both labor and capital
What is the purpose of the distributive principle for the virtue of charity?
To complement the distributive principle for the virtue of justice
What accounts for almost 90% of productivity growth in the modern world?
Technological and systems advances
Why is private property essential to justice?
It secures personal choice and is the key safeguard of all other human rights
What does property in everyday life represent?
The right of control
What is of special significance in a capitalistic economy?
Property in capital
Which of the following is NOT one of the three components of production?
Air
What is the role of labor and capital in the production of goods and services?
They produce wealth
Which of the following is included in private property in capital?
Wealth produced by capital
What is the relationship of the worker to the value he creates through his work?
The worker has a right to the value he creates
What is the highest purpose for which any just government is formed?
Securing life, liberty, and the means of acquiring and possessing property
What is the goal of reducing the need for income redistribution through confiscatory income taxes and social welfare payments?
Increasing production and economic efficiency
What is the most rational alternative to monopoly?
Establishing a free and open market
What is the connection between widespread distribution of property and political democracy?
Ensuring a permanent political constituency for a sustainable free market economy
What are the Four Pillars of a Just Market Economy?
Universal Access to Capital Ownership, Limited Economic Power of the State, Private Property, The Just Third Way
What is the principle referred to as the 'Principle of Limitation'?
Principle of Social Justice
What did Kelso propose as a solution to the limited ownership of productive assets?
Making every worker an owner of income-producing assets
What is the goal of limiting the economic power of the State?
To achieve economic justice for all
Discover how the economic power of the State can be limited to encourage sustainable growth and prevent abuses in the private sector. Explore the concept of the Just Third Way and learn about lifting barriers to equal ownership opportunities. Find out how tax system and central bank reforms can create widespread access to economic opportunities. Take this quiz to test your knowledge on these important economic principles.
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