Exploring Economic Reforms for Sustainable Growth

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According to Kelso's principles of economic justice, what is the input principle?

Participation (correct)

Social Justice

Charity

Distribution

According to Kelso, how should income be distributed in a market system?

Based on the value of one's capital

Based on the value of one's labor

Based on the value of charity

Based on the value of both labor and capital (correct)

What is the purpose of the distributive principle for the virtue of charity?

To determine just prices, wages, and profits

To motivate people to produce enough wealth for themselves

To ensure social justice

To complement the distributive principle for the virtue of justice (correct)

What accounts for almost 90% of productivity growth in the modern world?

Technological and systems advances Signup and view all the answers

Why is private property essential to justice?

It secures personal choice and is the key safeguard of all other human rights Signup and view all the answers

What does property in everyday life represent?

The right of control Signup and view all the answers

What is of special significance in a capitalistic economy?

Property in capital Signup and view all the answers

Which of the following is NOT one of the three components of production?

Air Signup and view all the answers

What is the role of labor and capital in the production of goods and services?

They produce wealth Signup and view all the answers

Which of the following is included in private property in capital?

Wealth produced by capital Signup and view all the answers

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 Signup and view all the answers

What is the highest purpose for which any just government is formed?

Securing life, liberty, and the means of acquiring and possessing property Signup and view all the answers

What is the goal of reducing the need for income redistribution through confiscatory income taxes and social welfare payments?

Increasing production and economic efficiency Signup and view all the answers

What is the most rational alternative to monopoly?

Establishing a free and open market Signup and view all the answers

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

Ensuring a permanent political constituency for a sustainable free market economy Signup and view all the answers

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 Signup and view all the answers

What is the principle referred to as the 'Principle of Limitation'?

Principle of Social Justice Signup and view all the answers

What did Kelso propose as a solution to the limited ownership of productive assets?

Making every worker an owner of income-producing assets Signup and view all the answers

What is the goal of limiting the economic power of the State?

To achieve economic justice for all Signup and view all the answers