14 Questions
What does Louis Kelso's binary economics system divide the factors of production into?
Human and non-human
What is the central tenet of binary economics according to the text?
Linking marketable outputs to incomes
Who is one of the few writers who accurately describes Louis Kelso's paradigm according to the text?
William Greider
What is the fundamental flaw in today's dominant economic paradigms?
An unrealistic and inefficient reliance on labor productivity
What are some of the negative consequences of the blind spots in traditional economic theories according to the text?
Concentration of economic power, corruption, crime, and exploitation
What does the text suggest is needed if we believe in democracy and empowering every person?
Something new
Distributive justice is based on which principle?
The outtake principle
Social justice places a personal responsibility on every member of a group or institution to do what?
Organize with others to correct defective or unjust institutions
What do binary economists believe is the real problem in the system controlling access to money, credit, and capital ownership?
The system itself
What do most people expect to legitimate their incomes through under current economic policies?
Their labor alone
According to binary economics, how can a person be entitled to a commensurate distribution?
Through both human and non-human inputs
What does binary economics attribute most of the increases in the labor-capital mix to?
Capital assets in the form of technologies
What are the three concepts that set binary economics apart from preceding economic approaches?
Binary productiveness, binary property right, and binary growth
What are the four pillars of a truly free and just global marketplace according to binary economics?
Universal access to money, private property rights, limited economic power of the state, and open markets
Test your knowledge on distributive justice and the outtake principle with this quiz. Explore the concept of compensating labor at market-determined rates and the role of capital contributions in the production of marketable wealth. Challenge yourself and deepen your understanding of economic fairness and compensation.
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