The Flaws of Laissez-Faire Economics
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Questions and Answers

According to Say's Law, supply and demand is a self-regulating process due to the interaction of two factors. What are these two factors?

  • Labor and capital (correct)
  • Technology and innovation
  • Science and nature
  • Supply and demand

    • What does technological change or innovation do to the input mix in production?

  • Shifts labor input to consumption
  • Increases labor input
  • Does not affect labor input
  • Decreases labor input (correct)

    • Who benefits the most from technological change according to the text?

  • Those who create technological change
  • Those who own capital (correct)
  • Those who work with labor
  • Those who work with capital

    • What does Say's Law assume about the distribution of productive power?

    <p>It assumes a democratic distribution of productive power</p> Signup and view all the answers

    According to Isaiah Berlin's essay, the fox and the hedgehog are symbols of a divide between thinkers and writers based on:

    <p>Their single central vision</p> Signup and view all the answers

    Louis Kelso is described as:

    <p>A hedgehog</p> Signup and view all the answers

    The enigmatic fragment by the ancient Greek poet Archilochus suggests that:

    <p>The hedgehog knows one big thing</p> Signup and view all the answers

    Louis Kelso understood the corporate form of organization because he

    <p>designed corporations</p> Signup and view all the answers

    Louis Kelso's favorite law clients were

    <p>inventors and entrepreneurs</p> Signup and view all the answers

    Louis Kelso's collaboration with the hedgehog produced a large and remarkable body of theory and practice, including

    <p>Employee Stock Ownership Plan (ESOP)</p> Signup and view all the answers

    Louis Kelso's aim was to

    <p>save the capitalist system</p> Signup and view all the answers

    What did Say and his followers believe would happen if the government adopted a hands-off policy?

    <p>The market economy would automatically correct its imbalances</p> Signup and view all the answers

    What did President Hoover remind the American people about depressions?

    <p>Depressions are not new experiences</p> Signup and view all the answers

    What is an 'anomaly' in the context of the Great Depression?

    <p>A phenomenon that the dominant paradigm cannot fully explain</p> Signup and view all the answers

    What was Louis Kelso's approach to studying economic arrangements?

    <p>As an outsider and amateur</p> Signup and view all the answers

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