Name That Reading!
What reading argues for religious freedom, after a certain author was kicked out of his community for practicing his religion incorrectly ...
"The Bloudy Tenent of Persecution" by Roger Williams
What is the "Greatest Happiness Principle"?
Utilitarianism
What is the law of demand?
As price increases, quantity demanded decreases.
"For we must consider that we shall be as a city upon a hill. The eyes of all people are upon us."
John Winthrop, "A Christian at His Calling"
What principle was Dr. Karpowitz demonstrating by auctioning off donuts in lecture?
How a free market works - supply and demand, how self-interest regulates price in a free market.
What reading makes a clear case for independence by critiquing the monarchy and hereditary success?
Thomas Paine, Common Sense
What kind of economic system is Mercantilism?
A command economy -- central government controls major aspects of production, pricing, and distribution of goods and services
What is Opportunity Cost?
The total value of the next best option.
"“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest."
Adam Smith, "The Wealth of Nations"
What did the story of Belly, Jeremiah, and Conrad demonstrate?
Our perceptions of Human Nature change the way we believe people will act.
What reading argues that changing the rules of the market affects the outcomes?
Sperling "Punching Steph Curry"
Name the 4 steps of the Human Predicament cycle AND how to exit the Human Predicament cycle.
Tyranny
Revolution
Anarchy
Competing Groups
Solution: found a Good Society
Who is the "father" of economics?
Adam Smith
"This triumphalist aspect of meritocracy generates hubris among the winners and humiliation among the losers."
Michael Sandel, "The Tyranny of Merit"
Why were the professors cheerleading?
It demonstrated the telos of cheerleading and that in a Greek sense, roles and responsibilities are honorific.
Which author argues that markets do not introduce wrongness where there was nothing wrong to begin with?
Brennan and Jaworski, "If You May Do It for Free, You May Do It for Money"
BONUS (2x points): Define Incidental Limits and the Principle of Wrongful Possession
Name the three ways to resolve collective action problems
Selective Incentives
Political Entrepreneurs
Common Ideology
Coercion
Compare how a mercantilist would measure a wealth of a nation to how Adam Smith would measure a wealth of a nation.
A mercantilist would measure wealth based on how much gold/money is in the government's treasury.
Adam Smith would measure wealth based on a nation's production and consumption levels. AKA, money flow.
"The goals of both sides are best served by resolving differences through mutual respect, shared understanding, and good faith negotiations."
Aside from its being a work of art, why did Dr. Karpowitz read Twilight aloud in class?
To demonstrate the debate between Jeremy Bentham and John Stuart Mill on whether there are higher and lower pleasures or not.
Justice chapter 8: According to Aristotle's ideology, where does justice come from?
Justice is honorific - it comes from knowing what virtues should be honored because of the telos of society. Therefore Justice is giving people what they deserve.
Name the two separate principles upon which the earliest colonies were founded.
Jamestown - gold; it was an economic venture
Puritans/Massachusetts Bay/Mayflower - God; they came to worship and create a covenant society
Minnie Mouse sells her hair bows for $5 each. Daisy Duck decides to sell her hair bows for $4 each. According to the role of profits, what will Minnie do?
Either she will lower her price and earn a slightly lower profit, or she will leave the market and find something else to sell.
"Do by these presents solemnly and mutually, in the presence of God, and one of another, covenant and combine our selves together into a civil body politic, for our better ordering and preservation and furtherance of the ends aforesaid."
The Mayflower Compact
What principle did the clip from "Monty Python and the Holy Grail" demonstrate?
Legitimacy: what the government can do depends on what we see as legitimate.