Introductory Principles
What does sovereignty mean?
Supreme power/authority, who has the final say
What is Greek idea of virtue
Develop personal virtue within oneself so you can be a virtuous public servant
Who is Adam Smith?
The father of modern economics, wrote "The Wealth of Nations," talked about "the invisible hand."
What is the Equilibrium Price?
Price where the amount demanded = the amount supplied
What is generality?
Laws should not target individuals or specific groups for special treatment but rather apply to broad categories of behavior or circumstances
What are the 4 stages of the Human Predicament Cycle
Tyranny, Revolution, Anarchy, Competing Factions
Republic vs democracy?
Republic: power held by people who elect representatives to make laws
Democracy: power held by people, all citizens get a say in all laws
What is Mercantilism?
Economic system that favors exports, restricts imports
What is Opportunity Cost?
The value of the best alternative that was not chosen
What is prospectivity?
new laws or judicial rulings should only apply to future conduct or events, not events before. This ensures that individuals have fair notice of the legal obligations they are expected to comply with and avoids punishing people for actions that were lawful at the time they were taken
What is the Good Society?
Reasonably stable and prosperous society without an oppressive tyranny. Need both virtue and self-interest
Pros and Cons of self-interest
Cons: degenerates to selfishness, narcissism, deception
What is Specialization
Focusing resources on producing only a few goods
What is the Law of Comparative Advantage?
It's more beneficial for producers to make one thing and trade for other things than to make everything.
What is publicity?
Means that the laws are known to the public and that they are reliable.
What was Jamestown?
First settlement in the Americas, almost failed due to disease/conflict/starvation, John Rolfe saved it with idea to produce tobacco
What is a social contract
a philosophical idea where people agree to give up some freedom to a governing body in exchange for protection and order. BYU honor code.
What is the Law of Supply
As price goes up, suppliers will produce more of the good
What does "laissez faire" mean?
Policy in which there is little or no interference with exchange, trade, or market prices by the government
What is consent?
consent is a voluntary, knowing, and affirmative agreement to engage in a particular activity or action. It requires individuals to have the capacity to understand and freely choose to participate,
Who is John Locke?
British Enlightenment philosopher who influenced the Founding Fathers, proposed the idea of a social contract and natural rights
Pilgrims vs Puritans
Pilgrims (also known as Separatists) came to America to completely distance themselves from the Church of England, settled in Plymouth. Puritans wanted to reform it, but not leave it completely, settled in Boston.
What is the Law of Demand?
As price goes up, consumers will buy less of that good
What is the "invisible hand?"
The natural self-regulation of a market economy driven by self-interest and efficiency
What is due process?
Due process requires the government to follow fair procedures before taking actions that affect a person's life, liberty, or property. The rule of law ensures that everyone, including the government, is subject to the law and that laws are applied equally and fairly