Philosophers
Economics and Markets
Definitions
Colonies
Other
100

Who proposed the idea of a social contract?

John Locke

100
Author of The Wealth of Nations​​​​

Adam Smith

100

Natural Liberty

Like animals, do whatever you want

100

Who proposed the idea of a 'City upon a hill'?

John Winthrop


For bonus 200 points--what did he mean by that?

100

Where is the review room?

HBLL 2218 (or directions on how to get there--for redemption)

200

This philosopher argued that humans are naturally good, but that institutions corrupt them.

Rousseau

200
Why is money important in a market economy?

Extends trade and eliminates the need for a coincidence of wants

200

Civil Liberty

Only the freedom to do good things

200

What were the key differences between John Cotton and Roger Williams?

At its simplest, Williams argued for more liberty and religious tolerance, Cotton called for an 'ordered liberty' and strong boundaries to stop people from abusing power and freedom
200

What is a collective action problem?

Any situation where a group of people would be collectively better off if they could cooperate but find themselves unable to do so either because they cannot coordinate or because they have conflicting interests and goals

300

This philosopher believed humans were naturally self interested and brutish, and that there was no such thing as an innate moral good

Hobbes

300
"Anarchy is not a market". What are 3 of the governments roles in a market?
  • Prevent coercion and fraud

  • Subsidize the creation of transportation networks to expand trade opportunities

  • Define and enforce property rights

  • Enforce exchange agreements

  • Provide money

300

Define opportunity cost

The cost of the next best alternative option

300
Which group wrote the Mayflower Compact?

Pilgrims

300

What are the 4 solutions to collective action problems?

Selective incentives, political entrepreneurs, ideologies/belief systems, government coercion

400

What characteristics did greek philosophers like Plato prize?

Justice, wisdom, courage, temperance

400

How does Adam Smith use the term 'invisible hand' to describe the market?

"By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it”

400

Define Mercantilism

Stockpile gold and silver, more exports, government run economic system
400

Who found a new strain of tobacco in Jamestown (and also married Pocahontas)?

John Rolfe

400

In the book Justice, the author Michael Sandel proposes that there are three values/aspects/ways of thinking about justice-what are they?

Freedom, virtue, and welfare (prosperity)

500

John Rawls, in describing how to design a good society, uses the term 'veil of ignorance'. What does this idea mean?

“If they did not know their own future position in that society—because of the veil of ignorance—they would be better able to devise the best kind of society.”

500

What is the law of comparative advantage?

Everyone is the low cost producer of something, and that is what they should specialize in.

500

Define telos

"the purpose, end, or essential nature"


Bonus 100 points--telos is part of who's idea of justice? (name of a philosopher)

500

Which 2 Christian theologians were the backbone of Puritan thinking?

Martin Luther and John Calvin

500

What are the four stages of the human predicament cycle?

Tyranny, revolution, anarchy, competing groups
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