Market Advantages and Failures
This author explains how markets produce an abundance of wealth and a provision of ideas in the first few chapters of Wealth of Nations.
Who is Adam Smith?
John Stuart Mill took the "Happiness Principle" one step further by exploring the _______________ of "happiness."
What is quality?
What are the seas?
This occurs when group members coordinate their actions to achieve a common goal.
What is collective action?
The "tragedy of the commons" examines this term and its sustained use through privatization.
What are shared resources?
Markets are evaluated and studied regarding advantages, fairness, and this.
What are failures?
The "Greatest Happiness Principle" is most closely associated with this.
What is Utilitarianism?
This philosopher argued about the legality of selling something for more than it was worth
Who is St. Thomas Aquinas?
Goods are considered public goods when they have two features - nonrivalry and this noun.
What is nonexcludability?
Hume views private property as this word, not a natural right.
What is a utility?
These occur when one person's actions impact another person's welfare.
What are externalities?
John Rawl's approach to justice in the distribution of social and economic goods is called this.
What is "justice as fairness"?
The economic value of a good or service is determined by the amount of labor required to produce it refers to the___________.
What is labor theory of value?
This action is unique in nature among humans
This British/American agitator wrote "Common Sense."
Who is Thomas Paine?
This author introduces the idea of an "invisible hand" contributing to market regulation and cooperation through specialization.
Who is Adam Smith?
This writer developed a three-part theory of distributive justice called the "Entitlement Theory."
Who is Robert Nozick?
The belief that labor transformed common property into private property is John Locke's theory of this.
Labor theory of value (LTV)
What is the Free Rider Problem?
Paine claimed that this phrase, as it turned land into private property, was the root of wealth disparities in society.
What is agrarian law?
This author's I, Pencil, links Adam Smith's principle of specialization to Hayek's insight about how prices affect behavior.
Who is Leonard Read?
This theory of distributive justice is based on "who ends up with what" rather than how the distribution started.
What is the end-State principles of justice?
Locke points out that this invention creates a property that can be moved with a permanent value that can be stored or transferred and whose value is widely recognizable.
What is money?
This economist studied the Collective Action and the Evolution of Social Norms.
Who is Elinor Ostrum?
Karl Marx discussed the stages of history related to capitalism as a dialectical process dealing with these.
What are modes of production?