A
Define HUMAN FLOURISHING
Human Flourishing is spiritual and material peace, abundance, harmony and joy,
Mankind needs to be told to want things.
FALSE
Central planners lack the ____________ to be good at planning.
What did Aristotle say about peoples needs and desires?
People's needs are MODERATE, but people's desires are LIMITLESS
What are the two tax rates that will generate $0 in revenue for the government?
0% and 100%
What are the four things we know from Arthur Brooks most contribute to mankind's happiness?
Faith, Family, friendships/community, work/purpose
People prefer to place ownership in private hands because.....
When things are owned in common, the responsibility and accountability for their use disappears, as few are willing to assume responsibility for things that they do not own.
central planning can never account for what?
TIME and PLACE circumstances
What classical economist is best known for his theories of Utilitarianism?
John Stuart Mill
A society is a multitude of ___________ where _________ are adjusted to one another.
A society is a multitude of PEOPLE where ACTIVITIES are adjusted to one another.
define the concept of EARNED SUCCESS
mankind experiences the most happiness and fulfillment when they earn their success
The founder of the philosophy known as Objectivism, who taught that happiness is the moral purpose of life and reason is our only absolute.
Ayn Rand
What is the Theory of Marginal Utility?
As consumption increases, the marginal utility derived from each additional unit declines.
Jean Baptiste-Say was a classical economist who taught us what about production?
Production DRIVES economic growth
What is the Nirvana Myth?
Comparing any real system or society (like a free market one) to some standard that doesn't exist in the real world.
What is one key first principle we learned?
God created us with dignity in His image.
Humans act.
human flourishing is our chief aim
there's no free lunch. trade-offs exist in any system
Sin entered the world.
Human beings have individual responsibility and agency.
What is the Subjective Theory of Value?
We subjectively value goods and services according to our own personal tastes and appetites. These subjective values are translated into objective information (prices, value) necessary for rational allocation of resources in society via the price mechanism.
What did Keynes believe the government should do in times of economic slowdown?
Stimulate aggregate demand with big spending to make up for declining consumer activity and confidence
What is Augustine's Theory of Utility?
Physical objects have two primary purposes - either they make us happy, or they provide us "use" or purpose.
What is the Piety Myth?
Focusing on the intentions rather than the consequences of a policy.
______________ is an inevitable result of human nature. ______________ is the activity that must be proactive.
CONSUMPTION is an inevitable result of human nature. PRODUCTION is the activity that must be proactive.
What FOUR traits will a virtuous person have?
(As defined by ADAM SMITH)
Prudence
Justice
Doing Good
Self-Control
What does Supply-Side economics teach us?
Deregulation and the reduction of marginal tax burdens boost incentives for productivity.
David Ricardo was a classical economist who taught us that the economy is optimized when each party focuses on what they are best at. This is known as....
Law of Comparative Advantage
An economy is the cultivation of __________, through human ________, for the provision of human _______, through relationships of ____________.
An economy is the cultivation of CREATION, through human LABOR, for the provision of human NEEDS, through relationships of EXCHANGE.