Reading quotes (hard)
He said "There are in rights but human rights, and property rights are human rights to proprety"
Who is Paul Poirot?
What is an Externality?
This role of government provides avenues to protect private property rights.
What is "Legal and Social Framework"?
A tax on consumers tends to reduce the quantity of a good made, and does THIS to the price.
What is "Reduces it"?
He said "The great advantage of the market is it permits wide diversity"
Who is Milton Friedman?
When a buyer pays less than they would be willing to, they experience this term in economics.
What is "Consumer Surplus"?
This role of government establishes military, police, and on a local levell, teachers.
What is "To provide public goods and services"?
A tax on the producers tends to reduce the quantity in the marketplace, and does this to the price.
What is "Increases it"?
He said "There is no avoiding the fact liberty will perish if the exercise of liberty is not tempered by an ethic of individual responsibility?"
Who is Dwight Lee?
These are the two measurements we think about when we look at "poor nations".
What are "poverty" and "income (in)equality"?
A liquor license requirement, so there are not too many bars in a given area, is an example of this role of government.
What is "to maintain competition"?
An income tax has this type of effect on the supply of workers.
What is "Decreasing supply"?
He said "Property in its application means 'that dominion which one man claims... in exclusion of every other individual"
Who is James Madison?
The amount of productivity on a graph that is LOST due to a tax (on consumers or producers) is called this.
What is "Deadweight Loss"
Tax refunds are an example of this role of government.
What is "redistribute income"?
A tax reduces this (on a graph) to generate its income.
What is "Surplus"?
He wrote the tragedy of the commons to illustrate how lack of private ownership leads towards costs spilling out on others.
Who is Garrett Hardin?
This theory of economics talks about "if private property can bargain without cost over the allocation of resources, they can solve the externality problems on their own".
What is the "Coase Theorem"?
When a government raises the interest rate to slow growth, they are performing this role of government.
What is "to stabilize the economy"?
An example of this approach to taxation is passing legislation to prevent firms from doing certain negative behaviors.
What is "Command-and-Control"?