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Essentials of Economics 2nd Edition by Campbell McConnell, Randy Grant, Stanley Brue
Edition 2ISBN: 978-0073511313Essentials of Economics 2nd Edition by Campbell McConnell, Randy Grant, Stanley Brue
Edition 2ISBN: 978-0073511313 Exercise 7
Comment on or explain: LO4
a. Endowing everyone with equal income will make for very unequal enjoyment and satisfaction.
b. Equality is a "superior good"; the richer we become, the more of it we can afford.
c. The mob goes in search of bread, and the means it employs is generally to wreck the bakeries.
d. Some freedoms may be more important in the long run than freedom from want on the part of every individual.
e. Capitalism and democracy are really a most improbable mixture. Maybe that is why they need each other-to put some rationality into equality and some humanity into efficiency. f. The incentives created by the attempt to bring about a more equal distribution of income are in conflict with the incentives needed to generate increased income.
a. Endowing everyone with equal income will make for very unequal enjoyment and satisfaction.
b. Equality is a "superior good"; the richer we become, the more of it we can afford.
c. The mob goes in search of bread, and the means it employs is generally to wreck the bakeries.
d. Some freedoms may be more important in the long run than freedom from want on the part of every individual.
e. Capitalism and democracy are really a most improbable mixture. Maybe that is why they need each other-to put some rationality into equality and some humanity into efficiency. f. The incentives created by the attempt to bring about a more equal distribution of income are in conflict with the incentives needed to generate increased income.
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Comment on or explain:
a. Endowing ever...
Essentials of Economics 2nd Edition by Campbell McConnell, Randy Grant, Stanley Brue
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