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ECON 205 Final Exam

Blackburn agrees with Butler that not all people act so as to maximize the intensity or duration of any specific psychological state because: Olson argues that no one will contribute anything to a commons. (Hint: Olson is discussed by Ostrom.) Which strategy do Coakley & Kates take in their objection to Powell & Zwolinski? Friedman argues that Tragedies of the Commons can always be solved by finding a privileged minority to pay for the common good. Bowles & Gintis believe that willful punishers were only able to invade the human population because there were already so many conditional cooperators. Smith believe that cities would become more productive than towns only because demand for products was higher in cities than in towns. Which of the following is the least likely to be a public goods problem? (Hint: which activity directly causes an enormous benefit to the individual) Hayek compares the global economy to the human brain: both involve billions of players who mostly communicate with those who are closest to them. Friedman argues that barter is the most inefficient form of trade because it requires a double coincidence of wants and this imposes substantial transaction costs on traders. Which of the following isn't a kind of stakeholder that Powell & Zwolinski mention in their article against regulating sweatshops? Blackburn believes that agents with intransitive preferences (e.g. who prefer A to B and B to C, but prefer C to A) are irrational. In Lecture 9, I argue that any effort by developing nations to regulate sweatshop labor will encounter a Tragedy of the Commons. Bowles & Gintis believe that modern human cooperation is mutualistic. Friedman argues that bundling is a solution to some public goods problems, which involves bundling a public good (e.g. some software) with a private good (e.g. some hardware). Which of the following isn't a playing strategy that Ostrom mentions in her solution to the Tragedy of the Commons? Blackburn believes that intransitive preferences can be measured with utility functions, because any preferences can be measured with utility functions. Which of the following isn't an effect that Smith mentions in his explanation that the division of labor is more efficient? Which of the following is an objection that Powell & Zwolinski consider to deregulated sweatshop labor? Which fact about labor do Coakley & Kates point to in their argument that regulated sweatshop labor is superior to unregulated sweatshop labor? Gardiner argues that climate change is a perfect moral storm because it involves the confluence of three storms. Which of the following isn't one of those three storms? Hayek believes that centralized economic planning would be superior if most knowledge was scientific. Historians credit Adam Smith for inventing capitalism. Smith though that capitalism would strengthen the elite because they had superior education, experience, and expertise. Powell & Zwolinski argue that there is no principled difference between rational persuasion and psychological coercion. Bowles & Gintis suggest that we might have internalized other-regarding preferences from altruistic norms with our pre-existing emotional infrastructure. Hayek believes that scientific knowledge is irrelevant to economic planning (unlike circumstantial knowledge), such that there should be no government in the economy. Gardiner's Theoretical Storm is that we don't understand climate change yet and this prevents us from stopping it. In Lecture 10, I argue that the Global Storm is just a version of the prisoner's dilemma. Schmidtz argues that when appropriation does solve Tragedies of the Commons, it does so by internalizing the externalities of resource overuse. Which kind of knowledge isn't mentioned by Hayek in his article: Powell & Zwonliski assume utilitarianism in their argument that sweatshops shouldn't be regulated. According to Ostrom, rational egoists, conditional cooperators, and willful punishers are three kinds of: Coakley & Kates argue that even those who lose their sweatshop jobs due to regulation benefit because: Schmidtz defines property as the set of resources that we have the right to completely use. In Lecture 10, I mentioned that two countries might save humanity from the Perfect Moral Storm of climate change. Which of the following countries isn't one of these two? Schmidtz mentions an important distinction between externalities and internalities. An externality is defined as: Blackburn's example of Adam and Eve is meant to illustrate how we can better predict human behaviour by studying theoretical games, rather than empirical games. In Lecture 2, I suggested that Ostrom mostly focuses on the maintenance of cooperative equilibria, rather than on their emergence. The following are resources where Schmidtz would not expect that private property would prevent a Tragedy of the Commons: Bowles & Gintis define altruistic cooperation as:

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