BCOR Module 1 graded A+ to pass

BCOR Module 1 graded A+ to pass Hayek - correct answer - business know-how is always partial - partial business know-how coordinates most efficient allocation of resources through pricing - markets must be transparent - exchanges must be free - scarcity = starting point for capitalism, signalled by prices - Big Question: What is the most efficient way of allocating resources? Who has the social knowledge necessary to do that? rent seeking - correct answer private business know-how exploited at expense of others Cox - correct answer - scarcity = product of capitalism - infinite wants, finite needs - resources are finite - socially useless output -property = extortion from workers - artificial scarcity - problem is with distribution, not scarcity Artificial Needs - correct answer Desires for things that are not necessary; leads to many people's basic needs not being met (according to Cox) Socially Useless Production - correct answer massive waste of human effort and resources which, if redirected towards socially useful production, could effectively eliminate scarcity (must switch to socialism) Alchain - correct answer - property right gives exclusive authority to determine how a resource is used - Property rights are human rights - exclusive rights to services of resource and right to sell, rent or delegate Bethel - correct answer - private property will always be with us - equality before law - wealth = democratized - security of property "influenced wealth of nations" - need for private property reflects quality of human nature Oxenberg - correct answer - Property rights are conditional: they depend upon the consent of the people - "natural right to property:" right to possess based on life, liberty and property - "societal right to property:" exchanging property for money Eberstadt - correct answer - Wealth is increasing, but not evenly - Output less than predicted past trends - Fewer people are employed than in the past - Families less stable - Health levels not increasing as predicted - Social mobility has declined - Drug abuse, incarceration, people on government assistance at all time highs Ezrati - correct answer - UBI = "thoroughly wrong-headed idea" - would cost too much - would reduce economic investment and be unstable Capitalists - correct answer believe scarcity follows nature, focus on merit, freedom, and efficiency