A. In a free market economy, consumers are free to buy what
they choose; businesses to produce what they choose and resource
suppliers to make their property and labour available in whatever
occupations they choose. How does such an economy manage to operate
and what economic problems does it leave unresolved? [12
Marks]
B. What justification would you advance for government
intervention in a free market system?
Based on failures in the economy, how do we know if it is a
market failure or a government failure? How does a market failure
or government failure impact someone like me, a college
student?
What do you feel is a greater threat to a free market economy: a
monopoly or a federally-regulated economy? I'm interested to know
your opinions on government intervention. At what point has the
government stepped too far and interrupted a market's abiity to
self-regulate? What is the perfect balance between anti-trust
regulation and self-regulation? Also, how do you feel about
government bailouts? Do you feel that they inhibit the public's
ability to determine demand? Thanks for your thoughts.
How does the market failures approach understand the morality of
the market? In what sense is this morality, and perhaps also
business ethics more generally, a “third best” evaluative framework
(see p. 185-186 in particular)? What common misconceptions does
such a framework correct?