Discuss the first and second contradictions of capitalism. Be explicit as to why (again,according to political economy) these are unavoidable contradictions inherent tocapitalism
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Discuss the first and second contradictions of capitalism. Be explicit as to why (again,
according to political economy) these are unavoidable contradictions inherent to
capitalism
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- Which of the below statements DOES NOT capture Economics? Group of answer choices Economics tells us that there is no theoretical limit to how well we can live or how widely our wealth can spread. The economic prosperity of an economy requires that every person in that economy have a Ph.D. degree. Wheelan argues that the free market system does not make poverty inevitable. Economic development is not a zero-sum game. Even the most prosperous economy will contiue to require certain manual tasks that do not require advanced college degrees. These tasks cannot be replaced with automation. Expecting Ph.D.s or people with professional education to do such tasks will have a high opportunity cost.One of the famous Utopian Socialists, Robert Owen, disagreed with Adam Smith that self-interest would bring harmony of interest. Explain his viewpoint on the relationship between human character and their surrounding environment and the social revolution that he introduced in his New Lanark Mills in order to prove his theory. Explain in brief why Marxian Socialism dismissed the moderate approach used by Utopian and Christian Socialism to eradicate the worst aspect of CapitalismIs capitalism associated more with a market or command economy? Why would capitalism be able to do "millions of things better" than a centrally planned economy? What things do you think a capitalist society would be more successful at than a centrally planed society?
- What are the advantages of a market economy as compared to a command economyDistinguish between the two global cultures of capitalism. Do you envision a convergence of these two approaches to capitalism within the rapidly developingglobal marketplace? Support your viewpoint.The YouTube video "Why Capitalism Works" seems to provide a compelling case for why capitalism is beloved by many Americans. Yet from a Marxian perspective, the video fails to address a flawed aspect of the capitalist enterprise. What does the video intentionally(?) hide and briefly explain why a Marxist would find the capitalist economic model problematic? What basic solution would it offer to enhance the quality of workers' lives?
- According to Marx, different from pre-capitalist formations, in capitalism, in the appropriation of surplus, there is no coercion other than economic. Discuss the role of commodity fetishism in this regard.During the late 1970s, the most popular form of music in the United States was disco. Sparked by the film Saturday Night Fever, the disco craze swept the country. It wasn’t just the music, it was also the dancing. And no disco dance club was complete without a disco ball: a mirrored ball suspended from the ceiling. The disco ball would be rotating, with spotlights shined upon it, so that lights would appear to be flashing all across the dance floor. During the heyday of disco, a company called Omega Products International (based in Louisville, Kentucky) made 90% of all the disco balls sold in the U.S. Suppose that for some reason disco music and disco dancing become popular again. Thus the demand for disco balls increases. What will happen to the price of disco balls, the supply of disco balls, and Omega’s profits in the short run? Explain your answer. Under what conditions will the increased demand for disco balls enable Omega Products International to make above-normal profits…During the late 1970s, the most popular form of music in the United States was disco. Sparked by the film Saturday Night Fever, the disco craze swept the country. It wasn’t just the music, it was also the dancing. And no disco dance club was complete without a disco ball: a mirrored ball suspended from the ceiling. The disco ball would be rotating, with spotlights shined upon it, so that lights would appear to be flashing all across the dance floor. During the heyday of disco, a company called Omega Products International (based in Louisville, Kentucky) made 90% of all the disco balls sold in the U.S. This question has four parts. Please label the parts of your answer clearly as a, b, c, and d. Does the fact that Omega International Products sold 90% of all disco balls in the US indicate that Omega International Products had monopoly power? If your answer is “yes,” then explain why this indicates monopoly power. If your answer is “no,” then explain why this doesn’t necessarily…
- During the late 1970s, the most popular form of music in the United States was disco. Sparked by the film Saturday Night Fever, the disco craze swept the country. It wasn’t just the music, it was also the dancing. And no disco dance club was complete without a disco ball: a mirrored ball suspended from the ceiling. The disco ball would be rotating, with spotlights shined upon it, so that lights would appear to be flashing all across the dance floor. During the heyday of disco, a company called Omega Products International (based in Louisville, Kentucky) made 90% of all the disco balls sold in the U.S. Of course, for better or worse, the disco craze has long since dwindled into almost nothing. And now Omega Products International is the only producer of disco balls staying alive (ha, ha, ha, ha – that’s a Saturday Night Fever reference, in case you didn’t know). Is a monopoly in disco balls a Good Thing or a Bad Thing for society as a whole? Explain why. For purposes of this question,…In your own words, explain the concept of the “invisible hand” as it relates to economic theory. Why is it that an entrepreneur with seemingly selfish motives can create benefits for the larger society? Why is this a benefit that arises from capitalism and not from other economic systems?Consider the following grading system for a hypothetical economics class: At the end of the semester all the grades for all students are calculated. The instructor then takes one letter grade from the highest scoring students and gives this to the lowest scoring students. This is the grade the instructor submits on the grade sheet to the college registration office. Which economic system is most comparable to the grading system described above? Capitalism Communism Socialism Feudalism
