Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 19, Problem 2QP
To determine
Explain Buchanan’s statement.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
What did mercantilism see as the economic goal for society? Why was poverty seen as essential?
Give one paragraph (short) explanation for the above question.
To what extent should government influence the economy of a democracy such as the United States?
Currently, there seems to be a movement toward mixed economic systems in socialist societies. T or F?
Knowledge Booster
Similar questions
- 1.9 Read the following extract to answer the question that follows. Unrest and economic underperformance haunt the emerging worldAt the start of the century, developing economies were a source of unbounded optimism and fierce ambition. Today South Africa is reeling from an insurrection, Colombia has suffered violent protests and Tunisia faces a constitutional crisis. Illiberal government is in fashion. Peru has just sworn in a Marxist as its president and independent institutions are under attack in Brazil, India and Mexico.Source: https://www.economist.com/leaders/2021/07/31/unrest-and-economic-underperformance-stalk-theemerging-worldAccessed: 20/08/21According to economic theory, the above occurrences come as a result of emerging markets failing to accomplish which of the following objectives? a) Price stabilityb) Balance of payments stabilityc) Economic growthd) Full employmentarrow_forwardEconomist Friedrich Hayek argued that when knowledge is decentralized and disbursed among many people. a) the greater the share of knowledge the heads of firms and governments can and must know to be successful. b)the smaller the share of knowledge the heads of firms and governments can know to be successful. c) the greater the need for centralized, top-down planning within large firms and governments. d) the greater the need for firms and governements to avoid markets.arrow_forwardAccording to David Hyman (2011), what happens if you don't have good government?arrow_forward
- Imagine that the leaders of a poor nation with a centrally planned economy become willing to try a different economic system, and hire an economist from a rich, market economy nation to advise them. The economist recommends a switch to a market economy. What will the economist suggest the leaders order their citizens to do?arrow_forwardAccording to Richard Thaler, what two things give economics its reputation as the most powerful social science?arrow_forwardWould it be more profitable for a business to follow the economic model or the socioeconomic model of social responsibility?arrow_forward
- Are there any circumstances under which society could exist without law?arrow_forwardDefine theocratic law with example.arrow_forwardCapitalism is defined as an economic system in which a country's trade, industry and profits are controlled by private owners or companies, rather than by the state. Do you agree Capitalism is the best economic system which will ensure justice and fairness for citizens? Provide your explanation.arrow_forward
- Every modern society has a government of some sort, and every society has an economy as well. But how do the government and the economy intersect in society? That debate is prevalent in the United States today: how much influence should the government have on businesses, workers, and the economy? Some people say that the government should not have much influence on the economy—only the minimum necessary to ensure that society functions well. Others say that the government should ensure fair and equitable distribution of resources for all companies and workers. Still others say that the role of the government falls somewhere between those two extremes. You can start thinking about the intersection of government and the economy in the United States by considering your everyday life. From the time you get up in the morning until you go to bed at night, what contacts do you have with the government? Which of those contacts are related to the economy?arrow_forwardSuppose that Jacques, an economist from a university in Arizona, and Kyoko, an economist from a school of industrial relations, are arguing over government intervention. The following dialogue shows an excerpt from their debate: Kyoko: The usefulness of government intervention in the economy is a long-standing issue that economists continue to debate. Jacques: I feel that government involvement in the economy should be reduced because government programs cause more harm than good. Kyoko: While I do agree that government programs can be inefficient, I really think they are necessary to help the less fortunate. The disagreement between these economists is most likely due to Despite their differences, with which proposition are two economis differences in values differences between perception versus reality O Central banks should focus more on maintaining low une differences in scientific judgments O Business managers can raise profit more easily by reduc O Employers should not be…arrow_forwardWhat are the major tenets of neoliberal economic policy?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning