Economics: Principles & Policy
14th Edition
ISBN: 9781337696326
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning
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Chapter 19, Problem 9DQ
To determine
Explain what the youngest son do to make fortune and what innovation would be appreciated by people in power.
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Economics: Principles & Policy
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- Capitalism has accomplished many different things. While in the past, if you were a member of a lower class and poor, you would have most likely stayed there forever. Thanks to capitalism, those individuals are now able to improve financial situations by creating a business, a product, etc. Capitalism also encourages competition, which means that various areas, such as technology, are always improving in an effort to be better than the other competition. This competition also allows for a lot of innovation. We are constantly being presented with new products or companies that are delving into a market that hasn't yet been explored. However, I don't feel that the future prospects of capitalism will be as beneficial for the general public as they were in the past. It is much harder for smaller companies to stay afloat. It states in the textbook, "Karl Marx (1818–1883) argued that capitalism leads to oligopolies—a con-centration of property and resources, and thus economic power, in the…arrow_forwardMy strongest moral consideration in favor of capitalism is freedom. You have a freedom of pursuing whatever career or business you want to. You also have the freedom to pursue that career in any path you want. Obviously, some paths are easier and straighter that others, but you can do what you want and work up the corporate ladder to the top. People are age don't really know what they want to do with their lives, but they still pursue degrees and go through the work to possible pursue a job they don't even want to do. That is the freedom that is favorable. In the movie, The Wolf of Wall Street, the main character starts his own firm to run stock. Although what he did was illegal, he had the freedom to start his own business and pursue it the way he wanted. My objection to that is the way businesses are run. Like in the movie, the main character scammed a lot of people and got rich from it. And in that movie, many other stockbrokers worked for him and helped him make millions scamming…arrow_forwardWhat do you see as the strongest moral consideration in favor of capitalism? What do you see as the strongest objection to it? How capitalist is our economic system today? What do you see as the major economic challenges facing our society today and, in particular, your generation?arrow_forward
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