SOWK 2100 Lecture Notes - Lecture 4: Neoconservatism, Social Liberalism, Invisible Hand
2 Oct 2017
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Week 4: oct 2 - neoliberal policy making and its consequences - lecture 4. Free markets, governed by the laws of supply and demand are the most efficient allocators of resources. Economic liberalism is about freedom in the market. Social liberalism is more about social rights and social services. The law of supply and demand is all about the scarcity of resources. Supply and demand effect the price of things. Government intervention in the economy should be minimized. The government should stay out and let the invisible hand take control. The trickle down effect shows that everyone benefits when there is economic growth. It makes people work harder and be responsible/ productive. Individual choices are made on the basis of rational self-interest. Individuals in a free market are responsible for the consequences of their choices. Transferring ownership from the government to the private sector b. c.
