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Lecture

Neoclassical Theory

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Department
Philosophy
Course
PHI1103
Professor
Paul Forster
Semester
Winter

Description
mar 18 Neoclassical -market is a system of economic arrangement -Efficiency of markets -Morality of Markets Capitalist (Free Market) Economy 1. Private property: universal right to own, buy, sell resources, assets etc 2. Competitive Markets: don't want one person to control or dictate market, everyone is a "price- taker", prices fixed by the market not by individuals 3. State/Government: minimal state- just to enforce 1 & 2 (no health care, etc), -market determines the exchange value of something -2 kinds of value : Use (purpose) and Exchange (trade value) Why are markets so great? a. Efficient: max wealth for everyone, optimal situation for each individual b. Fair, Just, Free: voluntary exchanges, each maximizes self interest, mutual advantages, -Supply and Demand determines prices 1. Higher the price the lower demand for it,
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