Political Science 2211E Lecture Notes - Invisible Hand, Classical Liberalism, Planned Economy
20 Mar 2014
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E. g. lower taxes, fewer regulation on businesses, weaker unions, less social programs. Conservative party in canada and republican party in us. Neoliberal, free market approach vs. keynesian welfare/government intervention approach. These are the ideas that underpin social policy, economic policy, environmental policy, etc. Mitt romney i"ll vote for freedom and free people" video. These views underpin the debates we see in politics. Lower taxes, less regulation, more business friendly labour laws. All of the policies he listed surround economic freedom. The more contemporary version of free market approach: terminology. Decentralized economic decision-making by firms and consumers rather than by government. Believed to be more efficient than centralized command economy. Decentralized: companies decide what and how many of products they should produce. Invisible hand of market forces would automatically coordinate decentralized decisions. Centralized: government forecast how many cars they should build. You won"t produce too many or too little cars, you"ll produce the right amount of cars.
