PO110 Study Guide - Invisible Hand
Document Summary
Private property/transactions: no one should have to tell me when to buy things and when not to. Market determines productions, cost, distribution, which is essentially the invisible hand. Labour market free, you have to allow for good wages, and good conditions that allow you to have a say. State facilitates, regulates some, and yet it not a major influence. Economic internationalism why would a boarder matter to me, if i can be rational, self-interest and independent. Advantages: competition, increase productivity and allows for progression, innovation, it will never ever stop. There is a freedom of choice i don"t like that so i will get another one somewhere else. Freedom from we can make choices, we are rational, and so why are their restrictions on us. State determines productions, cost, distribution- classic russia, china"s five year plans, there is not free market, iron hand . State-directed labour market- you must command them, so they continually do what they are supposed to.
