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BCOR 1015 Study Guide - Midterm Guide: Overfishing, Externality, Public Choice

Business Core
Course Code
BCOR 1015
Eric Alston
Study Guide

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Scarcity- Game day society has developed a complex set of property rights are among this set of
Hayek The Use of Knowledge in Society. -Market System, Decentralized Government
Knowledge is decentralized in the fact that everyone posses their own personal knowledge
Planning and decentralization should be decentralized so every individual can take advantage of those forms of knowledge.
HOWEVER, decentralization of control over resources (what Hayek calls “several property”) is necessary BUT NOT SUFFICIENT for social
Lind, M. Sorry, Trump, America Can’t Be Great Again.
No great increase in technology happening in the future that will make economy boom like it has in the past
Standard of living stagnation around the US
Trumps promises, author will say there is a disconnect in modern society
Aguilar-Millan The Post-Scarcity World of 2050-2075.
Free is never free
A scarcity of credit, a scarcity of food, a scarcity of energy, a scarcity of water, and a scarcity of mineral resources.
Hayek says every individual knows what decision is best for themselves
Not always the case, we need authority
Techno Futurists- our level of technological advances meant that one day we will be in a post scarcity world
Cox, R. Artificial Scarcity. -Scarcity is artificial and part of the capitalist system, Distinction between socially useful and useless products, Potential
allocation of resources in scarcity
Unlimited wants and limited resources
Millions of people suffering and millions spending on excess
Artificial scarcity from preferences
Scarcity is artificial and part of the capitalist disease
Read, L.E. I, Pencil.
We need centralization to make everything
So many different sectors are needed to make a pencil
Decentralization is inefficient
“Tradeoffs” in sacrificing one good for another due to opportunity costs.”
Fairness- Game day: Cutting up a brownie and Bakery Wages
Cohen, G. A. Why not socialism?
Most people accept and take advantage of the equality in the “camping trip
“Preferences and choices lead to inequalities”
Option luck and Regrettable Choices are -- problematic
Cohens Three “Equalities of Opportunity”
“Bourgeois equality of opportunity”: Removal of socially-constructed status of restrictions (formal and informal) (Your opportunity
is separate from your class)
“Left-liberal equality of opportunity” removal of the disadvantages of circumstances, even if not socially-constructed (corrects
social disadvantage but leaves differences in opportunities related to “native or inborn” traits)
“Socialist equality of opportunity” seeks to correct for all unchosen disadvantages, that is, for which the agent cannot herself
reasonably be held responsible, whether they be disadvantages that reflect social misfortune or disadvantages that reflect
natural misfortune
Differences of outcome reflect nothing but differences of taste and choice, not differences in natural and social
capacities and powers
Friedman, M. Capitalism and freedom.
Payment in accordance with product/production is the only true means of fair resource allocation because everyone has different
“To each according to what he and the instruments he owns produces
Friedman: Luck leads to inequality
Holmberg, S., & Schmitt, M. The Overpaid CEO.
Directly the result of cozy board relationships, position luck, etc
CEO Pay is too high
Kaplan, S. N. Are U.S. CEOs Overpaid?
Performance correlates with CEO performance
Compared to readily other options in compared to CEO, there pay isn't that high
Einstein, A. Why Socialism? - Socialist form of government does not mean complexity can’t solve that problem, We should aspire to this
Predatory phase
In it currently, but will leave
Predatory competition = negative society
Complexity of the problem of using a socialism form of government, doesn’t mean as humans we can't solve that problem
Vonnegut, K. J. Harrison Bergeron.
Fairness may not always be positive
Making us equal will hobble us all
Liberty - use of a common resource is only sustainable to a certain point until neg externalities appear
Hardin, G. The Tragedy of the Commons.
The only coercion Hardin recommends is mutual coercion, mutually agreed upon the majority of the people affected. (we need a one child
policy like china to avoid a TofC)
Humans would outstrip the commons (depleting them to the point to wear the commons can't support us)
Okun, A. M. Equality and Efficiency: The Big Tradeoff.
Redistributing the pie might shrink the pie
Helbling, T. Externalities: Prices Do Not Capture All Costs.
Since the 1990s, the total amount of fish, shellfish and crab caught in the sea has remained more or less constant
But fish farming expanding
Long Lived fish species are particularly subject to overfishing
Stock - self sustaining population of a fish species
Tech advances:
Fishing at new depths and new places
Better able to locate shoals of fish
Sources of the problem:
find more resources at
find more resources at
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