ECON 2367.01 Study Guide - Midterm Guide: Classical Liberalism, Capital Accumulation, Product Differentiation

• School: Ohio State University
• Department: Economics
• Course: ECON 2367.01
• Professor: All

Document Summary

Note: any material below that we do not cover by 10/2 will not be on the exam. Each question has one to three asterisks next to it. Asterisks denote the relative importance of a question. However, just because a question has one asterisk does not mean that it is unimportant. In order for prosperity the society must be just. Control over taxes, spending, and intrest rates, government can steer resources toward capital accumulation. The good society permits individuals to pursue their private interests free from arbitrary constraint: government: individuals create government for the purpose of protecting their rights as established by a constitution. Beyond this function, government is best when it governs least: morality: no objective method exists for discerning which values are superior to others; therefore individuals should be free to determine right and wrong based on personal preference.