GGRA03H3 Chapter Notes - Chapter 3: Neoclassical Economics, Pareto Efficiency, Perfect Competition
Document Summary
Economic arguments: government regulaion and planning are bad because they impose unnecessary inancial and administraive burdens on the economy, by doing so, individual freedom is emphasized, compeiive markets are capable in theory of allocaing society"s resources in an. If he does and no one else does, neighbourhood coninues to decline. It is necessary to jusify government planning in a market society, but arguments are not suicient to do so. Inability of exising markets to allocate society"s resources adequately does not necessarily imply that government provision, regulaion or planning are. Urban neighbourhoods are no more homogenous and the neighbourhood interest no more east to idenify than is true at the community level. Group leaders are not representaive of the group"s membership. It is easier to represent narrowly deined interests and preserve the status quo than to advocate difuse and wide-shared interests or propose new alternaives. Public oicials sill lack the informaion required for adequate decision-making.
