Exam 1 Flashcards
What is collective action?
A group working towards a project, reaping benefits previously unachievible by themselves.
Free rider?
When everyone thinks that their contribution is so small, that they don’t even bother.
Tragedy of the commons?
Using too much of a common product, and depleting it.
Overhead costs?
Enforcing the agreements.
Problems with collective action?
Coordination, and the prisoners dilemma.
What is a coordination problem?
Obvious. It’s just like conducting a symphony, it must be coordinated, and that source of coordination I’d the conductor.
What is the prisoner’s dilemma?
This is when individuals, despite being able to benefit from each other, have the natural tendency to break the agreement and exploit the other side.
What are transaction costs?
The time, effort, and resources required to make collective decisions.
What are conformity costs?
The extent of which a certain party does something that it would prefer not to. Basically, the price of conforming.
Delegate
Someone who has been authorized to make a decision for them.
Representative government?
Blend delegation with majority rule.
Direct democracy?
Like representative democracy, only the citizens are actually making the decisions. Not appointed delegates.
Home rule
Part of the British empire, but able to elect its own officials.
Why did Britain impose taxes? Primarily, the Stamp Act of 1765?
The British were broke after the French and Indian War. They already taxed the hell out of the British citizens, so the next viable subjects were the early Americans.
Deceleration of American rights?
Reasserted home rule, and said no more taxes and trade with with Britain.