Markets

Question 1

The Case For Free Markets: Freedom

Answer 1

The case for free markets typically rests on two claims - one about freedom, the other about welfare.

Question 2

The Case For Markets: Welfare

Answer 2

The second is the utilitarian argument for markets. It says that free markets promote the general welfare; when two people make a deal, both gain

Question 3

The Logic Of The Free Market

Answer 3

Free-market theory argues that buyers and sellers voluntarily meet in an unregulated market to buy, sell, or trade their labour / private property.

Question 4

Perfect Information

Answer 4

Consumers must have access to nearly perfect information in order to be fully informed.

Armed with complete information, actors can make rational decisions to maximize their interests.

Question 5

Low Barriers to Market Entry

Answer 5

In order to be competitive, there should be low barriers to entry for new sellers in the market.

Question 6

The Voluntary Army

Answer 6

Voluntary military is achieved through market forces; the military actively recruits individuals to serve by offering a competitive compensation package.

Question 7

Liberty Prevails

Answer 7

The demands of Libertarianism are met since the exchange is entered into freely and the alternative of conscription is avoided which would severely restrict individual liberty.

Question 8

Dangers of Commodification

Answer 8

In terms of injustice, the free-market in certain circumstances might devalue goods and norms that have moral significance in society, like human dignity for example.

Question 9

What about commercial surrogacy?

Answer 9

Each party enters into the agreement freely and each benefits from the interaction.

Question 10

Civic Duty or Civic Virtue and the Market

Answer 10

The free-market is also contested in terms of civic duty for example sitting on a jury, defending the country, and holding public office.

Question 11

U.S. MILITARY FROM A CIVICS PERESPECTIVE

Answer 11

If the US military represents less than 1% of the population, there is very little constraint on the government’s use of the military.

This is especially true if very few members of congress have children in the military.

This represents a disconnect between the citizenry and the soldiers as well as between the political leadership and soldiers.