Folks,
I want you to read the short 6 page section of conscious capitalism I emailed to you. In your journal please explain why you want to be an Air Force officer…why would you potentially risk your life for others…and what you think, if anything, that has to do with economics and business.
Last time we wrapped up the section on macroeconomics. In particular most classes played a game involving the role of government in society. We saw that different constructs provide different incentives to work or not work and thus provide different outcomes. Government has a crucially important role in both ensuring that free trade can occur (most notably by protecting property rights) but also in keeping itself from preventing trade (or avoiding onerous regulation).
The important things:
- Property Rights (no one stealing your work after the fact)
- Stucture of Laws
- Competitive Markets
- Efficient Capital Markets (ability to get more papers, staplers, workers etc)
- Limited Regulation
- Low Taxes
- Monetary Stability (your work is worth roughly the same across time)
- Free Trade
Government can either allow for these things to occur or keep them from occuring through being either too involved or not involved enough.
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