HREQ 3010 Lecture Notes - Lecture 1: Lionel Robbins, Gary Becker, Exchange Economy

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ultramarinellama621

18 Nov 2016

School

York University

Department

Human Rights and Equity Studies

Course

HREQ 3010

Professor

Paul Brienza

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Document Summary

E(cid:272)o(cid:374)o(cid:373)i(cid:272)s is defi(cid:374)ed as a (cid:862)so(cid:272)ial s(cid:272)ie(cid:374)(cid:272)e(cid:863). A so(cid:272)ial s(cid:272)ie(cid:374)(cid:272)e is a (cid:271)road (cid:272)ategor(cid:455) of research that seeks to understand the organization and behaviour of society and its units. It claims to bring insight into production, distribution and consumption of good and services in an exchange economy. Oikos = house or estate (small economy) Nomos = law or regulations or management. Earl(cid:455) o(cid:374) (cid:449)e ha(cid:448)e the idea of (cid:862)household (cid:373)a(cid:374)age(cid:373)e(cid:374)t(cid:863) or (cid:862)estate (cid:373)a(cid:374)age(cid:373)e(cid:374)t(cid:863) Therefore, economics claims to be the science of household management. According to lionel robbins, economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. E(cid:272)o(cid:374)o(cid:373)ists assu(cid:373)e that there is (cid:862)(cid:374)ot e(cid:374)ough out there(cid:863), s(cid:272)ar(cid:272)it(cid:455) of (cid:862)so(cid:373)ethi(cid:374)g(cid:863) essential out there; this is why we have price systems and inequality. If we had limited supply of everything prices would be meaningless; ex. No scarcity of air so it does not have a significant value or price attached to it.

Related Questions

1.What do so many politicians, and journalist tells us what fair means?

2. After fifty years of poverty fair programs in the US, what are the results?

3.What was an early definition of social justice?

4.What is the current definition of social justice?

5.What are the many ways the US Federal Government taxes us?

6.What is our government's only source of revenues, no matter how our politicians word it?

7.What proportion of income taxes in the US is paid by the top 50%, 10%, and 1% of income earners?

8.Why are payroll taxes regressive?

9. It is true that nearly half the household in the US pays no income tax at all?

10. Do the poor actually lose various welfare benefits if they are trying to climb out of welfare, and their income increases?

11.Who actually pays corporate income taxes?

12.What is the definition of Economics?

13.Is there any form of government or economic system that can prevent a country from facing scarce resources?

14. How are resource allocation decisions made in a centrally planned economy and a free market system?

15.Is political self-interest somehow better than economic self-interest?

16.Is it possible for a small group of people in Washington D.C. to know the massive amounts of information required to get the right amount of milk on the local grocery stores' shelves?

17.What does voluntary exchange driven by self-interest require that each party to the exchange do?

18.What is the purpose of prices in a free market system?

19.What is crony capitalism, and why is it detrimental?

20.Why is issue emotionalism a shaky foundation upon which to make policy decisions?

21.We do not need to care what the stated intentions of politicians are regarding their proposed regulations. Instead, what should our concerns focus upon?

salmonelephant221

The primary costs of FDI to host countries are:

		Loss of sovereignty and patriotism
		Adverse effects on competition and exports
		Capital outflow
		Loss of sovereignty, adverse effects on competition, and capital outflow

____ suggests that FDI, unrestricted by government intervention, will enable countries to tap into their absolute or comparative advantage by specializing in the production of certain goods or services.

		The radical view
		The free market view
		Pragmatic nationalism
		Expropriation

What are the benefits of FDI to home countries?

		Repatriated earnings from profits from FDI.
		Increased exports of components and services to host countries.
		Learning via FDI from operations abroad.
		All of these answers

When one firm enters a foreign country through FDI, its rivals are likely to follow by undertaking additional FDI in a host country to:

		Create knowledge spillover
		Discover a new market for its goods
		Overcome and combat market failure through FDI
		Acquire location advantages or neutralize the first moverâs location advantages

Most countries practice:

		Pragmatic nationalism
		Free market based FDI
		Government embracing radical view
		French patriotism

FDI may be viewed as a reflection of firm motivation to extend firm-specific capabilities abroad and their responses to overcome imperfections and failures.

		True
		False

Most countries practice a totally "free market" view.

		True
		False

8. Outsourcing is the process of turning over an organizational activity to an outside supplier, located in a foreign country, which will perform it on behalf of the local firm.

		True
		False

Financial, physical, and technological resources and capabilities are all tangible assets.

		True
		False

A firm's resources and capabilities are tangible assets a firm uses to choose and implement its strategies.

		True
		False

An example of low power distance would be when subordinates address their bosses on a first-name basis.

		True
		False

Benchmarking is an assessment as to whether a firm has resources and capabilities to perform a particular activity in a manner superior to competitors.

		True
		False

A country with low-masculinity has a more subtle differentiation between the gender roles.

		True
		False

Setting up subsidiaries abroad so the work can be performed in-house but in the foreign location is also called captive sourcing.

		True
		False

Managers in low uncertainty avoidance countries rely more on experience and training than managers in high uncertainty avoidance countries who rely more on rules.

		True
		False

Informal institutions include laws, regulations, and rules.

		True
		False

The United States is often classified as a collective society.

		True
		False

A pure market economy characterized by the "invisible hand" of market forces is noted by

		John Stuart Mill
		Adam Smith
		Aristotle
		Amatya Zen

Culture is defined in the text as:

		The communication between members of similar location.
		The collective programming of the mind, which distinguishes the members of one group or category of people from another.
		The main component of formal institutions.
		The attitudes and behaviors characteristic of a particular social group or organization.

When an expat employee returns to her or his current employer but the employer does not provide attractive opportunities, she/he often may be hired by a competitor firm. Why?

		Competitor firms are also interested in globalizing their business.
		Former expats bring instant expertise and experience.
		Competing firms will pay a higher premium for expertise.
		All of these answers

The government taking a "hands-off approach" is known as:

		Laissez faire
		Command economy
		Mixed economy
		Liberal approach

Expatriate managers make ideal candidates for top management positions.

		True
		False

____ are defined as rights associated with the ownership of intellectual property.

		Patents
		Copyrights
		Trademarks
		Intellectual property rights

In a collective society:

		Family units are highly valued.
		Being an entrepreneur is a popular mindset
		Being different than your neighbor is important.
		Outsiders are easily trusted.

Which of the following definitions best defines an expatriate manager?

		A manager who works outside his or her native country
		A manager of great expertise
		An ex-manager rehired for advisory purposes
		None of these answers

HREQ 3010 Lecture Notes - Lecture 1: Lionel Robbins, Gary Becker, Exchange Economy

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