PPAS 3762 Lecture Notes - Lecture 2: Intangible Property, Corporatism, Market Economy

• School: York University
• Department: Public Policy and Administration Studies
• Course: PPAS 3762
• Professor: Sirvan Karimi

Document Summary

Opposing views on the market and role of government: An arena where labour, capital, goods and services are exchanged on voluntary basis. Facilitating the re-arrangement of property according to the wants of property owners. Market relations are guided by an invisible hand. Individual hardship and misfortune are the results of individual miscalculation. Individuals are required to re-adjust to the demands of market. The role of state: economic laws limit or constrain the statesman or politician. These limits reduce the political to a caretaker role (administration of justice centering on the protection of property rights). Functions of the state: the three main functions of the state; State: is residual and supplementary to the market. However, according to this perspective, market failures are inevitable and they require the state to perform certain functions in order to prevent these failures; 1- property rights. (as the pre-conditions for market operation, property rights must be defined and protected).