What is the main responsibility of government? Should government seek to keep markets competitive and provide maximum private property rights, or should it attempt to manipulate markets to benefit some over others? Why?

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Minimum wages and rent controls are implemented in an attempt to help those of modest means. Explain the costs and benefits of such price controls. Suggest alternatives that you believe would be more appropriate and explain why. Take a position on whether or not you believe the government should get involved within markets to control prices. Provide a rationale for your response.

Evaluate the reasons for differences in minimum wage rates across states. Explain why the rate in your state is different from others.

Question 1 (16 points) Walton and Rockoff present a partial list of the institutional determinants that allow modern economies to flourish:

The rule of law, coupled with limited government and open political participation

Rights to private property that are clearly defined and consistently enforced

Open, competitive markets with the freedom of entry and exit, widespread access to capital and information, low transaction costs, mobile resource inputs, and reliable contract enforcement

An atmosphere of individual freedom in which education and health are accessible and valued

Explain how and why each is important to economic growth. Your answer should contain 4 separate paragraphs- 1 for each explanation.

The structure of property rights can determine how natural resources are used. In general, economists argue that private property rights regimes are more likely lead to an efficient allocation of the resource. However, private property rights are difficult to achieve with some resources and other property rights systems either naturally emerge or, due to the absence of private property, take precedence.

(A) What are the characteristics of private property and why do economists believe these characteristics lead to efficient allocation of the resource?

(B)Can you think of actual situations where private property rights are bounded (limited) by the government or other stakeholders who may have an interest in how private property is used? Why have these situations arisen and what might be the implication for how the resource in question gets used?

(C)What are the other property rights systems we have discussed in class?

(D)Describe actual situations where these types of property rights systems exist.

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What is the main responsibility of government? Should government seek to keep markets competitive and provide maximum private property rights, or should it attempt to manipulate markets to benefit some over others? Why?

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