BCOR 1015 Study Guide - Midterm Guide: Basic Income, Artificial Scarcity, Conditionality
Document Summary
Scarcity and property rights (against) centralized government works if (can never achieve all of these) We possess all of the relevant information. We can start out from a given system of preferences. We command complete knowledge of available means. Decentralized decision-making to take into account the dispersed information; no one person is as knowledgeable as all of us together. Information is needed to construct a rational economic order & favors market approach with price signals. Market economy bridges gaps because all consumers use their own knowledge to make their own decisions. Prices for scarce resources will increase - innovation will be incentivized - new technology will reduce dependency on scarce resources - geopolitics, society and financial system will change to a post-scarcity one - scarcity will cease to exist. Profit is destructive to society, societal greed will destroy the system underconsumption and overproduction. The need for profit interferes with the satisfaction of human needs.
