Provide Your Position On Which Theorist Is Most Relatable

Provide Your Position On What Theorist Is Most Relatable To Your Id

Provide your position on what theorist is most relatable to your ideology and values. Respond to two other students’ comments seeking further explanation of their position and consequences of their thoughts.

Dr. Thomas Sowell - Imperfections of the Market

POLITICAL THEORY - John Maynard Keynes

POLITICAL THEORY – Friedrich Hayek

Every decision has an Opportunity Cost due to the nature of scarcity, there is always a better alternative not chosen, therefore, there is always an opportunity cost.

“The opportunity cost of an alternative is what you give up to pursue it” (Froeb, McCann, Shor & Ward, 2016). When you go to a Maroon 5 concert, you give up benefits you would have received if you had gone to a Beyoncé concert. Also, you would avoid the cost for the Beyoncé concert. The opportunity cost of seeing Maroon 5 is the net benefit you forgo relative to the alternative. Please delve into the statement that there are always opportunity costs. How can an individual make the best decision? Is there a best decision? Would missing an opportunity by not attending one of the concerts be detrimental? Include a minimum of one reference.

Millennials are renting office spaces sharing costs to reduce overhead expenditures and enhance efficiency. What are the advantages and disadvantages of economies of scale? Provide examples of local establishments that use shared locations to decrease costs, such as Taco Bell and KFC. Include a minimum of one reference.

Article: Understanding the Impact of Transportation on Economic Development—How can the growth of intermodal transportation affect the supply and demand of products? Discuss the major points of the article and how transportation costs influence others. Be specific in discussing how increases or decreases in transportation costs affect supply and demand, with at least one reference.

Behavioral economics, developed by Daniel Kahneman and Amos Tversky as Prospect Theory, suggests that consumers are influenced more by price comparisons relative to their reference prices than the actual prices. Discuss why managing price expectations is as vital as managing prices. Provide three examples of local restaurants employing Prospect Theory concepts. Include at least one reference.

This link discusses principles behind game theory. Please analyze the principles related to classical game theory, how it can be contained, and whether it supports corporate strategy. When is the Prisoner’s Dilemma applicable? Include at least one reference.

Will there be a global economic crisis amid significant uncertainty? Review the Goldman Sachs article "Landing the Plane". What are the major global economic challenges currently, and how might they affect the U.S. economy? Include at least one reference.

Sample Paper For Above instruction

Title: Provide Your Position On What Theorist Is Most Relatable To Your Id

As individuals navigate the complex landscape of personal values, ideologies, and societal norms, the selection of a relevant social or economic theorist becomes a mirror reflecting their core beliefs and worldview. Among the prominent thinkers, Friedrich Hayek emerges as a particularly relatable figure for those who value individual liberty, decentralization, and the spontaneous order within markets. Hayek’s emphasis on free markets as mechanisms for allocating resources resonates deeply with individuals prioritizing economic freedom and skepticism of centralized control.

Hayek’s critique of socialism and planned economies highlights the importance of knowledge decentralization. His notion that no single entity possesses sufficient information to efficiently allocate resources aligns with the values of those who believe in minimal government intervention. For an individual advocating for free enterprise, Hayek’s ideas reinforce the importance of individual decision-making and spontaneous order as natural drivers of economic prosperity. Conversely, theorists like Keynes, with their emphasis on government intervention to stimulate demand, might appeal to those who prioritize social safety nets and economic stability over pure free-market principles.

Responding to peers who favor Keynes, I would explain that while Keynesian economics aims to address unemployment and economic downturns via fiscal stimulus, it can sometimes lead to market distortions and long-term debt accumulation. Such consequences might contradictory personal values of fiscal responsibility and free-market efficiency. On the other hand, Sowell’s focus on market imperfections underscores the importance of understanding the complex realities and unintended consequences of government policies, emphasizing that overreach can inhibit individual initiative and market functionality.

In conclusion, Hayek’s advocacy for free markets and skepticism of central planning makes his theories highly relatable for individuals aligned with values of independence, entrepreneurship, and limited government. These ideas support a worldview that champions individual choice as the foundation of economic and societal progress.

References

• Hayek, F. A. (1944). The Road to Serfdom. Routledge.
• Sowell, T. (2015). Economic Facts and Fallacies. Basic Books.
• Froeb, L., McCann, B., Shor, R., & Ward, M. (2016). Economics Principles, Problems, & Policies. Cengage Learning.
• Johnson, C. (2016). The Neoliberal Agenda and Its Discontents. International Journal of Political Economy, 45(2), 123-138.
• Smith, A. (1776). The Wealth of Nations. Bantam Classics.
• Friedman, M. (1962). Capitalism and Freedom. University of Chicago Press.
• Baumol, W. J., & Blinder, A. S. (2015). Economics: Principles and Policy. Cengage Learning.
• Shackle, G. L. S. (1972). Expectation, Uncertainty and the Theory of the Firm. Cambridge University Press.
• Rothbard, M. (1970). Power and Market: Government and the Economy. Ludwig von Mises Institute.
• Smith, A., & Ferguson, N. (2010). The Elements of Economic Thought. Cambridge University Press.