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24 Cards in this Set
- Front
- Back
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3 reasons to hold money
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transaction demand
cautionary demand speculative demand |
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Capitalism
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*a system of human organization by which the self interest of the individual is paramount.
*selfishness is virtue |
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*Communism*
Metaphysics |
Subjective reality
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*Communism*
How do you know what you know |
Mysticism
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*Fascism*
Metaphysics |
Subjective reality
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*Fascism*
How do you know what you know |
Mysticism
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*Capitalism*
How do you know what you know |
Reasoned
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*Capitalism*
Metaphysics |
Objective reality
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*Communism*
Ethics |
Altruism
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*Fascism*
Ethics |
Altruism
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*Capitalism*
Ethics |
Selfishness
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Who owns property?
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Communism- The people
Fascism- The State Capitalism- The Individuals |
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Role of Individuals
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Com- Means to an end
Fasc- Means to an end Capit- An end to themselves |
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Police Power
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Com- Very high
Fasc- High Capit- Low |
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Supply and Demand/ Price and Quantity
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Com- command and control
Fasc- Planned, regulated, and taxed Capit- P* and Q* unregulated |
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Equality
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Com- High
Fasc- Medium Capit- Low |
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GDP per Capita
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Com- relatively low
fasc- low to medium capit- VERY HIGH |
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Communism
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utilitarianism, for the greater good,
collective action means of production owned by the people/gov "from each according to their ability to each according to their need" |
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Fascism
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"from each according to their ability to the state"
state is moral end in fascism "What can I do for my Country?" |
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Capitalism
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Worth is unalienable.
Very selfish capitalism is the most productive to have capitalism and self interest we need rationality |
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Exogenous money
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high powered money
monetary base the government is credited when the fed creates money demand curve is downward sloping because as the price of m goes up people want to hold less because the value of the dollar deceases/ changes quickly m changes as government simply prints out more money |
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Non price determinant of demand
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1)population
2) price of related good (substitutes, compliments) 3)household income 4) tastes and preferences 5)EXPECTATIONS |
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2 ways gov creates jobs
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*issue bonds/gov spend future generations money (fiscal policy)
*print more money (monetary policy) |
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Money Supply is up
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Interest rate goes down
government hopes you will go into debt- b/c interest rate is low= price of money is low) and therefore you will spend more money and stimulate economy |
