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P. 1
Chap 9

Chap 9

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Published by Aryan Parmar

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Published by: Aryan Parmar on Aug 24, 2011
Copyright:Attribution Non-commercial

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08/24/2011

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³The government is not to do things whichindividuals are doing already and do them alittle better or a little worse; but to do thosethings which at present are not done at all.´-Keynes
 
Characteristics of a Market System orCapitalism
1.
Little or no Government control
2.
F
reedom of Enterprise ±anyone can start a business
3.
F
reedom of Choice -consumer can decide
4.
Private Property
5.
Profit incentive
6.
Competition
 
F
ailures of Market Mechanism -
1
.
Economic Instability
2.
Economic Inequalities
3.
Wastage of Valuable Resources
4.
Rise of Monopolies
5.
Divergence between Social and Private cost
6.
Immobility of Factors of Production
7.
Inability to provide collective consumption goods
8.
Inability to protect individuals from wrong decisions
9.
Disregard for humanitarian considerations
10
.
Failure to satisfy all the needs

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