Does allowing for private property and property rights promote economic growth through time? Which best summarizes the view of economists? (a) Yes. Profit incentives that undergird investment and innovation would be undermined unless private property rights are protected. (b) No. The public interest and the public welfare cannot be promoted unless private companies are controlled and even operated by the government.
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Q#12) The populations of Middle Eastern countries have grown tremendously in
the last 50 years and should continue to grow in future decades. Yet, these
countries may come to be lacking in food production resources, including arable
land and potable water. What is the prediction (and policy approach) of the
Neoclassical growth theory for this area?
(a) The mismatch between population and food production growth could lead to
poverty, hunger and strife (wars)
(b) Government efforts to promote food production and water desalination will
allow these countries to overcome their difficulties.
(c) The profit seeking actions of domestic companies will lead to innovative solutions
- no matter how intractable the problems may be
(Q#14) Does allowing for private property and property rights promote economic
growth through time? Which best summarizes the view of economists?
(a) Yes. Profit incentives that undergird investment and innovation would be
undermined unless private property rights are protected.
(b) No. The public interest and the public welfare cannot be promoted unless
private companies are controlled and even operated by the government.
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