Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 19, Problem 2QP
To determine
Explain Buchanan’s statement.
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What did mercantilism see as the economic goal for society? Why was poverty seen as essential?
Give one paragraph (short) explanation for the above question.
Economist Friedrich Hayek argued that when knowledge is decentralized and disbursed among many people.
a) the greater the share of knowledge the heads of firms and governments can and must know to be successful.
b)the smaller the share of knowledge the heads of firms and governments can know to be successful.
c) the greater the need for centralized, top-down planning within large firms and governments.
d) the greater the need for firms and governements to avoid markets.
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government?
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