Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 31, 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.
To what extent should government influence the economy of a democracy such as the United States?
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.
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c) the greater the need for centralized, top-down planning within large firms and governments.
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Economics (MindTap Course List)
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