Overview
First,please submit a set of talking points for each question. These can be bullet points, but you should have 3-4 complete thoughts of what to talk about for each question.
Second, just think about it from what we’ve read, write down a brief (~1 page double spaced) reflection on the most interesting part. This does not have to be polished (but should be coherent) - just write the first things that come into your mind.
1.Regardless of your personal views on capitalism, what do you see as the biggest benefits
of the capitalist system relative to other economic systems? What do you see as its biggest flaws? Alternatively, you can think of this question as asking: if you had to make the case for capitalism, how would you defend it? If you had to argue against capitalism, how would you critique it? 2. We have spent a good deal of time talking about the role of profit in the economy. On one hand Marx and his followers see profit as a sign of exploitation. On the other side Mises sees profit as a sign that entrepreneurs are satisfying consumer needs. To what extent do you think these interpretations are accurate? Is there a role for government to influence how much profit companies should be allowed to earn? What kinds of policies could be imposed that could limit corporations from earning excessive profit while still providing incentives for entrepreneurs to innovate and take risks? 3. The market socialism debate touches on a larger debate about economic theory. To what extent do you think it is possible to use economic theory to improve economic policy in the real world? Are there any dangers in taking the results of economic models too seriously? How should economic models be used when applying them to reality? As you answer this question, think about the differences in the way Lange and Hayek view the role of economic models. Which side do you fall on? 4. Each person go around and talk about the topic of your essay and the argument you made. What did you learn from researching and writing your essay? What challenges are you still facing in developing your argument effectively?