Politics and Economics

Paper Summary:

This paper presents a letter written to an 11th grade class in answer to questions they asked. The questions concern public interest; how the free market, driven by greed and financial profits, can ever lead to the goal of public interest; market troubles; and government intervention. The paper offers comprehensive responses to each of the questions.

From the Paper:

"However, there are other theories about what is the most important part of the public interests. Some people say what is important to the public is safety and well-being, and that if free will and property rights aren't providing this then the government needs to assure them. These theories might say that the government should set minimum standards for products and for employee safety, and that if it looks like important business are going to go bankrupt the government should help them so that they can continue to produce for the economy and provide jobs. The public good is defined in terms of job security and quality, and the economic welfare of companies and employees. This theory is in many ways older than free market theory -- even back in the days of the ancient Egyptians, the government set prices for grain and exchange, and subsidized and controlled farmer choices."

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