Econ Essay 1.txt

  1. (Essay 1) Explain capitalism’s distinctive attitudes, and why they are important to make capitalism work well
    • Individualism
    • Entrepreneurship
    • Protestant work ethic
    • Consumer sovereignty
    • Flexible cooperation and non discrimination
  2. (Essay 1) Individualism
    • Belief in individual freedom and achievement
    • We make successful economic individuals into heroes: Steve Jobs & Warren Buffet
    • For capitalism to work, people must believe that it’s right to take individual responsibility for their lives
    • Can not always rely on gov’t to solve problems
  3. (Essay 1) Entrepreneurship
    Capitalism needs some people to be willing to innovate and take risks
  4. (Essay 1) Protestant Work Ethic
    People ought to work hard and do a good job even if the work is unpleasant
  5. (Essay 1) Consumer Sovereignty
    • Sovereign is a ruler
    • In capitalism, consumers rule
    • System tends to serve consumer desires
  6. (Essay 1) Flexible cooperation and non discrimination
    • Make contracts to cooperate, but have an attitude that no contract is forever
    • High willingness to adapt
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Econ Essay 1.txt
econ essay 1