question archive In his article, “The Rationale of the Market Economy,” John Kay states: “A one sentence description of why some countries are poor and others rich is that the politics and economics of poor countries are dom inated by rent -seeking and the politics and economics of rich countries are not
In his article, “The Rationale of the Market Economy,” John Kay states: “A one sentence description of why some countries are poor and others rich is that the politics and economics of poor countries are dom inated by rent -seeking and the politics and economics of rich countries are not
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In his article, “The Rationale of the Market Economy,” John Kay states: “A one sentence description of why some countries are poor and others rich is that the politics and economics of poor countries are dom inated by rent -seeking and the politics and economics of rich countries are not.” [ It is useful to keep in mind here our postulate that economic systems are fractal, implying that similar explanations may apply to differences in the economic performance among businesses. Write an essay that (1) explains the meaning of rent -seeking and (2) use Kirzner’s framework (“The Meaning of Market Process”) combined with Kay’s arguments to explain the economic mechanics behind why Kay’s quote has analytical merit . Use quotations from the readings to support your argument. [About three pages, double -spaced . Focus on the cause - and -effect analysis. Why, why, why? Dr ill down on the arguments to explain the economic mechanics driving the outcomes. ]
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