Using the arguments in the readings, explain how a market-oriented economic dyna

For This or a Similar Paper Click To Order Now

Using the arguments in the readings, explain how a market-oriented economic dynamic drives economic progress (wealth creation) through the process of creative destruction, and explain in explicit cause-and-effect terms how rent seeking undermines the creative destruction process.
-How does Buchanan explain “social surplus” (“rent creation” or Kay’s added value) as an outcome of an “ordered market structure”?
-What does John Kay mean when he says: “Market economies do not predict the future, they explore it”?
-Based on your answer to the previous bullet-point, how would you harmonize Buchanan’s idea of an “ordered market structure” with John Kay’s term “disciplined pluralism” in order to describe the process of creative destruction?
-Among the assigned readings, which way of defining rent-seeking do you find most intuitive?
-How would you harmonize your chosen definition with the idea that one form of rent-seeking equates to “organized resistance” to economic change?
-How would Blank, Buchanan, and Kay argue that rent-seeking in the form of organized resistance undermines the process of creative destruction?
Readings:
-Kay, J. (2012, January 18). A real market economy ensures that greed is good. (Link will open in new tab.) (Links to an external site.) Financial Times.
-Kay, J. (2012, January 25). When capitalism and corporate self-interest collide. (Link will open in new tab.) (Links to an external site.) Financial Times.
-Kay, J. (2012, November 21). The monumental folly of rent-seeking. (Link will open in new tab.) (Links to an external site.) Financial Times.
-Blank, S. (2013, June 24). Strangling innovation: Tesla versus “rent seekers.” (Link will open in new tab.) (Links to an external site.)
-Buchanan, J. M. (1980). Rent seeking and profit seeking. In J. M. Buchanan, R. D. Tollison, & G. Tullock (Eds.), Toward a theory of the rent-seeking society (pp. 3-15). College Station, TX: Texas A&M University Press.
-Kay, J. (2009). The rationale of the market economy: A European perspective. (Link will open in new tab.) (Links to an external site.) Capitalism and Society, 4(3), 1-10.

 

Place your order now for a similar assignment and have exceptional work written by our team of experts, At affordable rates

For This or a Similar Paper Click To Order Now

Leave a Comment

Your email address will not be published. Required fields are marked *

Why Choose Us?

Bringing Life to Your Smile
Premium Quality

We have qualified native essay writers from top U.S. universities. Our writers produce high-quality content in all academic subjects.

100% Confidentiality

We ensure to maintain content privacy while helping you in paper writing. You are the copy-write owner of the work. We never reveal your personal information.

Free Proofreading

Our senior team of writers proof-read your document to ensure it has no mistake.

Timely Deliver

We believe in delivering quality work, within your deadline or you should not pay. Our professional writers beat your short deadlines.

100% Confidentiality

We ensure to maintain content privacy while helping you in paper writing. You are the copy-write owner of the work. We never reveal your personal information.

24-7 Support

Our senior team of writers proof-read your document to ensure it has no mistake.

Scroll to Top