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Hayek argues that central planning of the economy: a. Is likely to have long-run benefits for society, even if short-term economic growth is sometimes handicapped. b. May sometimes lead to low economic growth if information is lacking, but also tends to create greater corporate social responsibi...

Which regulations can be employed on just price? - Answer-price floors, ceilings, minimum wage, living wage Who came up with just price theory? - Answer-Thomas Aquinas What type of economy does Vance think creates just prices? - Answer-Laissez Faire Creative Destruction - Answer-the hypothesis t...

business - Answer-any profit-seeking organization that provides goods and services designed to satisfy customers' needs revenue - Answer-money a company brings in through the sale of goods and services business model - Answer-a concise description of how a business intends to generate revenue p...

Hayek's argument - Answer-He asserts that a centrally planned economy could never match the efficiency of the open market because what is known by a single agent is only a small fraction of the sum total of knowledge held by all members of society. A decentralized economy thus complements the di...

the main economic questions (rational economic problem) - Answer-1. What product am I making 2. who is going to make it 3. who gets the product scarcity is either... - Answer-real or articficial hayek - Answer-believed that knowledge is incomplete, prices are the signals, decision making must be...

What are Hayeks views on planning and decision making? - Answer-he believes in decentralized knowledge HAYEK: what is decentralized knowledge? - Answer-spreading knowledge amongst people is Hayek against centralization? - Answer-yes HAYEK: how does the price system coordinate resources? - Answer...