Sociology Midterm

Freedom*
Click the card to flip 👆
1 / 39
Terms in this set (39)
Freedom*
idea that people should be able to live lives to greatest degree possible as they wish.. free from coerceive restrictions imposed by others
Prosperity*-
idea that an econ should generate high standard of living for most ppl not just small, priv elite
Efficiency
idea that econ should generate rational outcomes, effectively balancing costs and benefits in way resouirces are used
Fairness
idea ppl treated justly and that they should have equal opportunity
Democracy*-
our public deicisons should reflect will of equal citizens.
Public sector
government
Nonprofit sector*-
churches, civil assc, nonprofit orgs
Direct household production- make meals, caregiver
Bookstore principle vs. library principle*
Bookstore- to each according to ability to pay
Library- to each according to needs
Equilibrium price*-
price at which supply and demand are equal
Consumer sovereignty*-
the economy is really controlled by us
Allocative efficiency*-resources and activities are allocated to different purposes so that amt of diff things that get produced is exactly the right amt given what people want and how much money they havePareto optimality*-a distrubtion of things such that no one can be made better off without someone becoming worse offInvisible hand*SIMILAR ENOUGH Magic of the market- each indv by pursuing own self-interest actually advances the collective good of society as a wholeNegative freedom*-"freedom from coercion" no one can physically force you to do things No one forces you to buy anything Employees loses negative freedom w/in workPositive freedom*-freedom to" the actual capacity to reach your full capacity, to execute your life plans. - access to resourcesNegative externalitiesa negative side effect of an activity that affects other people/d isplacing of costsShort time horizons*-competition among profit max firms leads firms to have relatively short-time horizions. This imposes costs on future generations for our present production and consumption energyUnder-provision of public goodsfailure to produce adequate public goods, even those publicPrisoner's dilemma*Both silent 2 years Both confess 5 One Confess one doesn't 10yrs for one 0 otherSkills of exit vs. voice*Exit- negative freedom Voice- positive freedomIntergenerational externalities*-displacing costs onto future generations (oil etcNIMBY externalitiesnegative extern of private choices and profit maxing firms---- displacing costs onto the powerless/ racial discrim and enviro jsuticeConsumerismthe belief that personal well-being and happiness and status depend largely on the level of personal consumption, particularly the purchase of material goodsHyperconsumerism*-frenetic pursuit of consumer goodsConsumerist societyone in which people devote a geart deal of time, energy, resources, and thought to consumingMarket failures in leisure*-death from overwork... we are working more and more... work @ work work @ homePositional goods*-goods whose subjective value depends heavily on comparisons with other people consume (houses)Non-positional goods*-goods who subjective value does not depend on comparisons w/ others (leisure)Moral hazard*-situatuin in which no incentive to worry about costs since someone else paying the bill. Insaurance sometimes creates moral hazard by enabling people to engage in riskier behavior thean they would otherwiseMoral hazard problem in health care*-if you have insurance, you will tend to overuse medical services since you do not have to pay each time yougo to the doctor. This has the effect of imposing costs on others SOLUTION- rely on the market and competition to force down rpices and enforce personal responsibility through copays and other chargesWorker productivity*-wages down, productivity has gone upDecade of Deindustrialization (1970s)massive dismantling of manufacturing to a service econ Multiplier effects of manufacturing- manufacturing has gone down here because it is cheaper in China... their's has risenDecade of Deunionization (1980s)*-aggressive employer atks on US labor unions to reduce levels of membership .... When there were more unions... the wealth was spread more equally.. without.. wealthy are wealthierDecade of downsizing (1990s)*-widespread layoffs and downsizing of major US corps... rise of contingent workers and outsourcing... IBM/GE Contingent work Outsourcing- other countriesDecade of deinstitutionalization (2000s)*-erosion of stable labor mrkt institutions and protectiosn for morkers, casualization of laborTraining deficit trapfree riding problem Both Train- +20k Both don't- 0k You train no one else- 10k You don't everyone does + 30kTransition trough problem*Moving to the high road will get worse before it gets better but will be worth after trough overcomeIndividual MandateIf x w no insurance= fined, taxes increased (try to avoid free riding)Consumption reference groups*-the category of people with who one compares oneself regarding consumption norms