Google
Saturday 
November 28, 2020 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
BILATERAL MONOPOLY: A market containing a single buyer and a single seller. Bilateral monopoly is the combination of a monopoly market on the selling side and a monopsony market on the buying side. Factor markets tend to offer the best examples of bilateral monopolies, and thus is the field of economic analysis where this term generally surfaces. A market dominated by a profit-maximizing monopoly tends to charge a higher price. A market dominated by a profit-maximizing monopsony tends to pay a lower price. When combined into a bilateral monopoly, the buyer and seller are forced to negotiate a price. Then resulting price could end up anywhere between the higher monopoly's price and the lower monopsony's price. Where the price ends ups depends on the relative negotiating power of each side.

Visit the GLOSS*arama


LIBERAL:

A political view that favors--(1) paternalistic government, (2) correction of market failure with government intervention, (3) equal opportunities for all citizens regardless of race, age, gender, ethnic origin, or planet of origin, (4) redistribution of income and wealth, and (5) regulation and control by government over the profit-seeking businesses of the second estate.
Liberals tend to come from the ranks of workers and consumers of the third estate, with limited ownership of and control over resources, usually little more than their own labor. They tend to support policies and government leaders who protect their interests. Liberals are usually strong advocates of government intervention and would tend to be suspicious of free enterprise approach to the economy.

The Political Influences of Financial Wealth

While assorted factors influence and determine political views--including religion, morality, a sense of what is right or wrong, and a philosophical notion of what is best for the country--economic forces tend to be among the more important. In particular, wealth, income, and the ownership and control over productive resources have a strong influence on political views. Those who possess less financial and economic wealth support policies designed to redistribute that wealth.

For example, Monica Mortenson, who lives from paycheck to paycheck, has no balance in her bank account at the end of the month, and has no other financial investments, is politically liberal in large part because liberal policies tend to redistribute financial wealth in her direction.

Other Forms of Wealth

Financial wealth, however is not the only type of wealth that influences political views. Members of society can also lay claim to physical and cultural wealth, as well. Those who lack these other forms of wealth also favor liberal policies.

Physical wealth includes ownership and control over resources (labor, capital, land, and entrepreneurship) and goods (especially durable consumption goods). Those with less ownership and control of goods and resources, tend to be more liberal.

A consumer like Pollyanna Pumpernickel, for example, is a working mother of two who rents a furnished apartment and spends her weekly paycheck on perishable nondurable goods like food. With very little ownership of physical goods she edges toward the liberal end of the political spectrum.

Cultural wealth includes the body of cultural attributes, including language, religion, history, and other intangible institutions, that make up a nation. Those who do not share in those attributes have less cultural wealth that they seek to preserve, and thus tend to be more politically liberal.

Lilith Quirkenstone, whose parents immigrated from the Republic of Northwest Queoldiolia when she was a child, tends to be politically more liberal because she does not share in the dominant cultural institutions of her adopted country. She is more interested in changing than in preserving existing institutions.

Favored Policies

Policies favored by political liberals typically change, modify, redistribute the financial, physical, and cultural wealth of a nation. A short list includes:
  • Redistribution: Because they have little wealth, liberals favor policies that redistribute wealth. As such they tend to support welfare programs, unemployment compensation systems, and a host of other programs designed to transfer income or wealth usually from upper incomes to lower incomes.

  • Employee Concerns: Because many occupy the working class ranks of the third estate, political liberals favor policies that promote working conditions. As such, they are usually supportive of government regulations (such as environmental and occupational safety). They are strong advocates of a minimum wage and generally seek government policies that support labor unions.

  • Economic Stability: When it comes to economic stability, liberals usually consider unemployment (which is more harmful to people with less wealth) a bigger problem than inflation (which erodes nonexistent financial wealth). Liberals also support government stabilization policies that are more likely to redistribute wealth. Fiscal policy is a preferred over monetary policy.

<= LEGAL RESERVESLIMITED LIABILITY =>


Recommended Citation:

LIBERAL, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: November 28, 2020].


Check Out These Related Terms...

     | political views | conservative | institution | paternalism | free enterprise | laissez faire |


Or For A Little Background...

     | economic thinking | normative economics | world view | second estate | third estate | incentive | equity | efficiency | ownership and control |


And For Further Study...

     | economic goals | distribution standards | government functions | economic systems | four estates | unemployment | household sector | consumption |


Related Websites (Will Open in New Window)...

     | Democratic National Committee | The Brookings Institution |


Search Again?

Back to the WEB*pedia


APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for letters from the Internal Revenue Service.
Your Complete Scope

This isn't me! What am I?

The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"The world is not dangerous because of those who do harm but because of those who look at it without doing anything. "

-- Albert Einstein, physicist

TSE
Toronto Stock Exchange
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2020 AmosWEB*LLC
Send comments or questions to: WebMaster