Google
Monday 
October 22, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
OUTPUT GAPS: Recessionary and inflationary gaps created by differences between equilibrium real production achieved in the short-run aggregate market and full-employment real production. A recessionary gap occurs if short-run equilibrium real production is less than full-employment real production. An inflationary gap results if short-run real equilibrium production is greater than full-employment real production.

Visit the GLOSS*arama


POLITICAL VIEWS:

Alternative perspectives of the proper role that government should play in the economy, with conservatives on the right, liberals on the left, and moderates in the middle. Libertarians show up to the right of conservatives and socialists (including Marxists and communists) are to the left of liberals.
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.

A Short List

Consider this list of primary political philosophies and how they tend to be influenced by economic forces.
  • Conservative: Conservatives tend to come from the ranks of the second estate, which has extensive ownership of and control over resources, especial capital and land. As such, they support policies and first estate leaders who protect their interests. Conservatives tend to be strong advocates of free enterprise and find philosophical agreement with economic theories that call for limited government intervention in the economy.

  • Liberal: Liberals tend to come from the ranks of the third estate, with limited ownership of and control over resources, usually little more than their own labor. As such, they support policies and first estate leaders who help them battle the second estate. Liberals are strong advocates of government intervention and tend to be suspicious of a free enterprise approach to the economy.

  • Moderates: Moderates tend to have influences from both the second and third estates, with an ample supply of labor resources (often augmented with human capital), plus modest ownership and control of capital and/or land resources. As such, they tend to support a mix of liberal and conservative positions. With the mix depending on the times and the circumstances.

  • Libertarians: Libertarians, staunch advocates of individual freedoms, are generally to the right of conservatives and also tend to come from the ranks of the second estate. While the economic influences of resource ownership are present, libertarians are often guided as much by philosophical concerns of right and wrong, and what is best for the country.

  • Socialists: Socialists are generally to the left of liberals and tend to come from the lower ranks of the third estate, especially those who have the most to gain from government intervention in the economy. However, like libertarians, socialists (and especially their Marxists and communists brethren) are often guided as much by philosophical concerns as economic influences.

Flavors of Wealth

Wealth, especially the traditional financial variety, tends to have a central influence on political views. Those with larger bank accounts and more extensive stock portfolios generally have more conservative political views. Like most generalities, however, this one is full of exceptions. Society is has many wealthy liberals and poor conservatives.

If the notion of wealth is extended to include more than traditional financial wealth, the connection between wealth and political views is stronger. Consider these two forms of wealth.

  • Physical Wealth: This includes ownership and control over resources (labor, capital, land, and entrepreneurship) and goods (especially durable consumption goods). Those with more ownership and control of goods and resources, which they would like to "conserve," tend to be more conservative, those with less, more liberal. A suburban consumer like Jonathan McJohnson tends to be more conservative because he owns a house, two cars, household appliances, furniture, a computer, garden tools, and sporting equipment, even though he has little financial wealth. In contrast, another consumer like Pollyanna Pumpernickel 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, and she edges toward the liberal end of the political spectrum.

  • Cultural Wealth: Every nation has a body of dominant cultural attributes, including language, religion, history, and other intangible institutions. Those who share in those attributes have a greater cultural wealth, which they usually like to "conserve," and thus they tend to be more politically conservative. Those who share less in these attributes then tend to be more liberal. A solid citizen like Herb Haberstone, for example, has very little financial wealth, but tends to have conservative political views because he shares the dominant language, religion, and history of the country. Although by no means wealthy, Herb wants to conserve the dominant intangible institutions of the country. In contrast, 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.

<= POLITICAL GAMEPOSITIVE ECONOMICS =>


Recommended Citation:

POLITICAL VIEWS, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 22, 2018].


Check Out These Related Terms...

     | conservative | liberal |


Or For A Little Background...

     | four estates | second estate | third estate | incentive | normative economics | equity | efficiency | ownership and control | free enterprise | laissez faire | paternalism |


And For Further Study...

     | economic goals | distribution standards | government functions | economic systems | economic thinking | inflation | unemployment |


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

     | Democratic National Committee | Republican National Committee |


Search Again?

Back to the WEB*pedia


APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials looking to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for a thesaurus filled with typos.
Your Complete Scope

This isn't me! What am I?

Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"A stumble may prevent a fall. "

-- Margaret Thatcher, British prime minister

ATC
Average Total Cost
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 ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster