Flashcards in Chapter 5 Deck (11):
To spread an individual's wealth or value to society at large
Founder of Socialism.
"Production should come from each according to his ability, to each according to his need."
Costs that naturally spill over to others
External Costs and Benefits
Where property is taken for state public use, but the owner is compensated
Where a person is suspected of committing a crime and that person's property is seized because it is suspected of having contributed to the crime
The pursuit of happiness
the right to hold and use property freely, to choose one's profession, to make contracts and travel.
Incentive Problem of Socialism
socialism separates production and consumption, taking away incentives to voluntarily serve.
Where the states decisions are made by a dictator
where the state does not take the title to property, but orders the use of that property