Understanding Political and Economic Limits

Michael Waler discusses the parallels between political and economic systems, emphasizing the need for limits on power and wealth to prevent corrosive effects. He argues for regulation of market behavior and critiques the role of greed in capitalism, highlighting the necessity of state intervention. Waler also reflects on human nature, ambition, and moral behavior, suggesting that people generally act decently when not under threat.

What is the main purpose of political constitutionalism according to the speaker?

• To promote economic growth

• To eliminate government intervention

• To set limits on the pursuit and use of power

• To encourage competition

What does the speaker suggest should be regulated in the economy?

• The production of goods

• The pursuit of wealth

• The distribution of resources

• The creation of jobs

What does the speaker imply about the limits on what money can buy?

• They should be similar to limits on power

• They should focus on luxury goods

• They should be expanded

• They should be removed

According to the speaker, what is a visible hand necessary for?

• Increasing competition

• Regulating market behavior

• Promoting free markets

• Reducing government size

What does the speaker identify as a permanent feature of the capitalist system?

• Government regulation

• Market stability

• Economic crises

• Greed

What is the speaker's stance on the role of government in the economy?

• It should be minimal

• It should regulate market behavior

• It should promote competition

• It should focus on wealth distribution

What does the speaker believe about the nature of greed on Wall Street?

• It is beneficial for the economy

• It is a constant feature

• It is a new phenomenon

• It is the cause of all economic crises

How does the speaker view human ambition in politics?

• As a negative trait

• As unnecessary

• As essential for democratic politics

• As a hindrance to progress

What does the speaker suggest about the role of ambition in capitalism?

• It is unnecessary

• It drives innovation and growth

• It is detrimental

• It should be controlled

What does the speaker suggest about people under non-threatening circumstances?

• They become more competitive

• They tend to do the decent thing

• They are likely to act selfishly

• They seek power