Answer the attached questions. The answer to EACH question should be less than 1 page and substantive.Please note that most of these questions do not have a single “correct” answer. Your response to each q
uestion should be less than one page.
1. The early Soviet economy generated relatively high growth rates as the system adopted modern
industrial technology, but growth rates declined in the later years. Suppose modern internet and
electronic communication tools were available to the Soviet economy in 1960. Do you think the
Soviet economy could have used electronic communication tools to accelerate their growth rates,
or would these communication tools undermine productivity by providing planners and managers
with the wrong incentives? Please explain.
2. Suppose we have another revolution, and I am named as the benevolent dictator of the new
country (the US is now named the United States of the Chicago Cubs). Given this opportunity, I
design a new economic system in which I own all physical and intellectual property, everyone else
(citizens, permanent residents, and even temporary visitors) is provided a universal basic income
of $40,000 per year, and I let people use my things (e.g., homes, cars, cell phones, etc.) if they ask
nicely. Please evaluate the economic prospects of the new country based on potential GDP
growth, incentives for capital investments, and equality of income distribution.
3. Suppose artificial intelligence (AI) tools continue to evolve, and more human decision tasks can
be handled faster and more effectively by AI software. Which economic system (market socialism
or planned socialism) would perform best under an AI-driven world? Please explain your
4. As socialist economies transition toward capitalist systems, the government commonly sells
publicly controlled companies and privatizes these state-owned enterprises. Which type of
economy is expected to generate higher values for the privatized assets, a planned socialist
economy or a market socialist economy? Please explain your response.
5. The concentration of wealth and income inequalities have always been important public policy
issues for the US economy, but the intensity of interest in these issues has varied over time. These
issues became very prominent in the late 1800’s and early 1900’s, in the 1920’s and 1930’s, in the
1960’s and 1970’s, and at the present time. One of the current policy proposals is to reduce
income and wealth inequality with a tax imposed on the assets of the wealthiest members of
society. How would a wealth tax affect the potential GDP growth, incentives for capital
investments, and equality of income distribution in the US?
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