The same logic applies to questions around the fairness of international trade, even when it is free.” Do you agree or disagree?

IMPORTANT NOTE: There is no “right” or “wrong” answer to a question. Your answers will be judged based on the quality of your analysis and reasoning, not whether you “agree” or “disagree” with the propositions in the questions. A high quality answer will focus on concepts, arguments, and evidence (whether qualitative, quantitative, or both), and not on merely stating opinions that fail to be backed up by analysis. A high quality answer will refer not only to the lecture videos but one or more of the suggested readings and/or additional references your own research turns up.

(1) “Voluntary (un-coerced) exchange between two rational, self-interested individuals is, ipso facto, mutually gainful. But, the resulting gains from trade may not be fair in terms of their distribution between the two individuals. The same logic applies to questions around the fairness of international trade, even when it is free.” Do you agree or disagree? Discuss critically.

(2) Lee Kuan Yew, founding leader of Singapore, said: “I believe what a country needs to develop is discipline more than democracy. The exuberance of democracy leads to indiscipline and disorderly conduct which are inimical to development.” Do you agree or disagree? Discuss critically.

(3) “The benefits of government intervention to correct market failures must be weighed against the costs of government failure that result. On balance, it may be better not to intervene unless the gains clearly and unequivocally outweigh the costs.” Do you agree or disagree? Discuss critically.

(4) “The fatal conceit of scientific socialism is the belief that the economy can be treated as a machine that may be fine-tuned by planners to achieve their desired objectives and that individuals populating it are like robots, devoid of behavioural response.” Do you agree or disagree? Discuss critically.