Read Chapter 5 – Conventional Theory: Conservatives and Liberals

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Contents:

Opening story: Champion wheelchair racer Tatyana McFadden – 101

Building Conventional Theory – 103

Conventional Assumptions and Model – 104

Market Change Guide Instructions – 115

Market Change Guide – 115

Exercises 5.1, 5.2, 5.3: Market Change Guide Practice – 117

Conventional Conclusions – 123

Conventional Policy – 124

Liberal Policy: Embrace fair-market capitalism – 124

Conservative Policy: Embrace free-market capitalism – 125

Conventional Theory: Capitalism (summary) – 127

Conventional Critique of Socialism – 128

The Dangers of Socialism (summary) – 132

Economic Well-Being from Different Perspectives – 133

• Conservative Voice: Free-market capitalism – 134

• Liberal Voice: Fair-market capitalism – 135

Test Yourself, Key Terms, Answer Key – 137