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MC 02 LEC 07
COURSE Governtment Risk

Deadline Sep 13, 2020 → Sep 18, 2020

https://www.youtube.com/watch?
Materials v=zU4NGtYgiCk&feature=youtu.be

PASSED

Status Complete

Type Lesson

MOVEMENT IN THE ECONOMIC THOUGHT AND THE

GLOBAL DEVELOPMENT PARADIGM
Human gifts of intellect, freedom and freewill enables him to co-create

Co-create - has a deep meaning because it recognizes that there is a creator.

The difference between creator and co-creator is that the creator, created
something from nothing meanwhile the co-creator, enhances or developed
something that has been created.

Human ingenuity has produced countless inventions

Top 6 inventions that change the world: World Wide Web, Printing Press,
Wheel, Writing, Electricity and Language

HUMAN AS DESIGNER OF SYSTEMS AND INSTITUTIONS

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 Human ingenuity has gone so far, we are not only investors of products but
also designer of systems and institutions. We are designers of government,
business enterprises, economies

The prevailing development paradigm is the "Enterprise Centered"

Development by Dr. Sixto K. Roxas which means enterprises are viewed as
the engines of economic growth and development. This has deep implications
because government programs and fiscal polices are directed towards
supporting enterprises with the thought that as enterprises flourish, the
community or society and the people where such enterprises operate will
flourish or progress with it.

How can enterprises grow and benefit society?

Ideas of two brilliant economies in Cambridge shape the society of the world

Battle of Ideas by Daniel Yergin

Keynes = their is a need for government regulation in running an economy.

State intervention is necessary to moderate the booms and busts in
economic activity

von Hayek = favors free market or known as neoliberalism. He thinks that

enterprises will grow and full employment will be attained if markets are
free from government regulation and intervention and markets are left
freely to seek its own level

Whose thinking prevailed?

After world war 2, almost all have adopted the idea of John Maynard
Keynes. Some have adopted it with some modifications.

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