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Card 8 / 19: What is the incentive problem for workers under socialism?
Answer:
If people are not paid in accordance with their productive output—if they're paid according to "need"—then they might not work as hard under socialism as they would under capitalism. There would be fewer goods and services produced overall, meaning that the average standard of living would have to fall. Sample Partial Credit Answer People would have no reason to work as hard.
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Questions & Answers
the three subparticles of atom are
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Dr.Robert MurphyAssociated Scholar
Mises Institute
USA
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Attribution:
Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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