George Santayana Once Wrote That "[T]hose Who Cannot Remember the Past

question 5

Essay

George Santayana once wrote that "[t]hose who cannot remember the past are condemned to repeat it." Other contemporary social commentators suggest there is little to learn from the history of industrial capitalism, since new technologies have so dramatically changed the world of work. What is your opinion on this debate?

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Definitions:

Price Ceiling

A legally established maximum price that can be charged for a good or service.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to buy at a specific price.

Market Equilibrium

A situation in a market where the quantity of a product demanded by consumers equals the quantity supplied by producers.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or resource, typically set below the equilibrium price.