Media Contact:
Carrie Conko
Director of Communications
Mercatus Center at George Mason University
Office: 703-993-4899
Email: cconko@gmu.edu
The Role of Profits in a Market Economy
| Start: | Monday, December 12, 2005 |
| End: | Monday, December 12, 2005 |
| Location: | B-340 Rayburn House Office Building |
Contact Chris myers at cmyers2@gmu.edu or 703-993-4952.
Featuring:
Dr. Russell Roberts
Professor of Economics and Smith Chair at the Mercatus Center at George Mason University
Profit. The mere word evokes a variety of images, thoughts, and emotions. While some see profits as representing the epitome of greed, other people view profit as an ordinary part of doing business in a free economy. In light of high gasoline prices and high oil company profits, many are asking the question: “Can there be too much profit?”
While Americans were paying lofty prices at the pump, the five largest oil companies earned over $33 billion in the third quarter this year. To put that amount into perspective, that is $110 for every man, woman and child in the United States. As a result, the U.S. Senate has held hearings and some Members of Congress have suggested a windfall profit tax on oil producers. Is a windfall profits tax a good idea? Can profits be too high? Too low? What is the role of profits in a market economy?
To address these issues the Mercatus Center at George Mason University will host a seminar, featuring Mercatus Center Distinguished Scholar Dr. Russell Roberts, on the role that profit plays in a market economy. The program will help participants address such questions as:
- What is the source of economic profit?
- How do economic decision makers respond to profits?
- When are profits too high or too low?
- What are the effects of windfall profit taxes?
- How do profits create our standard of living?
