Government and the Market Economy Discussion
Government and the Market Economy (Discussion 1)
The origin of economics as a science dates back to the publication of An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith in 1776. Smith believed a market economy would generally bring individual self-interest and the public interest into harmony.
Based upon those notions of self-interest and public interest and the bringing of both into harmony, according to Adam Smith, how would a market economy accomplish that harmony about which he describes? What is government's place in that market economy?
Think about society's need to choose amongst competing resources and goals. How does personal gain affect choices by individuals and government? Opportunity costs. While we want to do one thing, we can't do others based upon scarcity and opportunity costs. Resources are finite. What about incentives as opposed to free offerings? What about trade?
For your follow up post...review the responses provided by your peers. Engage in conversation, or even civil debate, as you discuss their insights and viewpoints. You may ask questions for clarification (if you are confused by their initial post) or pose questions that advance the conversation. You might even find a topic that leads you to further research in the area!
Robert Kinne
Week 1 Disussion
COLLAPSE
Based on Smith's beliefs about self-interest and public interest and bringing both into harmony, a market economy allows individuals to be rewarded for the use of their resources. Those resources may come in the form of land, labor, or capital. Individuals invest their time in the form of labor to firms which use their labor to produce goods or services and the individuals are compensated with wages. Those individuals can then use their wages to purchase other goods or services. In a market economy individuals and firms have ownership of the resources rather than the government. It is the governments role to ensure there is equally opportunity for anyone to enter the market and to deture corruption.
Individuals can choose amongst competing resources based on price, quality, or brand preference. A more wealthy individual may choose a resource based on its quality because they are less concerned about the price where as someone with less money may choose solely based on price because something of higher quality may be unaffordable.
Keith Lane
W1 Discussion
COLLAPSE
Hello Class,
Adam Smith provides that economic harmony would be reached through embracing a free market with no external involvement. Individuals would seek self-interest where they would involve in trade to get what they want. Individuals would produce what others want for trade with products they want, and social needs would be met unintentionally as people trade their products. The government will not be needed, and hence it will not be involved in any part of the market economy as the free market will provide for social needs. When provided with competing resources, individuals will make choices that seek to provide the highest benefits to them while the government makes choices meant to benefit the overall society. Incentives are intended to create motivation, unlike free offerings, which add on resources. Trade is designed to increase resources or present a product gained from the exchange of resources.
Hayes, A. Adam Smith and "The Wealth of Nations." Investopedia. https://www.investopedia.com/updates/adam-smith-wealth-of-nations/.
Self-interest rightly understood. Self Interest Rightly Understood | Adam Smith Works. https://www.adamsmithworks.org/documents/self-interest-rightly-understood.
Key Habits and Skills of Thinking (Discussion 2)
Welcome to the Discussion Forum!
Each week, you will be asked to respond to the prompt or prompts in the discussion forum. Your initial post should be 75-150 words in length, and is due on Sunday. By Tuesday, you should respond to two additional posts from your peers. If you have not done so lately, please review the Rules of Discussion.
For your follow up post...review the responses provided by your peers. Engage in conversation, or even civil debate, as you discuss their insights and viewpoints. You may ask questions for clarification (if you are confused by their initial post) or pose questions that advance the conversation. You might even find a topic that leads you to further research in the area!
Review the three profiles on Einstein, Bly, and Vitz in Chapter 1 of Becoming a Critical Thinker. Apply and elaborate on three of the concepts you learned in Chapter 1 (one to each profile). What were the lessons you learned from reviewing these three profiles? Why is it important to check facts and test opinions? Of these three profiles, who do you admire the most and why?
Kendra Craft
Week 1 Discussion
COLLAPSE
Albert Einstein (profile on p.3) is an example of "the habit of curiosity" (p.12). Einstien's curiosity led to him pursuing education and continuing his studies even when he was told no. Einstein's curiosity led to him getting his doctorate and publishing his scientific findings. If Einstein had allowed the teachers, schools, and peers to restrict his curiosity, he would have never published his findings on the theory of relativity.
Nellie Bly (profile on p. 7) is an example of "checking facts and testing opinions"(p.16). Bly checked the facts of the newspaper article that claimed a woman's place was in the home and found that it was just an opinion. The opinion that a woman's place was to maintain the home take care of the children, and keep the husband happy. When women could work and take care of the home without issue, Bly proved this by working as an investigative reporter, initiating legal reforms, and running her late husband's company. All things that had a woman only been fit to stay at home she should have failed at. Instead, Bly flourished in every career and responsibility she took on.
Paul Vitz (profile on pp 13-14) is an example of "skill in distinguishing facts from opinion" (p.13). Vitz studied the differences between people that believed in religion and atheists. Atheists state that there is no God with conviction and that there is nothing to believe in. At the same time, those that are religious state that God is real. Both groups believed that they had facts on their side. Vitz found that the projection theory that was believed to understand why people believe what they believe was flawed. Vitz found that "the projection theory focuses on the believer personally rather than on the evidence for or against religious belief." Therefore there are only opinions on whether God is real or not and not facts.
After evaluating all three profiles, I find that I admire Einstein the most. Einstein was turned down, told no, and had the door constantly shut in his face. He was told that he wasn't good enough, smart enough, or well versed enough to succeed. Einstein never accepted no as an answer. He turned it all around and proved that there was more than one way to accomplish your dreams. Einstein thought outside the typical box and never gave up and advance physics, science, and math to further the understanding of future generations.
John Gray
Week 1 Discussion
COLLAPSE
Hello everyone, and hello Professor Gildersleeve, it is wonderful to have another class with you this semester.
Albert Einstein may have "Ideas can be examined without being embraced." I mention this as his ideas were examined, studied, and studied at the time while he was living, but they were not embraced, mostly as the technology such as x-rays to determine where light travels in Black Holes did not exist yet. Mentioning that these discoveries, he made continue to be validated by science.
Nellie Bly may have "habit of curiosity," I personally feel journalists need a level of curiosity, to be successful in their careers. As they ask questions for the benefit of all their readers, in case of newspapers or news websites, watchers, for television news, and ears for radio news organizations. For the goals of informing the public. Dig deeper to research the latest information of a potential topic. Even with her investigation of asylums. She was in the thick of it and that is including her front-line reporting for the first world war.
Paul Vitz, I feel may have to think of counterexamples when discussing religion and lack thereof in atheism. Between the difference of religious beliefs and how they contrast with each other.
All of these individuals shaped society in some way, some may even say an important level. Namely with Einstein with his ideas may not have been appreciated in his lifetime. Artists may have this trouble too. If I may be personal, I do feel I always have some level of curiosity, in my life. From cooking being one of my hobbies to reading or watching something I do not traditionally see or something I have not been exposed to. But I learned about Nellie Bly's fascinating life. Counterexamples may be important to discover new avenues of thought to broaden what we know and what we do not know or understand.
Checking facts keep people in power or other organizations, to keep promises made. Claims made by drug companies is another great example. Opinions, everyone has one, as the saying goes, of course censored to be respectful to all of you. Understand the opposite of what we believe can be good for communication, especially discussing sport teams. Although, I am not a sports fan, so if I want to be successful, I may need to find something different.
I feel Nellie Bly may have the most fascinating life and how that life impacted others. From mental health to proper working conditions. Groundbreaking individual who lived a complex life but full of experiences that may very well took her out of her comfort zone. Something I try often, to broaden my horizons.