Read Steve Latter's article about how studying Economics just may cause you to re-examine some long held beliefs about the world. In your comments be sure to answer two of the four discussion questions found at the end of the article. Enjoy your Labor Day Holiday. Three cheers for the American worker, the most productive being the world has ever know.
46 comments:
That was quite an interesting read. I do see now that the declines in manufacturing employment are not necessarily due to a loss of jobs to other countries, but to new technology that makes those jobs unnecessary (question 2). And personally, I do also agree that the way to increase this country's standard of living is to buy the best available product, not the most American (question 4). However, I can see how people get misled into thinking the opposite, as the purchase of American goods over foreign goods has a more direct and noticeable effect that we can see for ourselves, rather than the roundabout way in which buying foreign products stimulates our economy.
I felt the "ah ha" moment while reading this. Because just like many people believe, I believed that if you buy from your own nation, you are helping your nation. But i now understand that that is not so. #3 I think the standard of living would decrease because you would not benefit from all the other countries who could only spend the American money in the US. #4 And yes i believe you would make your economy stronger by buying the best product avaible simply because you are steady keeping more money flowing. but i could be wrong ???
Interesting. The most interesting question I found would be #1. I have to say that, yes, I have no trouble whatsoever believing that politicians would promise and enact policies that on the surface seemed friendly but that they truly knew would hurt the nation as a whole. I mean, you can't tell me they haven't been known to do that before. Now, for question #4, I'd say it really depends on the sort of income an individual has because the quality of the better product may, ideally, improve our lifestyle, but we also have to think about it because those products are also more expensive. If you don't have much money to spend and you are buying the very best of only a portion of the things you need instead of buying everything you need but at cheaper price (meaning it's not as good as the more expensive one), then I believe it is in one's best interest to buy everything they need, whether it is the best product or not. After all, depriving yourself of something you truly need just so you can buy the more expensive of something else does not exactly improve standard of living. So those are my thoughts.
This article left me thinking. #1 i think the Gov. would promise us something like that just to get us to think everythings ok, then go ahead and keep doing what thier doing
1) Yes, there are some dishonest politicians who would enact a policy that seems to be helpful but which actually isn't. A historical example would be Senator McCarthy, who merely wanted power and operated under the guise of national security.
2) Yes, I do understand that the progress of technology has caused a decrease in manufacturing employment.
This article was interesting. I was one of those people who believed that if you bought something from another nation, you weren't helping, but harming your nation. 3) I believe that a nation's standard of living would decrease if you were only allowed to buy domestic products. Like the article said, when you buy foreign products, you are actually helping your nation. If you didn't buy foreign products, other nations wouldn't spend their money on US products. 4)Yes, I do believe that our own nation's standard of living would grow faster if we bought the best available products out there, especially foreign ones.
Julie Hernandez
2nd Period :)
1. politicians try to find the best possible answers that they think will help the country. now, some legislation passed will always help some and hurt others, but i dont think it is the intention of the politicians to hinder a nation's economy.
4. it truly is a matter of opinion. i though that the most direct way to grow would be to buy from domestic stores and such, but this read shifted my opinion to that of agreeing with mr. latter and buying from foreign markets.
LK
1.) I do not believe any politician would knowingly enact a policy that is harmful to their own economy. Although, economic policy often is the center of great controversy and the "harm" done by following through with these policies are even more often exagerated, the policy itself, in the mind of the politician, is the best solution to the nation's economy and is never meant to hurt the economy.
2.) Yeah, I do see how much of the manufacture's employment is decreasing because of new technological advances. Although employment may be declining in manufacturing, technological advances make manufacuring more efficient. The displaced employees could then be employed elsewhere, pushing the "productions possibliities curve" more outwards.
Tony Phewklieng
Period 2
I found the aricle to be very informative and interesting. As for the questions:
1. I think that there are politicians will attempt to pass legislation which may seem beneficial on the surface. Its a quick way to get votes.
4. Without free trade, countries would not be able to specialize in producing certain goods, which would increase costs and lower the standard of living.
3. If the government passed a law requiring its citizens to only buy their own domestic products the nation's standard of living would decrease because the country wouldn't be able to maintain its position without buying imported products. There are many products that certain nations have no chance of going without or producing themselves, such as oil.
4. Yes, i believe buying the best product available, whether its foreign or domestic, will make a country's standard of living grow the fastest. However, having read this article its easy to see how people would think otherwise since buying domestic has an instant effect while buying foreign comes back around in a circle.
3) If the government passed a law requiring its citizens to only buy their own domestic products, then the nation’s “standard of living” would decrease. The United Sates does not always make the very best products, and denying Americans the ability to buy superior foreign products would force them to live without any new ideas or new technology generated outside of the U.S..
4) Yes, I believe Americans can make their country’s standard of living grow the fastest if they buy the best product available, whether an import or a domestic product, because it would set the standard. Americans would get used to having better products and would demand more.
Hanna Mathew
Period 7
I see the logic in the idea of buying out-of-country products, in that they eventually "loop" back into our economy. If U.S. businesses and consumers were to focus their purchases on in-country products, then the revenues for the in-country manufacturer/business would just be stored. I have a problem though with the timeliness of the issue. With our technology advancing (along with the recession we are in) the consumers are losing jobs from which they get their spending money. As more and more cost-effective business is done outside the U.S. more and more jobs would be lost due to local businesses going out. So as we spend more money out of country, the money does come back, but to the larger companies that would use that money to advance the technology so to require less employees. Consumers would still lose jobs and would be left to wait till those out-of-country businesses build local plants. When viewed like that, it seems that the money flow follows a path from consumers to out-of-country business, back to in-country businesses, but then not return to the consumer since the money would be better spent on new technology as opposed to employees. The consumer purchasing power would dwindle and all parts of the trade path would slow. The consumers end up waiting for new job opportunities from the out-of-country businesses, the out-of-country businesses would find business with the consumers/in-country businesses not as profitable and move business elsewhere, and then the in-country business won't have foreign business, but since it was able to advance its technology, it doesn't need the workers. I feel that something was missing in that blog to explain these happenings.
Oops, I ran off on a tangent, sorry.
1)From this blog, the situation does become a bit more clear. I did first think that buying out-of-country was counter productive and wanted more focus on inner purchases, but after having the circle of money explained, and now knowing that spending money over borders forces the money to be spent back into our economy. Politicians, how ever, aim to please the americans in us all, and let's face it, it does sound very "Patriotic" to "Buy American."
3)If the government forced inward purchasing, the standard of living would go down due to the lack of money being forced through the economy, which would slow businesses and cause job losses. From then on, whatever money that is spent inside the country would be over-saved by the companies trying to protect themselves. Lack of job opportunities means lack of salary to purchase the things of "higher living" and therefore lower the standard.
Good information in this article. #1. I do actually believe that politicians make claims about policies that would help the nation, but actually hurt it. These days many people are looking for a way to benefit themselves more than others. Although this is not true about the entire group of politicians, it is obvious that some are, indeed, plotting for their own gain. #4. I do believe that I would help my country's economy grow faster by buying the best product. Many times, I have found that I tend to buy foreign products, not only because of their good prices, but also because they are of good quality to me. From reading this article, it seems that I am making a good decision because the money I spend on foreign products comes back to the United States through the "trade loop" which would, in turn, be distributed among the nations top manufacturers who could really help our economy get out of the current recession.
-Stanley Verghese, Period 7-
3. I think that a county's standard of living would drop if the citizens of that country bought only domestic products because there would be a lack of trade and trading is how countries gain new technologies from other countries. If a country were to stop buying/trading from other countries they would only be left with what they have.
4. Yes because if people were to buy what they feel is the best product, then there will be more competition and the country would benefit by gaining new products or technologies from another.
#3 I think it's pretty obvious that if a country forced its citizens to buy all of its products that the economy would have become monopolized, which makes it so that whomever is in power can pretty much raise and lower prices to their will and be an all-powerful dictator.
#4 Possibly. It depends if you have the desire to buy it, obviously you would have to have the ability if you did buy it, but buying things you don't want is only hurting yourself, if you aren't working for your own self-interest than you're not allowing "The Invisible Hand" to do its job. If there is a cheaper, substitute, product that you would prefer to buy, not because it is an import or it's made in the U.S.A, but because it is what you want, then that is what will help the economy the most.
Chris Rocha. Period 7.
2)After reading this, I do begin to see how the huge declines in manufacturing employment are from growing technology in machinery. Although employment is decreasing, we could be producing more manufacturing value each year because the machines can produce more than a human hand with new technology.
3)The nation's standard of living would decrease if the government passed a law requiring its citizens to buy only domestic products. This is because the country does not always have the best quality in products. Also, competition with foreign products will make the domestic products strive to be better so their products will be sold more, making more products have better qualities, which would increase our standard of living.
Oh, sorry.
That was Megan Wang from period 2.
I thought this was a very interesting article.I knew that more newer technology is being marketed each year.But i never thought that tech logy could be so high tech into replacing people's jobs. (question 2)I do personally beleive that buying more domestic products that have good quality and price could improve our standard of living.(question 4)
2nd Period woot! >.<
1.) Of course not! Unless of course secretly in their minds they were anti (whatever country) and had a vendetta against the nation thus, finding it simply joyous to see that nation spiral down to nothingness and so and so. Politicians want a sufficient healthy nation thus politicians of that nation would want to continue to help their nation prosper. They would never want to harm the nation (unless they are like the ones I mentioned above) intentionally. Politicians weigh their options and carefully study the pros and cons of their proposed policy before actually enacting it. There can be several explanations as to why the policy did not follow through and one which should be mentioned is time. Over time things change, the economy’s welfare can change. Possibly their policy was something that was beneficial to the economy at that time but as that year progressed it could have turned for the worst.
3.)The nation’s “standard of living” would of course decline. There is no circular flow of motion any more. Mentioned in the blog, buying foreign products actually benefits your nation in that the money circulates back to the nation from whence it came. To require your own citizens to purchase products that are domestic will only like mentioned in the blog hinder the nation. Not only that but you are denying the people products which could be far more superior. Let’s face it there are a many things that are foreign which are simply so much better than the products in the U.S. if our government were to halt this it would cause an unspeakable outrage. (……..(the unspeakable outrage lol)……)Where is our manga? Where’s our coach bags? Where’s this and that. By closing out the world we would become a boring nation. How extremely tiresome would it be to buy a product your neighbor already has? Yep, that would be a dull lifestyle if you ask me.
2. Yes, I see how the decline in manufacturing is affected by productivity. New technologies can force unemployment at the manufacturers and at the same time offer jobs on the new technologies.
3.The nation's "standard of living" will not be the same. Buying products from our own country will only hurt the economy.
Sean Zhou
Period 7
1. yes i believe politicians will say anything to get votes.
3. The standard of living would decrease because of less foreign competition that would push for a better product and lower prices
1. I personally do not think that any politician would knowingly promise and enact a policy that on the surface seems to be beneficial to a nation but is actually harmful. A politician's true motives should be to do what is best for thier nation and while there are some corrupt people, most people would do what is best for their nation.
sibil mathew.
2nd period.
4. After reading this article, I began to understand that our nation can benefit from buying foreign goods instead of continuously purchasing domestic goods. I think that buying the best product available can surely improve our standard of living because the best product available is going to be the product that lasts the longest and has a greater quality.
Khushboo Kamnani-2nd period
After reading this article I have realized the different aspects that can be perceived through the study of economics.
1. Yes, I do think, that a politician who cannot foresee the advantages and disadvantages of the economic decision could make a choice which would bring our nation to downfall.
2. Yes, I do see that in increase in the resources regarding capital (all machinery) can cause a decrease in the actual labor force, for technological advances bring faster and more efficient production techniques. If employment is increasing, our labor force would grow which would bring a chance of total economic growth, keeping in mind that production efficiency and full employment is kept in tact. Everyone who is willing to work should have a job available.
3. If the government passed a law requiring its nation to buy their own domestic products, the economy would not be developing. Due to the purchasing of the foreign products, the foreign countries can invest money in the American market which will only benefit our balance and increase efficiency. If only domestic products are purchased, the money spent will not be consumed properly, for the sources that it reaches may be inefficient and not beneficial to the overall economic growth. (Ex: China and North Carolina)
4. Well, I think it would depend on the quality of the product and what most people would be willing to judge the product by. If most of the economy depends on rationale behavior, then it would be hard to decide if the domestic or foreign product would work best. If one was deciding based on marginal benefiit and marginal cost, they would probably choose the cheapest. Otherwise, the product should be judged based on quality which would ensure the economy overall growth and more development.
1. For most of our country's politicians they seems blinded to the fact that the piece of legislation that they're pitching, maybe one that will ultimately hurt the economy. I believe they pass legislation by outer looks and forget to sink deeper into the matter at hand.
4. If we were to buy the best product possible, no matter what country it is from from foreign or domestic, our standard for living will increase. When you cut off all the excess garbage, all you get is the filet minon of a steak yeah? same with the economy take out the trash all you get is a higher standard of living.
Edward Cruz
period 2
It was nice to read something that was on a positive note opposed to last week and the "End of America" video. I really did not know that the US was a big manufacturing company, I thought almost all of our money came from social security and medicare programs. To answer question 2, I think that people are fired from their dead end jobs where they dont do much and are forced to improve the economy by starting a business or finding a job that may be more labor intensive. For #3, it would most definetely decrease. Because of the increased trade in these modern times, most countries practically rely on another to uphold their culture. The US is not an exception. Also, competition is the answer for quality. The more competition there is the better quality the public can choose from. So when a country passes a law banning all foreign competition, the overall quality of life in that country is decreased. - Joshua Amaku 7th
1. Politians will basically say anything to get votes for an upcoming election. Sometimes they follow through with it, some sort of make attempts, then there are those you just lied through their teeth.
3. The standard of living would go down if we were forced to buy only domestic products. Sometimes we don't always make the best product, or are even capable of producing certain items. And if we were forced to buy from only one country, there would be no competition and prices would jump up if their not competing with foreign goods.
Brady Nash
2nd period
3) The standard of living would go down in my opinion. As it said in the article, the money you spend buying foreign products ends up going back to domestic producers anyways. If you are only buying domestic products then you are stuck with the goods produced in the United States instead of maybe higher quality goods produced in foreign nations that you could buy for less.
4) This question really depends if you can afford to buy the "best" product out there or not. If you do have the ability to buy it and the desire to buy the best product out, then it would benefit the standard of living because your giving out more money to purchase the best product compared to a cheaper product which would help businesses earn a greater income and increase the number of available jobs.
Sam Lehardi 7th Period
I found this interesting. I basically had the same opinion before I read this. This definitely changed what I thought about the economy.
3. I believe that the "standard of living" would fall drastically because, as said in the article, buying foreign products actually helps the economy; prohibiting this would only cause the economy to fall.
4. Now, I do believe that buying the best product available rather than just the domestic one is better for the economy.
This article definately wasn't as depressing as the video, and was quite interesting and insightful.
4)After reading the article I realized that the best way to help your country is something "Made in (Not-In-America)," whether it be China, Taiwan, etc, thus raising our standard of living by promoting international trade.
2)Advances in technology definately reduce the need for a work force and is an ever growing problem for Americans working hands-on jobs that used to be necessary, and are now fully automated. If you make cars, and your car company becomes fully automated, you lose your job. (Ceteris Paribus) :\ Unfortunately, that leads to the United States' PPC moving upward, while the work force is static/not growing as fast. This leads to unemployment, and United States production below the PPC because of the elimination of jobs.
2. It is a huge benefit that technology can take over manufacturing jobs, thus making production more efficient and resulting in better products. Also, if the unemployment rate goes up, hopefully this will result in a decline in population. We need more people to develop technology that performs dangerous/systematic tasks rather than having endless lawsuits over the people who currently work there. We don't need so many uneducated people only good for cleaning machines and wiping floors, etc... All the money spent on providing the excess with funds to live could be easily spent on progressing the American (and global) economy forward.
3. It would be absolutely ridiculous if the government passed a law requiring citizens to only buy their own products. Look what happened to China and its "grand plan" of isolationism. Not so hot now, is it? Also, this would mean we would have to buy our own petrolium. Try telling the number one obese nation in the world they'll have to walk everywhere for the rest of their lives. Apparantly, we're too scared to tap into our own reserves (if we even have any). Forget cars, transportation, etc... Of course there's always the possibility of developing vehicles that run on other substances, but if we're dumb enough to shut our selves off from the world economy, then we sure can't even dream of coming up with such a car.
1. yes, i do believe politicians will lie about and enact policy that is harmful to the nation in order to further their personal success. seeing that the u.s. population is largely economically clueless, dishonest politicians can easily get away with their lies.
2. it was interesting to read this part about technology being a factor in unemployment. i understand, now, how manufacturing levels can increase and employment can decrease.
Tran Le
Period 2
Reading this today, makes me wonder if I wrote about the right thing on the last assignment. I never thought of imports being glue to hold our economy together. After reading the article, I think that if a government ever passed a law to make its citizens buy domestic products, then the country's economy would just go around in circles, ever failing to grow. Like what was said, if we didn't buy from China, then they would not be able to buy from us, causing the economy to go down the drain. I do believe that if I, or anyone else bought the best product regardless of where it came from, then the economy would grow faster. It would cause the money to continue circulating instead of standing still in one location.
3. If a country required citizens to buy only domestic products the standard of living would go down, because the lack of competition would result in mediocre products.
4. I think a country's standard of living does grow faster when people buy the best products available, whether foreign or domestic. As the article says, the money finds its way back to U.S. in some way; and pursuing the best products available encourages competition among suppliers.
Chelsea Norcom 2nd Period
Like the video, this article was interesting and very informative.
#2 I now understand how there can be an increase in productivity even with a decreasing employment rate thanks to new technology. I think better or more efficient methods in manufacturing help too, which I guess goes along with the new technology.
#3 First, I think that would be foolish to pass such a law. But to answer the question, buying only domestic products would hurt us. As the blog said, when we buy domestic products, that money comes back to the U.S. We help our economy when we buy products that are a better deal.
Kelsey Schreiber Period 7
Wow, that was a very enlightening article. I honestly didn't pay attention either way to "buying American" or buying foreign goods but after reading this article I definitely understand the subject much better.
1) I believe that politicians will in fact pass laws that are beneficial in theory but harmful in practice. The "buying American" example is a great example because many citizens, possibly even some politicians, will think that buying American will boost every part of American society when in reality it could harm the more effective and elite companies of American society.
4) After reading this article, I strongly believe that the standard of living will increase if the best product is purchased, regardless of manufacturing location.
This article was interesting... I admit, I would fall under one of the 180 thinkers category. Hopefully, I won't be after this semester.
1. I think that politicians will impose a policy, but not to hurt the economy. Granted, there may be some stupid politicians who have absolutely no sense of economics and harm the nation, G oeajf E aldf O lafj R alkfjda G lajfdlk E ljadf B lajdfl U alfjdla S lakfjdla H , but most politicians try to create an exceptional policy that benefits everybody. That is why the are elected after all. So its their duty.
3. The standard of living would decrease in a way. Like the article said, if Walmart spends dollars for Chinese products and China gives it back to US for an American products, ultimately America gains. The money may not be in the same hands, but it is back in the economy with the added bonus of Chinese shirts in Walmart for the average joe to make his standard of living better with that shirt.
Excellent Ebby
7th
That was most definitely a great read.I do see now the reasons for the loss of jobs and the fact that it is not due to personal incapability, but the advances in new technology that have replaced our jobs(#2). Although employment is decreasing, technology alows us to maintain production rate. I do believe that the only way to effectively increase the standard of living is by personal action. If that means doing some small task, like buying a foreign product instead of an American- made one, then so be it. It might not necessarily be the fastest way, but the most positively affective. The fact that most people easily mistake the overall value of buying a domestic product over a foreign one is quite understandable. Before reading this, I myself was unaware that it was better to buy foreign products. I can see that this course is going to change my view on certain matters :).
1) I do believe politicians will make assertions about policies that would help the U.S. and its economy, but actually damage it. This is a good way for the politicians to receive a large number of votes from a wide range of citizens. Also some politicians will want to make policies of false promises for their own personal benefits and financial gains.
4) I do believe that if we focus on the best products available by price and quality, we will help our suffering American economy to get out of the current recession. Foreign goods are usually cheaper, and of higher quality than their American counterparts. I find that many products I buy are made in foreign nations, and these products are often of better quality and price than many domestic equivalents. For example, American cars are about the same price as many foreign cars. However, foreign cars often offer better reliability, resale value, and overall quality than many American cars in the same class. Also, as the article said, by buying the best products available, and not buying only American products to be “patriotic,” Americans can insure that their money given to the foreign businesses will eventually cycle back to the most efficient and resourceful American companies. This will help our economy in the long run.
Shane Li
2nd Period
i almost forgot to do this! anyway..this was a pretty interesting article.. a lot better than watching a 30 minute video if i might add. 2)After reading this blog I have come to see that declines in manufacturing employment are not always necessarily from a loss ofjobs to other countries, but to all the technology that makes those jobs unnecessary. And yes, Yes, i do think that america's standard of living would grow faster if we bought the best available products out there, especially foreign ones.
hannah neitzke
period 2
#3 If such a law was passed, you would be unable to benefit from all the goods other countries provide. The standard of living we as Americans have come to hold dear often include many products from other countries. Our satisfaction would dwindle without being able to buy more than domestic products.
#4 I believe buying the best possible products, either domestic or foreign, would lead to a better standard of living. As revealed in the article, a country really benefits from buying foreign products contrary to belief.
Period 2
1) Yes, I really do think politicians will promise and enact a policy that seems on the surface to be beneficial to a nation, but are actually harmful to that nation because they would try anything and everything to make sure they get our votes at the time.3)if the government passed a law requiring its citizens to only buy their own domestic products, I think a nation’s “standard of living” would definitely decrease.it even says it in the blog that buying foreign products actually helps the nation and plus no international trade, no competition,& no better quality, higher price;all this would add up to a lower standard of living.
Anshu,7th period.
the article was really good, it helps with beginners alot. i learned that buying american can actually screw us over, and that we get our money thrown back when foreign companies buy american. i cant believe the US was so successful in trade, but now we're at the bottom in exports. oh yea, and i learned that ipods and shirts are better than chicken biscuits and cell phones...=]
1. when do politicians ever carry out what they actually promise? it's obviously their strategical lies that get them elected, but yes it would be good if they did promise us something that benefited not only them, but the whole country.
3. just hearing that reminds me of something that a socialist/communist/facist (not sure which) country would try. my answer's no, the standard of living wont go up if that happens for 2 reasons. first, Latter said so, and second, this kind of restriction, similar to many of the kind, will ruin the eco of a country due to its obvious counter-productivity. peace.
-Marvelous Marvin
period 2
PS. check these sites out
http://www.infowars.com/
http://www.infowars.com/category/economic-crisis/
The article was a very interesting on the fact that it answered many questions that I had to do with economics which helped to make sense of a lot of it I didn't understand before. To answer question number four, I believe that buying imported goods for a lower rate is better for the economy in the long run. Importing goods are a better price than making them in America. It also has the great impact of creating jobs in other countries so that we can keep close ties with them. This can be helpful for making future friends and allies. To answer question number two, I believe that yeas it is very understandable that technology has a big contribution in less jobs because of better technology that is able to do more and to do more, more dependably.
Sorry I didn't turn this in last night! I was having super computer problems sadly!!! :(
Hello PyeDie!
First let me say IM SOOO SORRY for not posting this earlier. My wonderful family decided to take a trip to McAllen last minute and I just got back. :( so here's my commentary!
This was a wake up call for me. I honestly thought that buying our own goods was helping our economy. But as an answer to question four, I have come to realize that our country's living standards can only be improved by buying the most efficient product out there, American or not. As for question #1, which happened to be my favorite question by the way, I definitely do not think that politicians want to purposely hurt our nation. I believe that they are sometimes put in a situation where they have to make decisions that unfortunately come with sacrifices, and don't mention them because the public would not agree to any inconvenience. I mean, people say that politicians are corrupt and they're trying to steal our money, but I am certain that for the most part, they would not be taking hurtful measures unless the situation forced them to do so.
To the left To the left!
Jessica P :)
just like many people believe, I believe that if you buy from your own nation, you are helping your nation. But i now understand that that is not so. #3 I think the standard of living would decrease because you would not benefit from all the other countries who could only spend the American money in the US. #4 And yes i believe you would make your economy stronger by buying the best product avaible simply because you are steady keeping more money flowing. but i could be wrong ???
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