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Eportfolio Assignment
By Taylor Cox
1. Professor Milton Friedman’s research led him to believe in the power of free markets and economic freedom.
2. If the government gives everybody the same freedom to work . . . some will do better than others. The result will be equality of opportunity, but not equality of outcome.
3. Hong Kong became an economic powerhouse because:
a) The British government couldn’t be bothered with local Hong Kong affairs.
b) The Governor here happened to favor free markets.
c) Hong Kong never introduced all those policies that other governments did: no tariffs, no regulations or government intervention in the economy.
d) So the economy could evolve in a natural way.
4. The free market enables people to go into any industry they want; to trade with whomever they want; to buy in the cheapest market around the world; to sell in the dearest market around the world. But most important of all, if they fail, they bear the cost. If they succeed, they get the benefit.
5. Define “voluntary association” as described in the video.
Voluntary association is described in the video as anything anything that is going on between consenting adults
6. In the example of the lead pencil, what conclusion did Professor Friedman reach in the context of “invisible hands?”
The conclusion that Professor Friedman helps us to understand in his example of the lead pencil is that thousands of people help make our simple daily tasks happen. A pencil takes thousands of people to create, yet we use it so unconsciously and don't think of all the work that was put into it.
7. The Founding Fathers had learned the lesson of history. The great danger to freedom is the concentration of power, especially in the hands of a government.
8. In the last one hundred years with relatively free markets, we have created more wealth than in the one hundred thousand years before.
9. As Milton Friedman said, “The society that puts equality before freedom will end up with neither. The society that puts freedom before equality will end up with a great measure of both.”
10. Professor Friedman compares the concept of “equality of opportunity” to a race where everyone begins at the starting line at the same time. In contrast, “equality of outcome” guarantees that everyone finishes at the same time. Today, “equality of outcome” is referred to as “fair shares for all.”
If we applied the “fair shares for all” concept in this class, all students would receive an average grade of “C.” This would be accomplished by taking points away from students earning A’s and B’s to give to students earning D’s and E’s. Distributing points equally would result in “fair grades for all.”
The idea of "fair shares for all" is an idea that I would not approve under any circumstances for my final grade in this class. Many people strive to work hard to earn a good grade in any class. That requires work outside of class and discipline to get things done on time. If they are willing to do the work and get it done on time like they have been asked then they deserve whatever grade they may receive. The idea of someone who did not do any work getting points from someone who did all of their work just doesn't make sense. Those who do not do the work don't deserve help to get the same grade as everyone else. And someone who did all the work does not deserve to lose points or share points with someone to receive the same grade as everyone else.
This differs from "fair shares for all" economically in many ways. Economically there are many people who are raised in circumstances that do not let them attain what others may be able to. Once again though, those who are willing to work for success deserve more success than those who are not willing to do what it takes to earn it. It really doesn't make a whole lot of sense to give to those who aren't earning what they may receive.
Bill Gates once said, "If you are born poor, it's not your fault. But if you die poor, its your fault." Some may not be born into a family with money or in the greatest financial circumstances. This does not mean that they don't have the power to change that in their life. If you live your whole life with the desire to become rich and do not achieve it, then you didn't succeed. You failed. Every person deserves what they earn. There may be times where you work really hard and don't get the outcome you expected, but you still worked hard and will receive a positive consequence.
11. Compose 2-3 paragraphs explaining how completing this assignment helped you achieve at least two (2) of the following SLCC Learning Outcomes:
By completing this assignment I have achieved some important SLCC Learning Outcomes. Two that I have decided to focus on are: Communicate Effectively, and Think Critically and Creatively. These skills are very important and will continue to help me throughout my entire life. I am not entirely finished developing these many skills because they take an entire lifetime to develop. However, this class and this assignment have helped me to develop these skills a little more.
This assignment helped me to communicate effectively in a couple of different ways. I had to use the video that was provided as a form of communication. It was effective because if I did not catch a certain idea I could go back and replay that idea so it was clear. I also developed my "thinking critically and creatively" skills. It took some time and effort to accomplish this assignment. There were many ideas presented that I had to think about to decide if I agreed or not. I then had to come up with my own beliefs of the topic or idea and therefore I was able to think both critically and creatively.
By Taylor Cox
1. Professor Milton Friedman’s research led him to believe in the power of free markets and economic freedom.
2. If the government gives everybody the same freedom to work . . . some will do better than others. The result will be equality of opportunity, but not equality of outcome.
3. Hong Kong became an economic powerhouse because:
a) The British government couldn’t be bothered with local Hong Kong affairs.
b) The Governor here happened to favor free markets.
c) Hong Kong never introduced all those policies that other governments did: no tariffs, no regulations or government intervention in the economy.
d) So the economy could evolve in a natural way.
4. The free market enables people to go into any industry they want; to trade with whomever they want; to buy in the cheapest market around the world; to sell in the dearest market around the world. But most important of all, if they fail, they bear the cost. If they succeed, they get the benefit.
5. Define “voluntary association” as described in the video.
Voluntary association is described in the video as anything anything that is going on between consenting adults
6. In the example of the lead pencil, what conclusion did Professor Friedman reach in the context of “invisible hands?”
The conclusion that Professor Friedman helps us to understand in his example of the lead pencil is that thousands of people help make our simple daily tasks happen. A pencil takes thousands of people to create, yet we use it so unconsciously and don't think of all the work that was put into it.
7. The Founding Fathers had learned the lesson of history. The great danger to freedom is the concentration of power, especially in the hands of a government.
8. In the last one hundred years with relatively free markets, we have created more wealth than in the one hundred thousand years before.
9. As Milton Friedman said, “The society that puts equality before freedom will end up with neither. The society that puts freedom before equality will end up with a great measure of both.”
10. Professor Friedman compares the concept of “equality of opportunity” to a race where everyone begins at the starting line at the same time. In contrast, “equality of outcome” guarantees that everyone finishes at the same time. Today, “equality of outcome” is referred to as “fair shares for all.”
If we applied the “fair shares for all” concept in this class, all students would receive an average grade of “C.” This would be accomplished by taking points away from students earning A’s and B’s to give to students earning D’s and E’s. Distributing points equally would result in “fair grades for all.”
- Would you approve of this method in calculating your final grade? Why or why not?
- How would this differ from “fair shares for all” economically?
- For example, what’s the difference between a successful student being required to give up some of his/her hard-earned grade and a successful person being expected to give more of his/her hard-earned income? If you support “redistribution of income and wealth,” shouldn’t you also be willing to redistribute academic grades? After all, many of your fellow students may not have had the advantages in education and upbringing that you’ve had.
- Address the above questions in your own words, in a minimum of 3 paragraphs.
The idea of "fair shares for all" is an idea that I would not approve under any circumstances for my final grade in this class. Many people strive to work hard to earn a good grade in any class. That requires work outside of class and discipline to get things done on time. If they are willing to do the work and get it done on time like they have been asked then they deserve whatever grade they may receive. The idea of someone who did not do any work getting points from someone who did all of their work just doesn't make sense. Those who do not do the work don't deserve help to get the same grade as everyone else. And someone who did all the work does not deserve to lose points or share points with someone to receive the same grade as everyone else.
This differs from "fair shares for all" economically in many ways. Economically there are many people who are raised in circumstances that do not let them attain what others may be able to. Once again though, those who are willing to work for success deserve more success than those who are not willing to do what it takes to earn it. It really doesn't make a whole lot of sense to give to those who aren't earning what they may receive.
Bill Gates once said, "If you are born poor, it's not your fault. But if you die poor, its your fault." Some may not be born into a family with money or in the greatest financial circumstances. This does not mean that they don't have the power to change that in their life. If you live your whole life with the desire to become rich and do not achieve it, then you didn't succeed. You failed. Every person deserves what they earn. There may be times where you work really hard and don't get the outcome you expected, but you still worked hard and will receive a positive consequence.
11. Compose 2-3 paragraphs explaining how completing this assignment helped you achieve at least two (2) of the following SLCC Learning Outcomes:
By completing this assignment I have achieved some important SLCC Learning Outcomes. Two that I have decided to focus on are: Communicate Effectively, and Think Critically and Creatively. These skills are very important and will continue to help me throughout my entire life. I am not entirely finished developing these many skills because they take an entire lifetime to develop. However, this class and this assignment have helped me to develop these skills a little more.
This assignment helped me to communicate effectively in a couple of different ways. I had to use the video that was provided as a form of communication. It was effective because if I did not catch a certain idea I could go back and replay that idea so it was clear. I also developed my "thinking critically and creatively" skills. It took some time and effort to accomplish this assignment. There were many ideas presented that I had to think about to decide if I agreed or not. I then had to come up with my own beliefs of the topic or idea and therefore I was able to think both critically and creatively.