Term Paper: Economic Way of Thinking Always Consists

Pages: 2 (557 words)  ·  Bibliography Sources: 0  ·  Level: College Senior  ·  Topic: Economics  ·  Buy This Paper

¶ … economic way of thinking always consists of winners and losers. Something is gained and something must be lost in an economic transaction. Economic thinking is important when modeling and creating objective thoughts, but may hamper more creative and artistic methods of thinking.

Morality is a very subjective topic and one set of morals do not apply to everyone. Unfortunately in this case, Zwolinski's defense of sweatshops is a very limited view of the world and humanity itself. His narrow minded approach to civilization suggests that he does like himself or the world at large very much, and is obsessed with monetary gain.

I disagree with Boudreaux's take on unintended consequences because the viewpoint of intention is taken from a supply side of economic theory. The minimum wage increase will most likely have surprise consequences, which is a better choice of words to describe this occurance.

Question 4.

Friedman's assessment on language and the importance of understanding key terms within certain arguments is accurate in my opinion. Market failures are dependent upon market successes and it's the evaluator's choice on how to view the issue. Markets fail every time someone is dissatisfied with a product., but at the same time it succeeds because new options become available to the consumer.

Question 5.

Powell is generally correct when describing the political landscape of the current environment of today. Powell assumes that politicians act in accordance with law and order which is not always the case however and the system is much more broke than he assumes. A truly free market will be impossible to maintain without regulation so it is a very difficult task to overcome.

Question 6.… [END OF PREVIEW]

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Economic Way of Thinking Always Consists.  (2013, May 26).  Retrieved July 17, 2019, from https://www.essaytown.com/subjects/paper/economic-way-thinking-always-consists/1813570

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"Economic Way of Thinking Always Consists."  Essaytown.com.  May 26, 2013.  Accessed July 17, 2019.
https://www.essaytown.com/subjects/paper/economic-way-thinking-always-consists/1813570.