Month: September 2023

Is “income inequality” a problem? According to Britannica, “income inequality, in economics, significant disparity in the distribution of income between individuals, groups, populations, social classes, or countries. Income inequality is a major dimension of social stratification and social class.” According to International Monetary Fund, “Excessive inequality can erode social cohesion, lead to political polarization, and lower economic growth.” I think that this is enough information to know that income inequality is a problem if it is used regularly.

What have been the effects of foreign aid programs, such that virtually everyone was describing them as failures by the 1990s? According to edubirdie.com, one of the negitive effects of foreign aid is “Increase dependency-less economically developed countries (LEDCs) become more dependent on donor countries and become heavily dependent, which causes the economy the stay at equilibrium” Here are some more disadvantages according to javatpoint.com “Exhaustion of Vital Resources. Has an impact on the domestic industry. Lopsided economic growth. The Dangers of Dumping. Reliance on foreign countries. Opposition to national defense. Economic planning and unpredictability. Legal inconsistency.”

Is it worth my time to get a part-time job at the minimum wage? A part-time job is a job where you work some days and not even all day. For example, you could get a part-time job at, let’s say a fast food restaurant, but you have school the same days that you work. You do school during the day until the time that you stop, and then you go work at the restaurant until your “shift” ends. You could also get a summer job and work over the summer when you have more free time and no school. That is a part time job. But what is the minimum wage? Different states have different minimum wages, so I am going with the minimum wage for Illinois, the state I am currently living in. The minimum wage for Illinois is $13.00 per hour (you must be 18 years old or older for this pay in Illinois). If I worked for three hours a day, five days a week, that would be $195.00 per week. Now, is it worth my time to get a part-time job at the minimum wage? Currently, my schedule is pretty packed every day, so I cannot get a part-time job, plus I am just 15 years old. But I could find a decent job over the summer if I wanted too. And when I am in college, I probably find a part-time job if my schedule is not as packed as it is now. So currently, no it is not worth my time, but it could be in the near future.

William Bradford was an emigrant to Plymouth Colony in 1620. He wrote a book called Of Plymouth Plantation while he was in Plymouth Colony. According to Study.com, “ This book focuses mainly on the journey of the pilgrims from England to North America and discusses the founding of the Plymouth settlement. It gives his opinions on the biblical importance of the pilgrims reaching America and their struggles. The second book was not completely finished because of Bradford’s death.” Of Plymouth Plantation was William Bradford’s journal that he wrote in while he was in Plymouth Colony. The purpose of this journal was to inspire others in the Plymouth community with a history of the origin of Plymouth Colony, and the challenges that the first settlers overcame. Here is a summary of this journal:

To start, many Christian Europeans fled England because of persecutions, so many emigrants moved to Leiden. There they stayed for around 12 years. A debate began to leave or stay. They chose to leave, and they hired a ship and some left Holland. It turned out that they learned at Southampton that the promised supplies were less than expected, so they had to sell goods to raise 100 Pounds.They had a leaking ship problem on the Speedwell, so 11 people boarded the Mayflower; 20 returned to London while 103 departed for America. It was about winter time in New England. The Pilgrims, as we call them now, landed at Cap Code, and spent November there. In December, they sent 10 men to go look for a better place, and Indians attacked where the 10 men landed. Firearms scared away the Indians, and miraculously, no one was hurt. The 10 men moved on, and they found a harbor.The Pilgrims then moved to the harbor. They then build a storehouse and a small house. Sadly, half of the Pilgrims died due to the harsh cold, the lack of food, and a disease called scurvy. Almost half of the seamen died as well. Then one day, the famous Indians Samoset and Squanto arrive. Squanto had lived in England for a time, so he understood the language of the Pilgrims. He had become a valuable translator between the Indians and Pilgrims. They also showed the Pilgrims how to plant food in that area and how to hunt. Then the Indian chief Massasoit arrives. The Pilgrims and Indians then make a peace treaty. Threats from local Indians (different Indians) forced the Pilgrims to build a fence, and then later, a fort due to their fear of the Indians. At this point, Bradford is now governor.The harvest was sparse. A ship arrives with over 40 people, and the Pilgrims fear that these newcomers will eat their crops, and the newcomers feared that the Pilgrims would eat there food, so to solve this problem, each group at their own food. The Pilgrims then began trade with England. The Pilgrims began using wampum for trade, and the Indians noticed this. The Indians had not previously used it for money, but they started to and got into the trade. The king declared a law against selling guns to Indians. When Captain Wollaston and Morton arrive. Wollaston leaves for Virginia, but Morton stays. He was a lawyer and took over the colony as soon as Wollaston left. Morton began selling guns to Indians. Towns tried pressuring him to stop, but he refuses. Captain Miles Standish is then sent to arrest him, and Morton is taken to England. The region was now very prosperous in 1632.

Was Bradford’s account a morality tale for future generations? According to Study.com, “Overall, Bradford’s account is considered accurate and telling of the time period, but it is also considered biased with a bit of propaganda intent on inspiring future generations of Pilgrims. Even though his text is now over 400 years old, the majority of it is still legible“

What is the process by which the market economy tends toward an improvement in the standard of living? The answer is economic growth. According to CK-12, “Growth in an economy is measured by a continual increase in the production of goods and services. As a result of economic growth, the standard of living improves, meaning people are making more money, the population is able to grow, and education levels rise.“

What are some of the problems with the concept of public goods? Public goods usually refer to a commodity or service that is made available to all members of society, in economics anyway. They are also usually collectively paid for by taxation and are administered by governments. Examples include national defense, rule of law, law enforcement, and even much simpler things like drinking water and clean air to breath. An important issue that relates to public goods is known as the free-rider problem. According to Investopedia, “Since public goods are made available to all people–regardless of whether each person individually pays for them–it is possible for some members of society to use the good despite refusing to pay for it.” According to Study.com, “The free-rider problem arises when individuals who benefit from a public good avoid paying for it. Because consumers have the inducement to be free riders rather than purchasers, the market will not generate an efficient outcome and hence market failure.” If large, or widespread enough, the free-rider problem could destroy markets, and then no one else could use it.

If the state regulated garage sales, would poor people be better off? Garage sales are a way for people to make money by selling their stuff. People put up signs telling people where the garage sale is located, they set up there stuff on tables outside, and people come and buy stuff for less money than what they would buy at a store. It is a nice way for people to sell old unwanted stuff and make money off of it, and it is also a nice way for people to buy stuff for cheaper than what they might find at a store. And the best part, it is not state regulated, meaning the state is not involved in any garage sales. But what if the state was involved? What it the state was involved in garage sales, and regulated them? Would poor people be better off? It really depends on the type of state. If it was a bad state, then the state would probably send people to price everything, and they might price things too low or too high, or they may force a fee to hold a yard sale, they may even say who can come to the yard sale and who can not. In this case, poor people would not be better off. But if it is a good state, they may not intervene in a garage sale. They may even send a police officer to things are not stolen, or to make sure people are not hurt, or things like that, which would make poor people better off.

In my opinion, does the state have the right to redistribute wealth from some people to others? This is a very simple answer. The answer is no. The state cannot take wealth from some people to give it to others. If the state took money from you and gave it to another person, that would be a violation of your right to property, because your wealth is your property. The state cannot make you give your property to someone else, even if it was the president himself telling you to give your wealth to someone else, you do not have to do it. It’s your property, not his. Now you can make a choice to show kindness to people who are less fortunate than you, but no one should have to make you do it. Now, some governments take wealth or property to give to other people, but they are wrong.