2. In my reading so far, I do believe the text will discuss normative economics. On page 178, the text has a section discussing unemployment. This set-aside section discusses the problem of unemployment, and the question of whether or not unemployment would exist at all if the market were functioning perfectly. This theory is completely untestable as the market will never function perfectly, and/or unemployment will never cease to exist to test whether the market is functioning perfectly at the time.
3. Adam Smith believes that people at heart desire others to approve of them, so their selfish attributes are restrained just enough that people dont think less of them for it.
4. In keeping with Gods plan, a person can take part of the democratic capitalistic society, but without becoming corrupted by it. A person keeping true to faith and prayer will be more capable of sympathy, of doing more for the good will, and of creating an abundance of good will (worth far more than its weight in gold). Keeping God in ones heart will keep selfishness out. ””””””””””””””””-
1. Reparation for historical acts is a very difficult issue to discuss, let alone decide upon. Honestly, while I feel for the countries and peoples that have suffered throughout history for the malicious and greedy acts of others, I think that offering reparations of any sort to anyone would do little more knock over the first domino in a very long series of requests for reparations. It becomes a question of when to draw the line, and in that it would be unfair to say that this person doesnt deserve reparations over that one. If we are going to discuss the sins of one, we must admit to the same sinful traits of the other. The same greed that motivated the historical acts is likely to affect those coming forward to ask for reparation. Rather than looking back, we should look forward and consider how best to aid these same affected peoples and countries in the future.
2. Benefits: 1) There are plenty of jobs to go around. 2) The quality of life improves, both through the proliferation of jobs and innovation in trade markets, whether agricultural or technological or other change. 3) People generally live longer and debatably healthier lives, through medical innovations, having more money to spend on healthcare, and better quality goods in their lives. 4) People and companies and churches and other charitable organizations are more capable of doing good in the world. More money does equal more charitable giving. 5) People can grow closer through technological improvements (the phone, computer, internet) and through changes in transportation (one day there will hopefully be some form of instantaneous transportation, making it possible to be closer to friends and family who are very far away).
Costs: 1) As people come closer together, they are also driven apart. Currently technology binds people together, but also isolates people in different rooms, on different computers, and practically living on different planets. The internet is the one place where you can be with millions of people and still completely alone. 2) Environmental damage is a serious issue, as we are entrusted with the stewardship of the planet and economic growth usually means that some company somewhere is taking shortcuts and likely making profit to the detriment of everyone. 3) As much as there are jobs created, there are also many jobs lost. For example, the growing crop of future employees will be far more computer capable and technologically innovative and skilled then the current set of employees. No doubt in the future companies will fire their current older and less qualified employees to hire someone younger, more skilled, but willing to take less pay.
4) When it comes to the now plentiful state of food in most countries, there is a steep price to pay all on its own. Economic growth is usually best defined by a growth in profits, and where a lot of food companies see a growth in profits is by spreading the meal as thinly and cheaply as possible. Food has become an amalgamation of processed chemicals with a little dash of real nutrition thrown in, both to suit the profit margin and to make meals easier for people to prepare in their increasingly busy lives. This is in stark contrast to a time when people used to buy food in its whole, natural state and cook it for themselves. Health is simultaneously going up and going down. People are living longer, but the quality of their health is one that is always up for discussion.
5) Values are sometimes lost in a growing economy. As others prosper, even more see their success and covet it for themselves, losing sight of the real point of economic growth making lives better so that everyone can better partake in their faith and therefore please God.
3. The United States can maintain its trade deficit because of an inflow of capital. Foreign markets bring in money, making it possible for the country to accept more imports.
4. In the times past, have the winners shared? Not really. But today, I would say I think that nobody is really losing as long as the trade system is working. In most cases both sides are going to benefit in some manner, although there will undoubtedly be one side gaining more than the other. But if the system isnt resulting in the complete destruction or abuse of a people or culture as it has in the past, there isnt a real loser.