An Economics Lecture No Student Will Ever Hear (ideology, cost, school)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
While the cow example was cute (especially when coming from someone who's government job was to possibly lie cheat and steal, or advise on it) - too many of our "farms" are controlled by people who have no interest in the long term health of the cow or the farm. They invest today, to pull out as soon as they make a buck, and don't care one bit about the farm, farmer or cows. 1880's economic logic doesn't work with Wall Street's mantra.
The lecture get's a D-.
Now that you have given the man a D- for trying to use an analogy you couldn't agree with how about talking some about his words about the free market economy as compared to government controlled economy. I thought his points in that part were rather good so I would entertain your grade for that half of his speech. I say at least a B for that part but then thousands of my ex-students might disagree with my grading.
Now that you have given the man a D- for trying to use an analogy you couldn't agree with how about talking some about his words about the free market economy as compared to government controlled economy. I thought his points in that part were rather good so I would entertain your grade for that half of his speech. I say at least a B for that part but then thousands of my ex-students might disagree with my grading.
Roy, you are right. (typical C-D over-reaction from me!)
As for telling part of the story, I will raise my grade, to a C+.
How things should work in theory, and how they really work today, are quite different from the picture that was painted in the lecture.
Today's subject is jobs. As even the dimmest among you are aware, we're in a jobless recovery, which means that economic activity is picking up, but businesses just aren't hiring enough workers to bring down the unemployment rate to an acceptable level.
Between now and the November elections, Republicans will blame Democrats for this mess, and Democrats will say that it's all the Republicans' fault. The decibel level will be excruciating. If you're among those who would rather argue than understand, don't waste your time or my energy; get up now and leave through the side door. But if you really want to understand why we're not creating new jobs fast enough, put aside your politics and let me teach you the one thing about economics you should have learned in high school.
The problem is, both political parties favor mega corporations. These institutions are not the innovators. The small businesses are where the ideas come from.
How do we achieve a new prosperity when our workers must compete with those of third world nations? How does the lower class in America get a leg up for their family when the classic jobs they used to do this are filled with workers from another country, the numerous children of whom are filling our schools while we are laying off teachers because of lack of revenue to local governments?
For the average American, the article provided a decent analogy for economic success and failure, frankly, because that's about as much as their economic intellects can handle. But it is very much an over simplification.
In reality, regional and local economics are fairly complex, as is the necessity to deal effectively with each, and that's were "We the People" have been screwed royally, by not having a better understanding, and allowed criminals and idiots to make decisions that have such far reaching implications and impacts on our lives.
If you really want to know the root cause of the trouble we now face in the US economy, an interview of Sir James Goldsmith by Charlie Rose (1994) outlines it pretty clearly. The issue of the interview was GATT (NAFTA has had similar effects) and what Mr. Goldsmith claimed would happen (which now, some 16 years later, proves he was absolutely correct). The opposing opinion was presented by Prof. Laura Tyson, then Chair of the Economic Council for the Clinton Administration, who is now part of Obama's economic recovery team of advisors today.
The interview is a long, several part video, but well worth the time. The short condensed review is that GATT free trade would destroy jobs in the US and have severe negative impacts to society all while seeing corporate profits skyrocket. Contrary to these claims by Mr. Goldsmith, Prof. Tyson claimed that the GATT treaty would increase jobs in the US economy, by opening up foreign markets to US manufactured goods. One of her many rather ridiculous claims was that corporations were not moving manufacturing off shore in order to save on labor costs, but doing so simply to open up markets abroad. Further, she claimed that this would provide greater corporate profits allowing these US corporations to hire more workers in the US. Frankly, Prof. Tyson exemplifies the old adage .. for those that can they "do", and for those that "can't" they teach. Prof. Tyson is as clueless as she could be regarding economics, and given that she's a University Professor of economics, explains the general ignorance of the public.
The GATT treaty which was touted by it's proponents, including Prof. Tyson, suggested it would open up world markets to US corporations and increase jobs and prosperity here in the US. Of course, this has been proven completely false, yet it is still the common mantra of Globalism today, in spite of the overwhelming evidence to the contrary.
You want to understand how our economy has been utterly destroyed .. and why it won't be fixed by the buffoons in government today, watch the whole interview, and realize that folks like Prof. Tyson are still providing advice on the US economy to the Savior-In-Chief.
She couldn't have been more wrong in 1994, and she shouldn't be allowed to teach economics to grade schoolers. Yet, she is a Presidential advisor?
Give me a break. The blind leading the blind, cheered on by the deaf, dumb and stupid. That's the reality.
You are more of a left wing socialist that I previously though.
I just got through watching the video and it has prophetic. Spot on. What he predicted in the video was exactly what has panned out. I don't care about ideology I care about results. The gutting of America was predicted and it happened as predicted. The middle class in America has been sold up the river. If you are for this then you against me.
You are more of a left wing socialist that I previously though.
Left wing socialist? Surely you are being facetious. If that isn't a tongue in cheek dig ... then you're even more clueless than I had perviously thought ... and I wouldn't have believed that to be possible
I'd say that incompetent fool of an economics professor, Tyson is the left winger and ex Clintonista ... who's now advising that Obamanation you call a president.
But since you've become so attuned to living in a world where up is really down, perhaps that explains your confusion?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
