Tanyata5_3636260_LBST330_Assignment#1

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Athabasca University, Calgary *

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Economics

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Apr 3, 2024

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Assignment #1: Discussion Polls Tanya Tanya [3636260] Athabasca University ECON/LBST330: Workers and the Economy Dr. Paul Notley January 31, 2024

Unit 1: Workers and the Economy Forum: Would Raising Wages Benefit the Economy? Certainly, higher wages contribute to economic stability and growth. The additional income earned by employees increases their purchasing capacity, which encourages higher consumer spending. This increase in consumption fuels the need for products and services, which in turn promotes business growth and employment development. In addition, increased salaries strengthen living conditions and lower rates of poverty and economic inequality. Higher pay scales also boost employee morale, resulting in greater productivity and reduced turnover expenses for companies. Pay increases could encourage individuals to invest in their education and skill sets. This develops a workforce that is more trained and flexible, which is essential for economic success in a time when innovation and technology are improved. Higher salaries could decrease the percentage of people who rely on social welfare programs. When workers make more money, they might not require as much help from the government, which would allow resources to be allocated more effectively and lessen the state's financial load. In conclusion, the global economy is strengthened, and economic growth is encouraged by this positive feedback cycle. To build a more stable and inclusive economic structure, it is essential to prioritize fair compensation among employees. This can be beneficial for all the stakeholders involved in the labor market. This conscious emphasis on equitable wages becomes crucial for building a resilient and powerful global economy that meets people's needs.

Unit 2: Inequality Forum: Social Mobility “Everybody can climb the social ladder. Maybe it is not easy, but it is possible. What it takes is hard work and that you do not waste your money on consumer goods. You would be better off saving it to get a proper education or so you can invest it in your own company.” I disagree with the preceding statement. While consistent effort and financial discipline are essential for social mobility, it oversimplifies the numerous aspects that influence one's capacity to climb the social ladder. The statement implies the assumption that each individual is on level ground and excludes fundamental barriers like social bias, economic inequality, and inadequate access to high-quality education. Upward mobility may be limited by the fact that not everyone begins with the same resources, opportunities, or benefits. Furthermore, the idea of saving funds for education or business indicates low-cost access to these paths, neglecting rising education costs and the potential risks of the company. Economical conditions, laws, and governing bodies have all been shown to have a direct effect on social mobility, which can either restrict or promote individual growth. Unforeseen occurrences like health problems, family emergencies, or economic downturns may destroy everything that has been planned as life is unpredictable. Individuals could find it difficult to bounce back from setbacks and carry on with their upward social mobility path in the absence of some sort of security or social support.

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In conclusion, while hard work and budgetary constraints are significant, acknowledging and addressing systemic inequalities, as well as campaigning for diverse policies, are just as essential in achieving global social mobility. Unit 3: History Forum: Is History Important to Economics It is critical for economists and policymakers to be aware of current market dynamics; however, disregarding the importance of past research is superficial. As a useful guide, history provides insights into patterns, trends, and the effects of previous economic actions. Making accurate predictions and creating successful policies are based on an understanding of the underlying causes and consequences of past events. This information is useful for making intelligent choices to reduce the effects of economic recessions and crises. Studying historical economic patterns can be beneficial for economists to gain a subtle understanding of the complexities associated with markets through historical research, which allows them to predict potential challenges and design risk-mitigation techniques. The global markets of today are highly connected. The current state of the economy is influenced by historical occurrences including international trade agreements, wars, and business partnerships. Ignoring historical circumstances might make it difficult to make sensible choices and enable individuals to misunderstand the complexities of global markets. In addition, determining whether the current patterns are unique or just repetitions of past cycles is considerably simpler with the help of historical context. Ignoring historical

lessons may result in the recurrence of previous mistakes, limiting progress and long- term economic development. Essentially, the important lessons woven throughout history should guide a prospective economic strategy. Unit 4: Theory Forum: Neoclassical versus Radical Economics “Neoclassical and radical economics? Different theories? Nothing but big words? One theory to explain the economy is plenty.” I disagree with the claim, as neoclassical and radical economics represent various and valuable viewpoints providing insights into economic issues. Radical economics addresses concerns regarding power, inequality, and systemic structures, while neoclassical economics focuses on market structures, logical thinking, and stability. These opposing theories, which recognize the complex nature of real-world economies, offer a more thorough explanation of economic processes. A single theory-based approach to economic analysis oversimplifies the complexity of economic systems and overlooks the wide range of elements that influence them. Neoclassical economics highlights the principles of open markets and how supply and demand effectively distribute resources. It promotes the least amount of government involvement necessary to get the most effective results. Radical economics, on the other hand, argues that power inequalities and structural issues can cause markets to be essentially unfair and that these results can have negative societal effects.

It is possible to have a more comprehensive and in-depth understanding of economic issues by embracing both radical and neoclassical viewpoints. This leads to more efficient policy-making and problem-solving. Alternative theories provide various models for understanding economic events, allowing for a more comprehensive approach to deal with the opportunities and challenges found in the constantly evolving field of economics. Therefore, for a deeper understanding of the complexities found in economic systems, the combination of multiple economic theories is crucial. Unit 5: Practice Forum: Can Workers Manage Their Own Workplaces? “Workers are not capable of running their workplaces. Without supervisors and managers, they would not do anything. The economy would collapse if there were no bosses.” I disagree with the statement since it underestimates workers' potential and inner motivation. There are many good examples of workers functioning well in the absence of continual supervision. A common outcome of giving employees more freedom and accountability is a rise in output and creativity. External supervision is not the only source of motivation for workers as most of the employees find an internal passion in their profession. Working in collaborative situations is essential for promoting a sense of pride and ownership. A significant number of employees possess excellent self-management skills which help them to organize their tasks effectively, plan their workload, and meet the deadlines

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efficiently. Employees can take on more responsibility and effectively manage their tasks with proper training and support networks, which reduces the need for constant supervision. Moreover, the belief that there would be no economy without supervisors or managers oversimplifies the complex relationships between various stakeholders in a functioning economy. In reality, successful businesses rely on an equilibrium of leadership, teamwork, and individual initiative. Employees contribute significantly and offer a variety of perspectives and skill sets. In conclusion, the claim that employees cannot manage their workplaces without managers overlooks the possibility of employee's self-organization, creativity, and inner motivation, which are essential parts of a healthy and sustainable economy.

Reference: Roberts, L., & Olinsky, B. (2022, January 19). Raising the minimum wage would boost an economic recovery-and reduce taxpayer subsidization of low-wage work . Center for American Progress. https://www.americanprogress.org/article/raising- minimum-wage-boost-economic-recovery-reduce-taxpayer-subsidization-low- wage-work/#:~:text=Raising%20the%20wages%20of%20low,in%20a%20period %20of%20recovery . Climbing the social ladder: Factors influencing social mobility . SocialStar. (2023, August 1). https://officialsocialstar.com/blogs/blog/climbing-the-social-ladder- factors-influencing-social-mobility Kenton, W. (2023, May 28). Neoclassical economics: What it is and why it’s important . Investopedia. https://www.investopedia.com/terms/n/neoclassical.asp Kester, L. (2023, October 24). Self-management: The key to success in the Workplace . Wonderlic. https://wonderlic.com/blog/soft-skills/self-management-the-key-to- success-in-the-workplace/

Tanyata5_3636260_LBST330_Assignment#1

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