Common Sense Economics : Analysis

Decent Essays
The author in the book Common Sense Economics used several similar principles in parts three and four that were discussed in the book “How an Economy Grows and Why It Crashes.” In Part III of Common Sense Economics, the fourth element states, “Unless restricted by constitutional rules, special interest groups will use the democratic political process to fleece taxpayers and consumers.” The author went on to say that with the public’s expense, elected officials typically profit from plans that favor particular interest groups. Similarly, in chapter fourteen of Schiff’s book, Senator Cliff Cod had created a plan for the government to allow each and every person to get a hut loan, and the government would pay the loan if the borrower was not able to pay. The banks were greatly in favor of this new plan, which pretty much secured his spot as a Senator. However, the people did not see the real reason behind this plan, and they were also not aware of the negative impacts that were yet to come. In recent events, the article from The Intercept discussed a similar matter. Hillary Clinton received an endorsement from the Human Rights Campaign. However, she did not receive by votes from the members of the group, instead, she received the endorsement from an executive board. Therefore, the members may not have agreed with the decision but were forced to go along with it because decision made by the elite group of individuals. The fifth element states, “Unless restricted by
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