Global Science Case Study

In the book Freakonomics, written by economist Steven D. Levitt and journalist Stephen J. Dubne, the authors go through different parts of modern life to show how economics describes why people act a certain way as well as the way specific outcomes occur. They look into different aspects of society and view them with different perspectives. With the use of specific data and the fundamentals of economics, the very obscure comparisons and the different chapters in the book show correlation between economics and human nature. The main point of this book is to explain a few fundamental ideas through the answers of strange questions and how they play a major role in society.

The book is categorized into five sections: theological and ethical properties, basic assumptions of economics, macroeconomics, microeconomics, and international

Economists that believe in the rational economic model claim that they deal with people in the real world, not in a lab. Rationalist believe that we are driven by our self-interest. Edgeworth a philosopher and political economist said “the first principle of Economics is that every agent is actuated only by self-interest” (Sen, pg. 317–344). The rationalist claim that it is okay for people to go against their financial interest as long most people base their decisions rationally most of the time. However, the rationalist economic model assumes that people calculate the advantages and disadvantages before making a decision. In the film Harvard Business Reviewer Justin Fox stated “Basically, you build the models assuming people were like these calculators who would look at the range of possible outcomes and the risks and balance it all out.” (Mind Over Money, 2010). The fact is we not always look at the risk and outcomes when it comes to spending

Likewise and the topic of this paper Solomon provides a thorough discussion of the problems of the present global economy. In his essay Solomon provides three mind-wrenching questions that questions and supports his methods of economic reform. The first question of “is it possible to engage in the pursuit of wealth without succumbing to greed and selfishness?” brings the topic of morality when it comes to wealth (108). Sallie McFague brings an argument stating that human beings are people filled with emotions of self-interest and will do whatever it takes to become wealthy. In the grand scheme of things this innate self-interest that is within people makes it extremely tough for countries to follow certain Jewish laws that he provided. McFague’s solution of moving towards an ecological economic system makes it tough on countries as well because it will force them to forget about their self-interest and learn to understand that they are dependent upon each other. McFague states, “ecological economics claims we

One of the issues that economists fail to discuss, then, is the fact that market-oriented economics is merely an artifact of our own social structure and that the grounding concepts of economics are quite different. Indeed, the grounding concepts of economics deal with the fact that people need to produce food, shelter, and clothing for their survival and that "economics" is born within the formation of any arrangement to solve the survival problem. The essential factors are production and distribution by and within the community. Economics, in other words, is part of the culture of any surviving community.

A characteristic of man that separates him from the majority of the animal world is his organization of social and economic systems. Man, however, retains traits of his evolutionary ancestors in the form of self-preservation and greediness. While many political, economic, and social systems try to eradicate this form of natural selection, capitalism and related economic structures preserve social inequality in many forms. Historically, this preservation of financial inequality has achieved a higher standard of living generally than systems originally formed and employed to achieve just that.

The most basic premise of modern economics is that people are rational. Rational people grab every opportunity

In the Preface to Common Sense Economics, Gwartney et al ask the question, “Why Should You Read This Book?” The authors answer their own question when they state that this book will “…improve your understanding of a complex world.” Truer words have never been spoken, based upon the knowledge this reviewer has realized in just a few short weeks. Part one of the book outlines the twelve key elements of economics. Part two of the book outlines the seven major sources of economic progress. Part three of the book outlines the role that the government plays, or rather should play, in the previously mentioned economic progress.

TEXT: Economics, Principles, Problems and Policies, 15th Edition, McConnell and Brue Video: Econ U$A series with discussion Class Activities: APIP workbook activities, reinforcement and writing activities and other teacher-developed materials This semester-long course gives students a thorough understanding of the principles of economics that apply to the function of individual decision-makers, both consumers and producers, within larger economic systems. It places primary emphasis on the nature and

Economy is even important to the level of who we are as individuals and families. Dr. Richards’ introduction describes the importance of embracing the true facts about economics and not to be blind by our presuppositions. He sets the book up in such a way to show the fact about capitalism and dispel the myths about it. Dr Richards’ argues that there are 8 major myths about capitalism. The first is the Nirvana Myth. This is the myth perpetualizes the idea that we need to chase a world/economy that is perfect this side of heaven in other words socialism or communism. The author’s describes that no real society can do this because we are corrupted and cannot fulfill on a true utopian society. The second myth is the Piety myth that he describes as “focusing on our good intentions rather than on the unintended consequences of our actions.” (43) A good example of the Piety myth is the Super Bowl Championship t-shirts are made for both teams before the game. Once one is declared the winner and presented with there t-shirts, the losers t-shirts are sent to a third world country with no regard to how that will affect local clothing salesman. In the conclusion of this myth Dr. Richards provides insight that charity should be sought after but for the longevity of prosperity capitalism must be spread to alleviate poverty. (58) The third myths is the Zero-Sum Game Myth. This is the situation if there is a winner there is a loser. It is the idea that Bill Gates is so

Theory, whether in economics or sciences, helps ones predict and succeed in explaining on what they intend to explain relies on convincing assumptions. However, accuracy and validity of theories are important as the more accuracy in the theory, the more success in whatever business or science. Hence, all theories should be tested whether they are practical in the reality. If they are not, we should develop and modify them so that ones can make good predictions with current circumstance and match reality, otherwise these theories will be useless.

When I was first given this assignment I was extremely perplexed at how I would even begin to finish it. I had no idea how economics related to my life in anyway. I hadn’t thought about it critically and I struggling terribly. Thanks to some much needed help from a fellow classmate, he allowed me to get an idea of things from his own essay. After reading not one, but two other essays, I was so surprised at how oblivious I had been. I never realized that just about everything that goes on in my daily life is, in fact, economics. I never realized that from the things I buy to the money I earn from working is all economics. The things I miss out of while working or going to school is a complete opportunity cost. Or even

Murphy, Robert and Donald J. Boudreaux. 2015. Choice: Cooperation, Enterprise, and Human Action. Oakland: Independent Institute.

imagine living in a world in which there are infinite amounts of goods and resources to satisfy every human desire. People will not find need to budget their limited incomes, businesses will not worry about the cost of labor, and governments will not have reason to tax its citizens, or give importance to environmental issues. People living in this society will be equal to one another and everything would be free, like water in the ocean and sand in the desert. All prices would be zero and society will not find need for markets or financial institutions. Unfortunately we do not live in a utopia of limitless possibilities; we live in a scarce world of unlimited wants. Given unlimited wants, we must make the best use of our limited resources, a science our ancestors have developed and named economics. This study measures how societies use scarce resources to produce valuable commodities and distribute them efficiently among different people.

Developed countries around the world are run by the market economy — where there lies a complex control of power status (Shils 73). Capitalism allows for individuals in the modern society to achieve towards greater success for themselves by generating this 'need' for a surplus cycle of attaining wealth. Although this may seem to be a positive feature, capitalists are known to rob people of their freedom. This sense of 'no freedom' pertains to the idea of people not having complete control over their daily consumptions as a consumer in the society. In most cases, people are unaware of these capitalist tricks that they have unintentionally trapped themselves into, in terms of being tricked into purchasing a certain good or service. This surplus cycle of need is a constant demand that is dominant in modern societies in order to maintain growth in numbers. This is a continuous cycle in the economy that is drawn upon in all aspects, yet will continue to steer power control to a maximizing boiling