National Wealth Lesson Analysis

The economy of the world is changing all the time. We have had our ups and downs, but with the help of insights from economist, we have been able to sustain a decent economy. In Naked Economics, Wheelan discusses how a country can have a successful economy. He discusses why countries are poor and why some other countries are doing lavish things, like buying a cake for a dog. The reason behind it is because the richer countries are more productive and allocate resources and the poorer countries aren’t as efficient and don’t allocate resources. Wheelan also wrote about how Steve Jobs and Bill Gates became as rich as they are. They made huge investments in human capital to become rich. They became rich because they had a product that people were willing to give their money for. There are many problems in different economies and Wheelan explains why they are failing. Some economies suffer from a poorly ran government and others suffer from the lack of information. Trade is a positive thing, but there are people that discourage it because products are imported from outside of the United States.

The United States is not only one of the largest economies in the world, but it is also one of the strongest economies compared to industrialized countries, and this has been proven in the last few years. Despite of what many people believe or see, U.S economy is booming and it will continue to boom during the year 2015. In the article “When the U.S Economy is the Envy of the World,” published by the MSNBC on December 8, 2014, its author Steve Benen argues about the U.S economic recovery in order to persuade U.S citizens and show them the numbers that prove that our economy has recovered. Benen (2014) also encourage U.S citizens not “to compare the current economic recovery to other recoveries that followed modern downturns,” but “to compare our economic recovery against other countries who dealt with similar circumstances” because according to President Obama, the U.S “has put more people back to work” than any advanced economy in the world (qtd. in Benen, 2014). There are strong evidences that prove that the U.S economy is in its best year compared to three years ago. The growth of jobs, the slight increase of wages, and the low price of oil have truly helped the U.S economy recover.

The late 19th century was a time of rapid industrialization in the United States during which many people developed different views towards wealth and the wealthy class. Three specific viewers who had similar, but differentiating opinions of this were Andrew Carnegie, Eugene Debs, and Booker T. Washington who believed that wealth could either enable people to rise in society or that it should be distributed.

It is clear that the reasoning behind the color-blind parenting approach can be argued and in this case proven to be unrealistic expectations that do no match reality. But why does this matter? Is it really that big of a deal if white children learn about race from social media and believe that race does not affect them? Yes, because in our current day and age, race issues have not gone away, and do not seem to be going away anytime soon. The book “The Color of Wealth: The Story Behind the U.S. Racial Wealth Divide” is written entirely about how even after hundreds of year, America still has an astonishing racial wealth divide, this book even states “for every dollar owned by the average white family in the United States, the average family

A middle class citizen sits in a courtroom while a wealthy citizen sits in a different courtroom. Same charge, different outcome. The wealth gives the first class citizen a very unfair advantage within the judicial system. First, he can hire lawyers that know how to find any and every loophole in the system to get their client off with little to no charges. Even if the charge is as drastic as manslaughter. This happens everyday all over the country as wealth bails people out of consequences.

The cycle of hiring more workers and making more money continues to build up our economy making us a wealthier and better

The overall resources that contribute to our successful growth help our economy positively. In the 2008 crisis fortunes were lost due to big banks greediness sending our economy into recession. “’In 2008 it was the entire financial system that was at risk. We were still short. But you don’t want the system to crash. Its sort of like the floods are about to happen and you’re Noah. You’re on the ark. Yea, you’re ok. But you are not happy looking out at the flood. That’s not a happy moment for Noah’” (Lewis 227). Our economy is everything around us, what we live in, see, breathe, feel, explore, and enjoy. Once that goes away or starts to diminish, that’s when we need to review our financial strategies to create a positive change. So events like the loss of jobs, homes, and communities that were

Most of the benefits of growth have gone to the top 20% while the bottom 60% have languished. In the name of growth and profitability, our govt and companies have pursued policies that make obvious sense to achieve those goals. Unfortunately, these policies inordinately benefit those who have access to capital and opportunities, and are usually the ones who are already wealthy which compounds the disparity.

Movies and Television show that many Americans are rich and wealthy. However in reality, more than fifty percent of Americans are struggling to pay bills, food, and clothing needs. Many Hispanic’s are on food stamps and government money to support themselves and their families. There are many people on welfare as well. Recent study that was performed by the Vacant House Association shows that there are multiple vacant houses due to not having enough money to pay the mortgage.

Higher labor costs and allocation of factory space are excellent indications that manufacturing output has indeed gone up within the United States. However, I would not consider it a “revolution” by any means because most of the data suggests this is only a gradual upward trend and hasn’t changed any aspects of business. Although, if this upward trend continues, we can expect more job openings, greater use of factory space, and more “made in the US” products floating up around the markets of the world. Luckily, accountants aren’t paid to forecast so my essay ends here.

Throughout the book An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith uses the term “commercial society” rather than more accustomed words like “capitalism.” Smith explains what he means by this term,

The rapid industrialization during the late nineteenth century imposed a greater need for countries to expand their economy via global commerce. Moreover, in the United States, the harsh economic realities of the Panic of 1893 encouraged Americans to look for new conduits to stabilize the economy beyond its borders. Consequently, leaders and thinkers in a country rich with isolationist traditions of avoiding permanent or entangling alliance embraced sympathetic views toward engagement in global commerce. To illustrate, McKnight Nichols presented a diverse group of isolationist figures, Senator Henry Cabot Lodge, a noted philosopher and psychologist William James, a progressive writer Randolph Bourne,

The way money is distributed within the United States is unbalanced, with the majority of the wealthy owning the bulk of the country’s wealth. Wealth can be defined as a person’s assets and monetary gains. This unequal distribution has caused numerous economic and geographical problems, such as how resources are divided among countries, how developed or industrialized a country is in relation to wealth distribution and the wide spread of disease and lack of medical attention due to an absence of money. In this paper I will address the negative and positive aspects associated with wealth distribution. I will explain how resource distribution contributes to an area’s economic growth. I will also discuss varying ways to measure wealth

The future of the economy is still going strong but one has not seen the great strides in advancement, as was the case from 1983 to 1993(economy). "Per capita personal income for the Nation is projected to increase 1.2 percent per year in 1993-2005, compared with a 1.4 percent increase per year in 1983-93. The growth rate slows as a result of the relationship between personal

level of investment, capital, and productivity. This suggests that, in the long-term, an increase in