By Thomas Sowell
The appliance of economics to significant modern genuine international problems--housing, therapy, discrimination, the industrial improvement of nations--is the topic of this new ebook that tackles those and different matters head on in undeniable language, as exotic from the standard jargon of economists. It examines monetary regulations now not easily by way of their speedy results but additionally by way of their later repercussions, that are usually very various and longer lasting. The interaction of politics with economics is one other topic of utilized Economics, whose examples are drawn from studies all over the world, exhibiting how comparable incentives and constraints are likely to produce related results between very disparate peoples and cultures.
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Extra resources for Applied Economics: Thinking Beyond Stage One (2003)
FREE LABOR The advantages of a free labor market benefit not only the worker but also the economy. Since pay is usually based on productivity and workers tend to seek higher-paying jobs, this whole process tends to place people where they can contribute the most to the production of goods and services that other people want. Arbitrary restrictions on who can work where tend to sacrifice not only the interests of those who are denied jobs but also the interests of consumers, who are denied an opportunity to get the goods and services they want in the abundance they would like and at as low a price as possible.
The employer's freedom to hire whoever will work for him is heavily circumscribed by child labor laws, anti-discrimination laws, and other regulations and policies, as well as by labor union contracts. At the other end of the spectrum, even some slaves have had options, especially urban slaves, many of whom chose their own employers and simply shared their earnings with slaveowners who let Free and Unfree Labor them exercise this option. This practice existed as far back as the Roman Empire, though to varying degrees at different times and places.
People fail to live up to their potential, or to carry out all their good intentions, in all kinds of economic and political systems. Capitalism makes them pay a price for their failures, while socialism, feudalism, fascism and other systems enable personal failures, especially by those at the top, to be ignored and the inevitable price to be paid by others in lower standards of living than they could have had with the existing resources and technology. There was a reason why long-time Soviet dictator Josef Stalin kept a tight rein on what Soviet citizens could learn about the west, severely restricting travel and blocking most western writings or broadcasts from entering the USSR.
Applied Economics: Thinking Beyond Stage One (2003) by Thomas Sowell