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Jason Buckalew

ECON

1. Professor Milton Friedmans research led him to believe in the power of free markets and economic
freedom.
2. If the government gives everybody the same freedom to work . . . some will do better than others.
The result will be equality of opportunity, but not equality of outcome.
3. Hong Kong became an economic powerhouse because:
The British government couldnt be bothered with local Hong Kong affairs.
The Governor here happened to favor free markets.
Hong Kong never introduced all those policies that other governments did: no tariffs, no
regulations or government intervention in the economy.
So the economy could evolve in a natural way.
4. The free market enables people to go into any industry they want; to trade with whomever they
want; to buy in the cheapest market around the world; to sell in the dearest market around the world.
But most important of all, if they fail, they fear the cost. If they succeed, they get the benefit.
5. Define voluntary association as described in the video. Works better and orderly then commands
from the top. Its what we do together our own free will when these people buy and sell to each other
another subject to force corporal.
6. In the example of the lead pencil, what conclusion did Professor Friedman reach in the context of
invisible hands? Look in depth how something is made or what it takes. It takes metal to make a saw
blade that cuts a tree down, for wood to make the pencil.
7. The Founding Fathers had learned the lesson of history. The great danger to freedom is the
Concentration, especially in the hands of a government.
8. In the last 100 years with relatively free markets, we have created more wealth than in the 100,000
years before.
9. As Milton Friedman said, The society that puts equality before freedom will end up with neither.
The society that puts freedom before equality will end up with a great measure of both.

10. Equality of Outcome for the class average grade of C would depend on what students are
getting good grades and what student is getting the lower D and E. I do not like this because of how
many hours I have spent earning my grade and what I have put into it. I wouldnt want another student
to spend there time getting a good grade to help my grade, when I slacked off but I got the benefits of
getting a better grade then what I deserve.
I have the same view economically. A persons income should not be distributed to people that
have not put the effort to raise there income. I think some income is ridiculously high. For example NFL
athletes and celebrities make way to many greenbacks. We all have control of our lives. I decided to be a
diesel tech and not a NFL athlete or celebrity. With my decisions I have made I would want others to
respect my decision and leave my income alone.
There is no difference in dividing income, and grade points to those that to not deserve it. Some
income is lower with a lot more effort put into school and learning. This would be decision making. Ask
your self is this going to be worth the time, money, and effort to earn this amount of income?

Reflective Writing
This assignment made me think more about other countries economies and that the United
States is one of many government systems. This great country has come along ways by trying different
systems because not all of them worked out. United States economy can be compared to other
economies but in the big picture all the economies together make one big economy and make this world
what it is today.
What if the government was not so involved in our lives that people of the United States would
be more self driven and the free market would have worked. Where would the United States economy
be? This video helps me understand more about economic policy and the United States economy.