Damon Nielsen ePortfolio Assignment Fall 2013 U.S. Economic History 1740 Professor Joseph Howell 1.

According to the authors Adam Smith wrote of three (3) roles of government. >What are these three roles? >What is the fourth role of government that the authors added to Adam Smiths list?

1. To protect society from violence and invasion of other independent societies 2. Protection of the society from internal injustice and oppression. Or the exact administration of justice 3. The Building and maintenance of certain public works and institutions. (Roads, sanitation etc.) 4. To protect members of the society who are not responsible. (Children, or handicapped in some other form.)

2. What are the four (4) arguments in favor of tariffs?

1. That tariffs are necessary for the maintenance of national security 2. Tariffs are necessary to shelter infant industries. Until such time they are able to support their own forward progression. 3. The Beggar they neighbor argument which seeks to control the market price through control of a product by banding together with another country, or small group of producers (OPEC) 4. That as long as other countries do not practice free trade, then America cannot afford to do so either.

3. To solve the problems of welfare programs the authors proposed two (2) essential components for reform. What are they? 1. A negative income tax. 2. To unwind Social Security while meeting any current commitments. This would require people to make arrangements for their retirement themselves.

4. The Friedmans discuss countries/governments that experienced hyperinflation at various times in history. List the countries/governments that were affected during the historical periods below: 1860s(List one): The Confederate government After WWI(List two): Russia, and Germany. After WWII(List two): China, and Brazil 1970s(List two): Brazil, and the U.K.

5. The authors wrote that liberty is enhanced when government promotes personal equality, or equality of opportunity. Alternatively, when the government promotes Fair shares for all, liberty is reduced Using the Fair shares for all concept to calculate class grades, all students would receive an average grade (C+). This would be accomplished by taking points away from students earning As and Bs to give to students earning Ds & Es. Distributing points equally would result in Fair grades for all. >Would you approve of this method in calculating your final grade? Why or why not? >How would this differ from Fair shares for all economically? For example, whats the difference between a successful student being required to give up some of his/her hard-earned grade & a successful business person being expected to give more of his/her hard earned income? If you support redistribution of income & wealth, shouldnt you also be willing to redistribute academic grades? After all, many of your fellow students may not have had the advantages in education & upbringing that youve had. >In your own words, explain your thoughts in a minimum of three paragraphs. In my humble opinion relating to the re distribution of grade points is not fair for all in the slightest logical sense. Just like with life you get out what youre willing to put in, nothing more nothing less. If there are people taking this class, or any class for that matter that simply werent willing to put in the time to achieve an acceptable grade, then the grade they in turn receive they deserve.

The issue is fairly straightforward in my opinion, at the college level were all on a fairly even playing field we had to graduate high school or obtain a general education degree to gain admittance to our institution of choice. The problem I can see this creating both economically as well as in this class is while not everyone would do less work with the notion they would still pass there are those who would. This overall would be to great detriment of everyone involved in the long run, if the policy was applied over the entirety of education many would not be pushed to better themselves or seek outside help from tutors, or teachers. Therefore their education would suffer.

Reflective writing Throughout this course I was continuously amazed at the effect economic policy has had on the overall state of our overall governmental situation. The realization that the issues we are currently facing stem from decisions made almost from the infancy of our great nation; from the creation of national banks to the removal of the gold standard in regards to gauging the value of our currency. The knowledge that economics has in all reality dictated almost every political decision since the dawn of time in one form or another was both frightening, and enlightening. I realize that human beings are driven by personal gain often at the detriment of our own fellow man; if only we could curtail the incessant greed we could build a veritable Utopia. Having shared my thoughts Id like to say that the two most important things I gained from this class in new substantive knowledge, as well as the opportunity to think critically about the socio economic issues in play today. Most importantly where the road to our current economic/political situation began.