Professional Documents
Culture Documents
ECON-1740 Howell
7/16/2016
ePortfolio Assignment
1. If the government gives everybody the same freedom to work and reap the
rewards, some will do better than others. The result will be equality of
opportunity, but not equality of outcome.
2. Immigrants who arrived in the late-1800s/early-1900s found that America
was truly a land of opportunity. Describe the factors these immigrants
encountered which helped them thrive.
America was a harsh country with no government regulation. This led to an
abundance of opportunity as well as fierce competition. Innovation,
enterprise, and hard work were rewarded heartily.
3. Although Hong Kong had no prospects, no natural resources & little land that
could be cultivated, it became an economic powerhouse. How?
The British could not be bothered to regulate the poor colony of Hong Kong,
but the local governor believed firmly in free and open markets. This allowed
Hong Kong to become a power trading hub for the entire world, and its
economy and standard of living reflected this.
4. Free markets have spread around the world. At the same time, weve seen
the fastest human progress ever, and it has been led by the countries that
opened up their economies. In fact, average incomes around the world have
almost doubled. Globally, extreme poverty has been more than halved since
Milton Friedman did his series in 1980. Amazingly, 730 million people have
been liberated from poverty.
5. Explain how the lead pencil & the smart phone are examples of invisible
hands.
A pencil, like a smart phone, is a common tool that many people use to
improve their lives. Both of these devices are guided by the invisible hands
of the free market. Where there is a demand, businesses will pop up to meet
that demand. To create greater efficiency, even more businesses will be
created to specialize and create great efficiency and lower costs.
6. Explain the concept of creative destruction as described in the Free or
Equal video.
Creative Destruction is when old technology or livelihoods become obsolete
and are replaced by newer more effective and in demand technologies. This
8. They (the Founding Fathers) were a wise and learned group of people. They
had learned the lesson of history. The great danger to freedom is the
concentration of power especially in the hands of a government. They were
determined to protect the citizens of the new United States of America from
that danger. And they crafted their constitution with that in mind.
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.Professor Friedman compares the concept of equality of opportunity to a race
where everyone begins at the starting line at the same time. In contrast,
equality of outcome guarantees that everyone finishes at the same time.
Today, equality of outcome is referred to as fair shares for all.
If we applied the fair shares for all concept in this class, all students
would receive an average grade of C. This would be accomplished by taking
points away from students earning As and Bs to give to students earning Ds
and Es. Distributing points equally would result in fair grades for all.
1. Would you approve of this method in calculating your final grade? Why or
why not?
2. Would this differ from fair shares for all economically? Why or why not?
For example, whats the difference between a successful student being
required to give up some of his/her hard-earned grade and a successful
person being expected to give more of his/her hard-earned income? If you
support redistribution of income and 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 and upbringing that youve had.
3. Address the above questions in your own words, in a minimum of 3
paragraphs.