Economics

The definition of Economic from dictionary.com is “the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind.” Economic is a big part that affects everyone’s life when it comes to living. No matter what you want to do or what you can do. Money is a big part that plays this role with everything that can be done. To going out to get something to eat to paying for rent to have a roof over your head at night. Then there is also buying things you need at home to paying off bills for everything else. Money and it's role in life is big and if the economy fails in anyway then we the people are the ones that have to pay in order to fix it. There is so much going on in the economy that it’s hard to keep up with. To me I enjoy this subject about economic and how it’s all a lie. I learned in high school that the money that we use is just IOU’s and not really money itself. All we are really using is debt money to pay off debts that we have. Which in turn equals no debt being paid off. The more IOU’s that is being printed and used turning the value of these IOU’s to decrease in large numbers. If this continues into the future our debt that we have to pay back is only growing bigger and bigger thanks to the IRS. The IRS is the ones that are only helping themselves while making it hard for us to pay off our debt to them that we have.

The video first brings up how there is this invisible hand in the economy and how this is what controls how people spend and use money for what they want. This hand controls how much people are willing to spend for any item they see. The example used in the video was how if the price of something is lower some where vs that of another place selling the same item at full price. Where would these people really go and buy from the place that has the lowest price on that item or go and pay full price. Then the video brings up letting businesses work itself out without the help of government controlling what these businesses could do with their prices. Also how much of an item they were allowed to make. This way businesses don’t fail because the government does not know how to run one. After that there is talk about how if the government does not have a little to any support on business then it will fail. This is because technology was taking over most people jobs. This was because they were faster and more efficient. This lead to unemployment increased so it was up to the government to help fix that. But then this made the government spend money on the people who needed jobs to have jobs. This increased the prices of most item because there were not enough people buying these items. All of this has it’s own chains that if one falls everything will fall.

The article “Monkey Business” by Stephen J. Dubner and Steven D. Levitt said this “Nobody ever saw a dog make a fair and deliberate exchange of one bone for another with another dog, Nobody ever saw one animal by its gestures and natural cries signify to another, this is mine, that yours; I am willing to give this for that." This to me sounds like it’s taking about how no one wants to or will play by the rules because no matter what everyone is only looking out what is good from themselves. This is the way that business works too. To see what they could do that is different from all the other businesses out there so that their business stands on top. Everything is about who won that fist fight at the end of the day. Who was able to land that finishing blow to shut down the enemy that is right in front of them. The more these businesses do this the more they are making and this will continue. This chain of who is on top goes back and forth between the businesses and this is an unknown factor to the people that are working for these businesses.