American economics philosopher, Adam Smith, wrote that the most efficient economy is one in which the government has a laissez faire attitude toward business. This means that the government should involve itself as little as possible in the affairs of its commercial sector. However, the commercial sector's function is to meet the needs of the people, but it is motivated by greed and profits. A popularly elected government is mandated by the people to protect the people and must be vigilant to protect the people against unscrupulous businesses.
I the US, the Republican Party is strongly on the side of the government's laissez faire relation with business. The Democratic Party is more concerned with protecting the people from corporate greed. Which way the pendulum swings depends on who is in power. In November 2010, the Republicans campaigned on reducing the size of the government. Many Americans who are out of work and are in debt, rallied around the Republican call for reducing the size of government in order to reduce the size of US debt and helped the Republicans gain control of the House of Representatives. Democrats (who still hold the majority in the Senate) prefer to reduce the size of the Government by eliminating redundancies and streamlining processes; they are against cutting social programs that help the less fortunate and regulation of business in protection of the people.
Friday, March 11, 2011
Wednesday, March 9, 2011
How to keep up with your partner's and your classmates posts
The most efficient way to keep up with all of your Australian partner's & your classmates posts is to: 1) I got to each of their pages (while signed in) and click their follow button; 2)back in my blog at the top right of the page, I click Design then I click Dashbord. Near the bottom of your Dashboard is your Reading List where you can see the posts of everyone that you are following.
Tuesday, March 8, 2011
Monday, March 7, 2011
Bell Ringer Question: Multinational's use of GDP
What do you think the answer is to this question of how a multinational company uses the economic measurement of GDP to help it choose between two countries to build a new manufacturing plant in.
Sunday, March 6, 2011
Wants, Needs and Scarce Resources
Part 1 Different ways that businesses and governments work together to meet people's wants and needs
Part 2 - Why do Republicans call President Obama a Communist?
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