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Real World Micro Paper - Real World Micro The introduction...

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Real World Micro The introduction to Real World Micro describes that there are two types of economies. The free markets are efficient and governments are inefficient was discussed in Mankiw. Real World Micro discusses inequality between people and the income they receive. It also discusses the power differential between the employer and employee. Real world micro takes real examples from the world and exploits the flaws of the economy. The Real World Micro book is a leftwing liberal critique of Mankiw’s conservative writings. Article 1.1 “From the Classroom to the White House: Economics According to N. Gregory Mankiw” was written by Mark Maier. Paul Samuelson stated “Let those who will, write the nation’s laws if I can write its textbooks.” In other words he was saying that writing an economics book is more powerful that making laws for the country. Mankiw’s textbook is so successful because it has a clear writing style, is slim, and has the central concepts needed for an economics book. Mankiw believes his micro textbook to be politically neutral, but many others feel much different about this. Professor Peter Dreier states that students who study from Mankiw’s book are mislead about the way the real world works. In his book it hints at the inefficiency of government regulation, also in the book multiple times is the income tax’s alleged drag on work effort which proves he is in favor of tax cuts. The book does not cover the payroll tax which affects the poor and middle class more than the rich. Mankiw downplays the environment and lets employers off the hook on discrimination. Mankiw has also written a macro book which is also conservatively bias. In this book he blames unemployment on unions and the minimum wage, instead of the economy’s ups and downs.
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Article 1.2 “The Ideology of the Free Market” was written by Ellen Frank. She discusses the tendency to outsource to private firms. Examples of this include firefighting and mass transit. She is a critic of the privatization of government services. Frank reviews standard Neo-classical arguments that private businesses rather than governments should supply services. In her opinion markets generate vast inequalities.
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