Economics Essay 1

Economics Essay 1 - Mike Marcinek Essay #1 Professor White...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Mike Marcinek Essay #1 Professor White September 17, 2007 ECO100 Noam Chomsky once stated,”Unlimited economic growth has the marvelous quality of stilling discontent while maintaining privilege. ..” This may be true, but not in all cases. Which portions of the population get what percentage of the growth in the economy makes a huge difference in whether discontent will truly be stilled. Let us compare two cases. In the first case, the economy grows a substantial amount, but a significant portion of the population suffers while the average individual is made better- off. In the second case, the economy still grows but to a lesser degree. Although the economy grows less, the entire population shares the gains and nobody suffers. Lower economic growth where nobody suffers is the better and more important choice for many reasons, namely that in this choice the content of the entire population is guaranteed and there is no possibility that the rich will get richer while the poor get poorer. If the economy grows in both cases, the most important factor in choosing which case is more important is average content of the population . One might argue that the first case is better and more important simply because a larger amount of money has been introduced into the economy. This would make sense only if one would assume that the money would find a way of balancing itself eventually across the population. If a significant portion of the population suffers while only some of the population becomes better off, the average “content” or satisfaction will be close to even, possibly even negative. It is difficult to measure the content of the population, but I believe it is acceptable to assume that average content of the population will go down if a significant portion of the population suffers so that a smaller portion can gain a larger amount of wealth. This is a classic example of the rich getting richer while the poor get poorer. Such a situation certainly does not still discontent. The sharing of the gains, although smaller, throughout the entire population would raise content for everybody while still improving the economy. The only portion of the population that could possibly be less
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
content with this situation is the upper class. The better off an individual is financially, the smaller their personal gain would feel. Considering that the upper class only makes up a very small percentage of the entire American population, it makes sense that their
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/21/2008 for the course BOS 215 taught by Professor Forbes during the Spring '08 term at F & M.

Page1 / 5

Economics Essay 1 - Mike Marcinek Essay #1 Professor White...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online