Econ 1740 Joe Howelle Portfolio Assignment: Free Or Equal Vi

econ 1740 Joe Howelleportfolio Assignment Free Or Equal Video

To successfully complete this ePortfolio assignment, students must watch the "Free or Equal" video and respond to specific questions related to its content. The assignment comprises three parts: Part 1 involves answering questions based on the video, Part 2 requires reflective writing on how the assignment aligns with SLCC Learning Outcomes, and Part 3 involves creating and submitting an ePortfolio site link containing the responses and reflections. Students are responsible for creating or maintaining their ePortfolio, testing their URL, and submitting the correct link via Canvas before the deadline. All parts must be completed to earn credit.

Part 1 prompts students to answer questions about concepts such as equality of opportunity and outcome, voluntary associations, and economic examples like the lead pencil and smartphone as "invisible hands." Students are to summarize video concepts in their own words, fill in the blanks with exact phrasing from the video, and analyze proposals and perspectives from the video content.

In Part 2, students write 2-3 paragraphs reflecting on how completing the assignment enhanced their ability to communicate effectively and think critically or creatively, aligning with SLCC's Learning Outcomes. These reflections must be placed below their responses to the questions and saved in their documents.

Part 3 instructs students to upload their responses and reflections to their ePortfolio site. If sited already, they must ensure the link works and accurately leads to their document before submitting the URL via Canvas's assignment feature. If not yet created, students need to set up their ePortfolio with available resources before submission. It is emphasized that the entire process—answering questions, reflecting, creating the ePortfolio, testing links, and submitting—is mandatory for credit, and late or incomplete submissions cannot be resubmitted for grading.

Paper For Above instruction

Watching the "Free or Equal" video provided an in-depth exploration of fundamental economic principles relating to fairness, opportunity, and equality. The insights gained from the video illuminate the contrasting ideals of equality of opportunity and equality of outcome, and how these principles manifest in various societal contexts, such as education, workplace, and broader economic policies. Engaging with this material not only enhances understanding of economic theories but also fosters critical thinking about the implications of implementing different fairness standards within society.

One of the key concepts addressed in the video is the distinction between equality of opportunity and equality of outcome. Equality of opportunity implies that everyone should have the same starting point, such as access to education and jobs, allowing individuals to succeed based on merit. In contrast, equality of outcome seeks to ensure that everyone ends up with the same results, regardless of effort or ability. This approach often involves redistributive policies or regulatory measures aiming to reduce disparities. The video illustrated how societies and governments grapple with these ideas, balancing fairness with efficiency and individual freedoms.

The discussion surrounding voluntary associations highlighted their critical role in a free market economy. These associations—formed by individuals or groups voluntarily collaborating—enable economic efficiency, innovation, and community development. For example, the production of a lead pencil or a smartphone demonstrates how voluntary cooperation among diverse producers and suppliers results in complex yet efficient markets. This exemplifies Adam Smith's concept of the "invisible hand," where individual self-interest collectively benefits society by allocating resources efficiently without central planning.

Another significant aspect covered was the economic evolution of Hong Kong, credited with rapidly rising standards of living. Factors such as free-market policies, minimal government interference, a strategic geographical location, and a culture of entrepreneurial spirit contributed significantly. Hong Kong's deregulated financial and trade sectors attracted foreign investment, stimulating economic growth and wealth creation. The flexibility of its labor market and openness to international trade also fostered innovation and productivity, driving sustainable improvements in living standards.

Milton Friedman's analogy of a race was employed to explain the differences between equality of opportunity and equality of outcome. It vividly describes how equal starting lines (opportunity) do not guarantee equal finishing positions (outcome), emphasizing that fairness in competition allows individuals to succeed based on their skills and efforts—core principles of free-market capitalism. Conversely, guaranteeing the same final result for all, regardless of effort, undermines motivation and efficiency. This analogy underscores the importance of prioritizing freedom and individual effort in fostering economic and social progress.

The proposal of implementing equality of outcome in educational settings, such as guaranteeing all students the class average grade, invites critical discussion. Proponents argue that this fosters equality and reduces disparities, while opponents contend it discourages effort and merit-based recognition. My perspective aligns with the belief that avoiding enforced equality of outcome preserves motivation and quality of education, allowing students to be rewarded proportionally to their effort and ability.

Similarly, applying equality of outcome principles in the workplace, such as equal wages regardless of job performance, presents issues. Examples like Dan Price’s decision to set a $70,000 minimum salary for all employees illustrate attempts at reducing income inequality. However, this approach may diminish incentives for high performance and skill development, potentially compromising productivity. Conversely, fair pay based on skill and effort motivates employees and aligns individual incentives with organizational goals.

Reflectively, completing this assignment promoted my understanding of economic concepts and engaged my critical thinking. It helped me articulate how different fairness principles influence societal and individual outcomes, fostering my ability to communicate complex ideas effectively. Additionally, analyzing real examples like Hong Kong’s economy and the "invisible hand" concepts has strengthened my ability to think creatively and critically about economic policies and their broader societal impacts.

References

• Friedman, M. (1962). Capitalism and Freedom. University of Chicago Press.
• Smith, A. (1776). An Inquiry into the Nature and Causes of the Wealth of Nations. W. Strahan and T. Cadell.
• Hong Kong Government. (2020). Hong Kong’s Economic Development. Retrieved from https://www.gov.hk/en/about/abouthk/factsheets/docs/economy.pdf
• Norberg, J. (2016). Progress: Ten Reasons to Look Forward to the Future. Gateway Editions.
• Price, D. (2015). The Living Wage at Gravity Payments. The New York Times. Retrieved from https://www.nytimes.com/2015/04/10/business/payments.html
• Becker, G. S. (1993). Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education. University of Chicago Press.
• Hayek, F. A. (1944). The Road to Serfdom. University of Chicago Press.
• Rothbard, M. (2004). Man, Economy, and State. Ludwig von Mises Institute.
• Sen, A. (1999). Development as Freedom. Oxford University Press.
• Boix, C., & Stokes, S. (2003). The Politics of Economic Crisis: What** Do Recessions Reveal? Journal of Democracy, 14(4), 27-41.