I have read, not skimmed 100% of the Wheelan book.
From reading “Naked Economics,” I was able to better understand various concepts in economics and how they apply to the world today. In particular, I learned about tax policy, price discrimination, productivity, and globalization which has allowed me to better understand how economic policies affect my life and the world around me.
I thought it was interesting when Wheelan mentioned that the best public policies economically are those that incentivise good habits like hard work or reducing pollution but don’t punish good tendencies at the same time. I have usually been in favor of heavy taxes on the rich to benefit the poor but Wheelan’s point in this helped me to better understand the approach of some who argue that hefty taxes on the wealthy can hurt the economy overall because it discourages hard work and entrepreneurship. Becoming an entrepreneur is a big risk and even if one becomes a successful CEO, higher taxes can discourage some people to take these risks.
When Wheelan brought up the concept of price discrimination in airline seats, it reminded me of price discrimination in terms of college tuition and Broadway tickets. Colleges use price discrimination to attract a range of students from different economic backgrounds by offering more …show more content…
However, in chapter six I found that Wheelan did a good job of debunking this “labor fallacy”. From Wheelan’s explanation, I learned that every new job does not necessarily come at the expense of a job lost somewhere else. When new people enter the workforce, they create new demand within the economy thereby creating demand for other new jobs. This helped me to be able to better understand and explain why immigration can be a benefit to the job market rather than a detriment to American
From reading “Naked Economics,” I was able to better understand various concepts in economics and how they apply to the world today. In particular, I learned about tax policy, price discrimination, productivity, and globalization which has allowed me to better understand how economic policies affect my life and the world around me.
I thought it was interesting when Wheelan mentioned that the best public policies economically are those that incentivise good habits like hard work or reducing pollution but don’t punish good tendencies at the same time. I have usually been in favor of heavy taxes on the rich to benefit the poor but Wheelan’s point in this helped me to better understand the approach of some who argue that hefty taxes on the wealthy can hurt the economy overall because it discourages hard work and entrepreneurship. Becoming an entrepreneur is a big risk and even if one becomes a successful CEO, higher taxes can discourage some people to take these risks.
When Wheelan brought up the concept of price discrimination in airline seats, it reminded me of price discrimination in terms of college tuition and Broadway tickets. Colleges use price discrimination to attract a range of students from different economic backgrounds by offering more …show more content…
However, in chapter six I found that Wheelan did a good job of debunking this “labor fallacy”. From Wheelan’s explanation, I learned that every new job does not necessarily come at the expense of a job lost somewhere else. When new people enter the workforce, they create new demand within the economy thereby creating demand for other new jobs. This helped me to be able to better understand and explain why immigration can be a benefit to the job market rather than a detriment to American