The Economist

Millionaires’ taxes should be increased because the wealthy can all afford to pay and many want to pay to help the economy. The Economist magazine points out, the movement to raise taxes for the rich was started by multi-billionaire Warren Buffett. He thinks it is unfair that he pays a lower tax rate than the average American. People started to listen to this point of view, and wealthy German and French people started signing petitions to raise taxes on the rich (“Diving” 1). Warren Buffett, who…

logging practice in which every tree is cut down from a selected area (Clear-Cutting). This method is the most common method yet the most controversial. This practice has several effects on the economy and the environment. Many environmentalists and economists argue that clear cutting has negative and positive effects. There are several arguable effects on the environment, clear cutting has. One of the biggest effects of clear cutting is the loss of habitat. Forests are dependent on over 80% of…

Thorstein Veblen was one of the first eighteenth-century economist to disagree with mercantilist fallacies. Veblen focused on human behavior and its value unlike classical economists, who claimed that humans behave in accordance to their nature as rational utility maximizers only, basically degrading the human being to pleasure and pain calculators. He realized that if humans really did act on a purely utility maximizing basis, the existence of culture and institutions, which shape human…

pressing issues in the last two decades has been the economy. After the collapse of the housing market bubble, many economists have postulated on what caused the collapse. But more importantly, how America can recover. Although we are nearing the end of the recession, families and more importantly the middle class does not feel like it’s over. Robert Reich, one of the greatest economist of his time, postulates very generally that the problem is the growing gap between the rich and the poor, and…

The broken window fallacy is a scenario created by French Economist Frederic Bastiat to explain that destruction, included in warfare, doesn’t benefit the economy (Andreano, 1962). The fallacy states that by breaking a store owner’s glass pane, the store owner must pay for a new piece of glass which stimulates the…

theory/models and contrast this perspective with the sociological account Since Knight (2005), the monetarist models use assumptions of perfect information and imperfect with respect to the future. With the emergence of imperfect information the economist stated that it can be predicted by stochastic variables (random) from the probabilistic point of view, one can calculate the costs and benefits of different actions present. These assumptions were replaced by Keynes with the notion of…

Schumpeter is a better society not only for the wealthy, but everyone in the society. They believe that through socialism humankind can evolve and focus on things other than money and wealth, such as social and human welfare. However, each of these economists held a unique path as to why capitalism would fail, and so it is important to identify these distinctions. To begin, let us examine Marx and his belief on why capitalism would inevitable fail. Marx idea can be focused on the concept of…

According to experts, the human capital originated with Theodore Schultz, an economist that was interested in the world’s underdeveloped countries. Mr. Schultz claimed that improving the welfare of poor people did not depend on equipment, energy, land, but rather on education. He also argued that many have neglected to see human beings as capital and therefore they have done a poor job encouraging knowledge. Economist Theodore Schultz became a winner of the Noble Peace Prize in 1979. Today,…

character” (253), which prevents us from thinking outside of the box, so to speak, out of the range of our intellectual limits. Here, similar to Hesse, Pollan shows how powerless we are in terms of making our own decisions, living it to professionals (economists, marketing, or meteorologists). We are used to passive thinking. Professionals will do it, because this is not our…

Dr. Thomas Sowell is an African American economist, well known for his conservative views and for encouraging hard work and self-sufficiency. He is an author of over 20 books and many publications, a higher education professor for three decades and a recipient of numerous honors like the Francis Boyer Award and National Humanities Medal. Sowell was born in North Carolina on June 30th, 1930 to a struggling family. His family moved to Harlem, New York as part of the Great Migration of African…