Please view the following video and submit an original (in your own words) synopsis/commentary of what you viewed. Submissions must be 150-250 words. Be sure to include at least one specific principle from this week’s chapter coverage as you see it illustrated in the video
Chapter 24 discusses fiscal policy and government spending. What is the lesson the authors of this video are trying to get across? Do you agree or disagree with their point? Why?
SAT down again and they took enormous public works program known as World War Two to bring the economy out of their.
What is the broken windows? It all starts when a who decides to throw a brick through the local baker’s window.
The community gathers at the bakery to discuss what has happened. I feel bad for that poor baker. He’s lost a window. It’s true, but if you stop and think about it, maybe it’s not all that bad. After all, the baker does have to repair his window, which means the glazier will now have work to do after getting paid, the glazier will probably spend his new income on some of your crops. Then you have income to spend on even more goods and services,
biscuits and gravy, who again is actually stimulating the economy? Imagine how many more jobs would have been created if the hooligan.
Have you all lost your minds, haven’t you read Frederic Bastiat or Henry Hazlitt? You’re only focusing on what’s the scene, the money I will spend repairing the broken window or what you will ignore. What’s the unseen? The money I would ever spend on a new ASUDA?
The would have to spend his new income on some some of their crops, a farmer giving you more income to spend on other goods and services. The only difference is that I would have had both my window and other suit up, whereas now I only have a window. This rule again has a cost to our community. Do suit.
The story of the hooligans shows us that physical damage destroys well, after all, if the hooligans act actually did stimulate, the economy and society would have been better off if he had destroyed the sign, the building and the rest of the town. But the broken window fallacy is much more prevalent than it may first see. In fact, it remains at the core of mainstream policy making. For example, when the government claims to create jobs by financing public works programs such as construction, it does so at the expense of its citizens in the form of either higher taxes or inflation. The citizens would have spent their tax dollars and other goods and services like refrigerators or surfboards or movie tickets. Which would have increased job growth in those industries, because these goods will never be produced. However, these potential jobs remain unseen, but they are no less real and no less important as the jobs that we do see. So if you ever hear of the stimulative effects of wartime spending, tariffs or stimulus bills, know that this is merely our old friend, the broken window fallacy dressed in new clothing and grown fat beyond recognition.
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