Only Do The Peer Responses-: 4 Total

Participation Expectations.	Thomas Westover	4/17/2016 12:00 AM
In order to be eligible for the maximum score on this graded activity, the initial response to the discussion questions must be at least 200 words and be suitably supported (citations) with material from our our assigned textbook readings.  Subsequent comments to other students must "add value" to the discussion and should be approximately 100 words each in order to be considered "substantive" and therefore eligible for the maximum score

APA FORMATTING NOT NEEDED : Please keep the two post separate

Discussion Post #:1

Economic Systems

Discuss how your college education could be considered an investment in human capital.  What is the opportunity cost of your degree?

Reference: Chapter 1, section 1.1: Economics and Chapter 2, section 2.1: Limited Resources.

Guided Response: Review and respond to at least two of your classmates’ posts by replying to their posts on how a college education contributes to human capital and the opportunity cost of a degree.  Be sure to refer to concepts found in the reading when responding to your classmates

Peer Response #1: JM

According to Amacher and Pate, college education fits neatly into this because the “third resource, capital, is defined as all aids to production that are human creations rather than resources found in nature” and “college, apprenticeships, and practicing” as developing labor skills “as an investment in human capital” (2012, pg.24-25).  All of the investments seek to make the fruits of labor more productive.

This discussion addresses the question I ask myself from time to time—which is “Am I crazy to be pursuing this degree at 50 years of age?”  I know the answer to that as it relates to the human capital aspect, of course there is value in finishing my chosen degree program, I’ve learned so much.  I bring this up because of the complicated factors that added up to Ashford being a sensible plan (within the opportunity cost component of this discussion).  Not only am I disabled and older than most B.A. seeking students, but I am also the primary caregiver for my autistic eight-year old son.  These factors made traditional on campus educational options impractical.  Also, I tried the small business veteran-disabled owned startup option, which met with too much opposition.  I was asked what made me think I was capable of running a business, i.e. “where did you earn your degree?” from representatives at the government agencies I sought to affiliate with.  While the academic pursuit may sum up opportunity cost, to me it is clear that the lack of the degree has been a problem for those in the industry I’d like to be part of.  In other words, the other opportunities just weren’t happening for me which makes it hard to place a “cost” on them.  Even if I change my “plan” this education will provide a benefit through improved entrepreneurship capabilities. The thing that I worry about (for the country overall) is that more people are making less money with advanced degrees these days.  Like Dutch disease, pluriactivity reduces the effectiveness of a land benefit, having a population educated beyond the needs of the labor market only serves small interests.

 

 

Reference

Amacher, R., Pate, J., (2012). Principles of Macroeconomics. San Diego, California: Bridgepoint Education, Inc. 

Peer Response #2:EH

Being in the military our college is an investment to the USAF.  You have to take advantage of your opportunity to take classes because if you do not go that money is wasted that is given to you for that year.  You get $4,500 a year to use and if you do not use that money it goes to waste.  My opportunity cost is having the choice to use education costs that are given to me fully or partially.  Once I complete my degree, which I will finish while in the military will then become an investment in the human capital.

Continuing my education in the military is very important for accelerating in my career.  The effects of not using the resources available to me to exceed in my capabilities.  The resources available are unlimited in the military and taking advantage of those will benefit me as well for when I retire.  These opportunities for training are free and would cost if I were not in the military.  There also has been issues with budget constraints in the military, its not guaranteed that these resources will be available in the future.  The choice is now and to do it while its still available before alternative actions are take

Discussion Post # 2:

Role of Government

Economics is the study of how society chooses to allocate its scarce productive resources (labor, capital, land, entrepreneurial talent). 

In a mixed economy, elements of both central planning and market allocation of resources are used in allocating productive resources.  The United States economy is a mixed economy, with a bias towards market allocation of resources.  This means most resources are allocated in the private sector by way of markets.

Discuss whether you favor a larger or smaller role of government in the economy.  Refer to concepts found in the reading to support your opinion.

Reference: Chapter 2: Markets, Governments, and Nations:  The Organization of Economic Activity   

Peer Response #1:HN

A mixed economy is one in which most decisions are made by the market, but some are left to the government. As noted by Amacher & Pate (2012), the goal of a mixed market is to “leave economic decisions to the market when it works well, but to intervene in the economy when the market outcome is not acceptable.”  Some examples of when the government may step in are when issues arise in the level of unemployment, or air pollution.

 

I believe that the government plays an important role when it comes to the economy; however, I do think that there should be limitations and that their involvement should depend on the situation. For example government helps in ensuring that big business do not have single control over the market. Think of our cable and phone providers. If there was only one provider they would have total control and could charge us as they please. The governments help in preventing monopolies are crucial in my opinion.  Other areas where I feel it is crucial for the government to play a role in would be unemployment, pollution, interest rates, poverty rates, intellectual property rights, regulations, taxation, etc. Overall I think that government oversight is necessary to improve the economy, however, the government involvement is not necessary in all cases and it could has the potential to slow economic growth.

 

Reference:

Amacher, R., Pate, J., (2012). Principles of Macroeconomics. San Diego, California: Bridgepoint Education, Inc.

Peer Response #2: CT

In my opinion the economic argument is simple but we must review the three categories of the government in the economy: allocation, redistribution, and stabilization (Amacher & Pate, 2012) in order to make a sufficient argument for one or the other.

During stabilization activities Higher taxes undermine incentives to work and invest; a bigger government pushes aside private companies and takes the money from private investments. All of this costs the nations valuable gains in productivity.

Allocation activities in Big governments are unfunded or underfunded federal mandates such as the No child left behind. This is a mandated education program that is not working to its potential and kids are being left behind. Most libertarians would argue that if big government would just back off and let the states handle law enforcement or education than we would be better off.

 The redistribution function which would state in my opinion that the federal tax is unfair and punishes those who are most successful by taking a larger share of their personal income and redistributes it to those less successful.

 

Amacher, R., Pate, J., (2012).  Principles of Macroeconomics.  San Diego, California: Bridgepoint Education, Inc.

Two Separate Discussion Post

Must Complete both and use the classroom text as well