Week 1 – Discussion Forum 1
Required Resources
Texts
Gwartney, J. A., Stroup, R. L., Sobel, R. L., & Macpherson, D. A. (2018).
Macroeconomics: Private and public choice
(16th ed.). Retrieved from https://www.cengage.com
· Chapter 1: The Economic Approach
· Chapter 2: Some Tools of the Economist
· Chapter 3: Demand, Supply, and the Market Process
· Chapter 4: Demand and Supply: Applications and Extensions
Tamny, J. (2015).
Popular economics: What the Rolling Stones, Downton Abbey, and LeBron James can teach you about economics
. Retrieved from https://www.redshelf.com
· Chapter 7: Wealth Inequality Is Beautiful
Recommended Resources
Articles
Bourguignon, F. (2018, March).
Spreading the wealth
. Finance & Development, 55, 22–24. Retrieved from https://www.imf.org/external/pubs/ft/fandd/index.htm/
· The full-text version of this article is available through the EBSCOhost database in the Ashford University Library. This article discusses taxation and income transfer to the poorest segment of society. The article points out that the transfer of cash is not enough to lift income inequality and that education and training need to be considered as well. This article will give you more information and a different perspective on income inequality and may assist you with the Capitalism Versus Socialism discussion forum this week.
The Economist. (2016, April 2).
Wages and jobs; Poor economics
. The Economist, 27. Retrieved from https://www.economist.com/
· The full-text version of this article is available through the ProQuest Central database in the Ashford University Library. This article gives a global perspective on minimum wage as it discusses Britain’s minimum wage (national living wage). This view of Britain helps us understand what could happen here in the US. This article may assist you in your Minimum Wage (Price Floor) (Debate) discussion forum this week.
Kuhn, M., Schularick, M., & Steins, U. (2018, September).
Research: How the financial crisis drastically increased wealth inequality in the U.S.
Harvard Business Review. Retrieved from https://hbr.org/
· The full-text version of this article is available through the EBSCOhost database in the Ashford University Library. This article gives insight into the causes of income inequality between the classes based on housing and stock investments. Further, the article gives a view of the racial breakdown of wealth inequality. This article will give you more information and a different perspective on income inequality and may assist you with the Capitalism Versus Socialism discussion forum this week.
Manning, A. (2018, January/February).
The truth about the minimum wage: Neither job killer nor cure-all
. Foreign Affairs, 97, 126–134. Retrieved from https://www.foreignaffairs.com/
· The full-text version of this article is available through the EBSCOhost database in the Ashford University Library. This informative article gives both theory and practical information on both sides of the debate on raising the minimum wage. The article gives the latest statistics on major cities and sheds light on how individuals and businesses will be impacted. This article may assist you in your Minimum Wage (Price Floor) (Debate) discussion forum this week.
Portes, J. (2017, June 23).
What Marx got right… and what he got wrong
. New Statesman, 32–35. Retrieved from https://www.newstatesman.com/
· The full-text version of this article is available through the EBSCOhost database in the Ashford University Library. This article gives a historical view to start discussing Marx and also a more global perspective on capitalism. The article also gives a current view of regulation and automation as it relates to capitalism. This article may assist you with the Capitalism Versus Socialism discussion forum this week.
Multimedia
CBN – The Christian Broadcast Network [CBN]. (n.d.).
Steve Forbes: Capitalism will save the U.S. – CBN.com (Links to an external site.) [Video file]. Retrieved from https://www.youtube.com/watch?v=EE0-NBnpVBk
· This video featuring Steve Forbes discusses the importance of capitalism to the U.S. economy. He provides strong support for competition and less government intervention. This video may assist you with your Capitalism Versus Socialism discussion forum this week. This video has closed captioning and a transcript.
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PragerU. (2014, October 27).
What’s the right minimum wage? (Links to an external site.) [Video file]. Retrieved from https://www.prageru.com/videos/whats-right-minimum-wage
· This video provides information from economist David R. Henderson as he takes the position opposing minimum wages. He explains that when the government forces an increase in wages without the market improving, the result is employers hiring fewer people and/or cutting hours. This video may assist you in your Minimum Wage (Price Floor) (Debate) discussion forum this week. This video has closed captioning and a transcript.
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PragerU. (2017, Mar 30).
How socialism ruined my country (Links to an external site.) [Video file]. Retrieved from https://www.prageru.com/video/how-socialism-ruined-my-country/
· This video provides a view of Brazil’s economy and the perspective that socialism may have impacted the country’s massive unemployment and debt. This video will provide a global view and may assist you in your Capitalism Versus Socialism discussion forum this week. This video has closed captioning and a transcript.
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PragerU. (2017, Aug 21).
Who does a $15 minimum wage help? (Links to an external site.) [Video file]. Retrieved from https://www.prageru.com/videos/who-does-15-minimum-wage-help
· This video provides information from a 2015 study by the Manhattan Institute which opposes increasing the minimum wage. This video may assist you in your Minimum Wage (Price Floor) (Debate) discussion forum this week. This video has closed captioning and a transcript.
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PragerU. (2018, April 8).
As the rich get richer, the poor get richer (Links to an external site.) [Video file]. Retrieved from https://www.prageru.com/video/as-the-rich-get-richer-the-poor-get-richer/
· This video provides a view of how as free market capitalism has grown, global inequality has fallen. The presenter gives a number of facts and examples to support his assumption that, as the rich are getting richer, the poor are getting richer faster. He provides a number of global examples. This video will provide a global view and may assist you in your Capitalism Versus Socialism discussion forum this week. This video has closed captioning and a transcript that can be accessed here:
As the Rich Get Richer, the Poor Get Richer Transcript (Links to an external site.).
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INSTRUCTION
Prior to beginning work on this discussion,
· Read Chapters 1 and 2 of Macroeconomics: Private and Public Choice.
· Read Chapter 7 of Popular Economics: What the Rolling Stones, Downton Abbey, and LeBron James Can Teach You About Economics.
For this discussion,
· Define capitalism and socialism and provide examples of countries for both structures.
· Next, discuss why capitalism and socialism are currently being spotlighted in U.S. politics giving the pros and cons to each organizational structure. Be sure to be specific and give supporting facts, not just opinions.
· Finally, address the question: Does capitalism create wealth inequality and is this necessarily a bad outcome?
Your initial response should be a minimum of 200 words. Graduate school students learn to assess the perspectives of several scholars. Support your response with at least one scholarly and/or credible resource in addition to the text.
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