GOV 312L Lecture Notes - Lecture 2: Free Rider Problem

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yellowcricket86

9 Nov 2018

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Discussion questions for october 4, 2018 gov 312l, us foreign policy: in his speech to the united nations, president trump described a world in which other countries often take advantage of the united states. United states to execute the actions they do not want to do, which presents the free rider problem, the united states still must play a major role in being the policemen of the world/an indispensable nation. Through the eyes of trump, an example of a specific country taking advantage of the united states would be china through international trade: in his west point speech (assigned in class), president obama described the united. States as the indispensable nation that has a responsibility to step up at times and provide public goods, like security, for other countries. President trump has argued that the united states provides security for some countries for free and that this must end.

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what you think for this ? do you agree or disagree and why ?

I donât think itâs wise for nations to begin raising tariffs and increasing subsidies when we are faced with a global recession. If a smaller country raises tariffs on a good they are importing, it might not have that big effect on the global economy. However, if a country like China, Japan, United States etc. decide to raise tariffs on imports, it could lead to a global increase in the average tariffs. In the article âBarriers to entry: A rise in protectionism would worsen the already grim outlook for world trade,â it talks about the worldwide average for tariffs. In 1986 they average 26%. If the big economies of the world start increasing tariffs, the rest of the world will eventually follow, leading to a global increase on tariffs. A rise in the tariffs would slow down the global economy even more in the long run. In the article it mentions how trade has picked up immensely when tariffs are lower, and the world GDP was higher compared to when tariffs are increased because countries are more willing to trade. I think theyâre still benefits to be gained from trade even when a global recession may be taking place. If tariffs are increased, countries might try to specialize in goods where they donât have a comparative advantage in. Instead of trading for that good, they will try to produce it domestically. The opportunity cost of choosing to specialize in a good when they donât have comparative advantage is using those resources elsewhere. Perhaps for producing a good they do have comparative advantage in. Also a decline in trade because of rising tariffs means firms wouldnât be able to benefit from economies of scale.

The 2016 presidential election at times felt like a mockery of democracy, where the internal problems and manipulation of both the Republican and Democrat Parties led to the nomination of two vastly disliked candidates. This in turn made the election in which we are supposed to be excited to vote for the better candidate into an election where many were forced to pick between the lesser of two evils without truly supporting them. With the Democratic Party greatly underestimating the dislike for Hillary Clinton and the silent majority becoming a huge of part of this election, Donald Trump ultimately got enough electoral votes to secure the presidency.

With the inauguration of Donald trump as the 45^th president of the United States, many issues have arisen; while some are content with him as our president there is a large majority of people who oppose him. Among the issues surrounding his presidency are issues that will drastically affect the young generation, issues of human rights, climate change, threat of war, and growing prejudice. I believe because of the uncertainty behind his presidency and just from his first week office, one of the most prominent issues we will face will be as a result of the 2016 presidential election. Already a Muslim ban for some countries have spark nation-wide outrage, and due to some of his executive actions many countries have been forced to react to them. Fear is growing and people are more divided.

whats your opinion about this topic, do you agree ?

Answer the following questions using examples and applications from the readings. Justify your answers using economic concepts and ideas as they apply. Each response should be between 100-200 words.

Questions:

The demand for labor is said to be a derived demand. What is the meaning of a derived demand? How does this concept help to determine the demand for labor?

What are some of the factors that determine the supply of labor in a market? What significant factors have changed the supply of labor over the last twenty years?

How does a firm determine its prices and the quantity of labor required in the resource market during a specific period?

Why do income inequalities exist? How are income inequalities measured? How have income inequalities changed from 1980 to the present?

What is the role of the U.S. government, in terms of dealing with the problem of income inequalities? What are the arguments, for and against, government involvement in this area?

Why do nations trade? What is meant by the concept of Comparative Advantage ? Could a nation be better off economically, if it practiced an isolation policy?

The United States has had a significant trade imbalance for several years. What are the problems associated with having a negative trade balance? What can be done to correct the imbalance?

How are exchange rates determined? What is the significance of currency devaluations to the home country? To other countries?

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GOV 312L Lecture Notes - Lecture 2: Free Rider Problem

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