Hector Hernandez

Joe Howell
Economic history of the U.S.
Nov 29th 2016

1.- If the government gives everybody the same freedom to work and reap the rewards,
some will do better than others. The result will be equality of opportunity but not the equality of
outcome.
2.- Immigrants who arrived in the late-1800s/early-1900s found that America was truly
a land of opportunity. Describe the factors these immigrants encountered which helped them
thrive.: because they thought there talent and hard work made a difference, there were no
restrictions, they found that America was more free to work and place their own free markets/
3.- Although Hong Kong had no prospects, no natural resources and little land that could
be cultivated, it became an economic powerhouse. How? Because of economic freedom and the
governor offered free market not regulations and no politicial interactions.
4.- Estonian Prime Minister Mart Laar decided to imitate the Hong Kong model with flat
tax, zero terrace and minimum of regulation.
5.- Explain how the lead pencil and the smart phone are examples of invisible hands:
Date to day decisions we take to make our lives easier and better thats why how it works. But
more specifically on how many people, no matter from where it takes to make a product, because
it is all a process that is produced by many hands and free markets.
6.- Explain the concept of creative destruction as described in the Free or Equal video:
constant reneual of the economy and the production of goods, because people and companies
have to come up with better and innovative ideas to improve their saling the poducts as well and
economists think that creative desctruction leds to economic development.
7.- Johan Norberh describes how his home country of Sweden taxes heavily and then
redistributes wealth. Describe the benefits and drawbacks that this approach has on the Swedish
population, as described in the video: It is really easy to start businesses because no regulations
differences of outcome. Equality a priority government public spending was doubled. Taxes
raised and public benefits were more generous and made the country reduced the rewards for
working hard and taking risks.
8.- Explain the statement Free markets regulatory turn luxuries into consumer goods, as
described in the video: When people are free they are able to use their figure markest so they can
stream line production, so they can make the fabrication of espensive things that are made for the
first time end up being cheaper to made and therefore sell more.

9.- As Milton Friedman said, The society that puts equality before freedom will end up
with neither, The society that puts freedom before equality will end up with a great measure of
both.

10.- I would definitely not approve the use of equality of outcome in my final grade because the
good thing about it is that if we all do a great job as a whole class and do our job the best way we
will always be the best at it and have the same and unique grade, but the cons about it is that if
some people do bad on the semester and their grades are really bad and low it would definitely
affect the grades and even worse the GPA of others in a future and many other problems.
Because it is just not fare to get a good grade based on the work of others when you didnt really
put as much effort or hard work towards it.
- And I would definitely approve the equality of outcome in my workplace
because it is a more better and right way to get things done because of the skills
and the effort you dedicated towards something or on your grade in this case
instead of leaning or relying towards how others did which seems to be just not the
right and correct way at all. Yes! I would approve the use of equality of outcome
method in calculating my salary because of how it pays you for the time you
actually worked and for the effort you dedicated on your own.