Andrew Hutchinson

Professor Howe
4 Mar. 2017
ECON 1740
ECONOMICS 1740 ePORTFOLIO ASSIGNMENT
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
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.
a. What made it possible for immigrants to succeed in America was the relatively
low marginal cost of coming here and the ability to be free. Because there wasnt
red tape on everything people were able to compete to make their lives better.
This was essential to creating an environment where these people could thrive.
3. Describe how Hong Kong transformed from a refugee camp with millions of extremely
poor people to an economic powerhouse.
a. Hong Kong became an economic powerhouse because the government took its
nose out of the market. The people in power let the working people do what they
needed to do to be successful. This made Hong Kong succeed because people
were naturally inclined to do their best.
4. Explain voluntary association and why it is essential in a free market.
a. Voluntary association is what we choose to do of our own free will. Because we
get to decide where we do our shopping we get to pick who we support. We are
guided to do business in such a way that improves our lives and that improves the
free market.
5. Explain how the lead pencil and the smart phone are examples of invisible hands.
a. The lead pencil is a great example of the invisible hands of an economy because it
could not be created by a single person. No one had the power to make that pencil
on their own. But because people were motivated to improve their situations in
life and to deal with other people, the pencil was made. This is the same for the
smartphone.
6. Which technology did more to give the average person power? Explain how this
technology was both creative and destructive.
a. The cell phone gave people more power to coordinate their efforts and to find a
more efficient market. This creative power allowed people to better spend their
money and their time. It was destructive because it meant that some people lost
their businesses and their jobs. Some of the people that lost their jobs were the
people who laid lines for landline telephones.
7. Johan Norberg 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.
a. Benefits: We dont have equal starting blocks in life. Some of us are naturally
smarter or more talented than others and so the aggressive tax rates in Sweden
 make people more equal. It gives more people the opportunity to live a healthy
and relaxed lifestyle.
b. Drawbacks: The major drawback to this system is that it doesnt give people any
incentive to take risks. Why would you take any risks if you were guaranteed the
same paycheck regardless?
8. Explain how Free markets regularly turn luxuries into consumer goods.
a. Entrepreneurs are constantly working to make everything we want cheaper by
making the market more efficient. This means that the goods we demand are
decreases in price. The free market also makes luxury goods consumer goods by
introducing a lot of competition. If one group of people wont sell a product for
less than another will.
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.
Equality of Outcome in the Classroom
I would definitely not approve of using the Equality of Outcome method in calculating
my final grade for this class. I think that I have worked hard for the grade that I will achieve. If
the additional points that I earn above the average were taken away from me I would be upset
because my extra work did not benefit me. I think that I would be less motivated to work
throughout the course of the semester if I knew that I could freeload on the work of my peers.
Some of the good points above there being a distribution of grades across the class would be that
I didnt have to work as hard for my grade. If I already knew that I would suffer a C regardless of
the work I did then I wouldnt be doing this project right now.
One of the cons about this form of grading would be that a lot of students would be punished for
going above and beyond. Those students who are motivated to complete the coursework
wouldnt be awarded what they were owed.
Equality of Outcome in the Workplace
Similarly to how I feel about the equality in the classroom problem, I do not agree with a
company setting a bar of equality for all people. I think that it isnt fair that those working harder
for their money are not awarded what they are due. I also think that those who are on the bottom
are taking advantage of the system. If everyone is being paid $70k then why should anyone have
gone to school and got a degree? They could be rolling in money by being a custodian.
I think some of the pros of this system are that the people on the bottom get more money
than they deserve. That would be pretty nice, especially if you were one of the people on the
bottom. Another bonus is that there would be less contention about people talking about pay.
Everyone knows exactly how much everyone else makes. Its all even, so that faux pas is
eliminated.
I think there are a lot of cons in this system. One of the biggest points would be what is
the incentive to take on a higher position. People are going to be paid the same no matter how
hard they work so why should the work at all? Also, those who had spent a lot of time working
hard outside of the workplace so that they could land a job have done all of that for nothing. Like
I said before, they could have just joined on as a janitor.

Reflective Writing
Learning Outcome #1: Develop civic literacy and the capacity to be community-engaged learners
who act in mutually beneficial ways with community partners.
I think this project has been important for me as far as my development of civic literacy goes
because it helps me to better understand how the economies in this country work. It makes more
sense to me how I should feel about some political policies. I think this project was important
because I have a better understanding of what is important in an economy and I should advocate
for those things. I think this project is important because it gives me background knowledge on
the world around me.
Learning Outcome #2: Develop the attitudes and skills for lifelong wellness.
I think that this project was important for me developing a better attitude for lifelong wellness
because it keeps my mind open. I have learned through this project to stay open to ideas that I
might find contrary to the way I think. Before I came into this class I had a lot of ideas about
how people should be treated by the government to create a better society and I feel as if those
ideas have changed over the past few weeks. I think this ability to change my mind is a life long
skill.