Great work in completion of our introductory unit in ECN 160.
As you see to your right, I have a list of the economic events you identified as a class as the most significant in sU history.
Economic historians who look at US history tend to agree that two events are of major importance in the applying economic analysis to an understanding of US history.
I would like for you to do two things, cast your vote for the two events that you find important, and in a short reply to this post explain why you selected these two events.
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12 comments:
I thought the survey questions where great, they really made me think about what i have been already reading and what other students have been thinking.
Daniela
Hello Greg!
I had to vote for my original choice on the issue of slavery and the Civil War. If we had not ended slavery, our economies throughout the States might very well have a different flavor. I also voted for the transportation improvements as well. With much of the factory life being on the east coast, the west coast seemed to cruise at a much slower pace. Once the railroad and highways were developed, most businesses could expand to other cities and/or grow to revenues and sales never seen before.
I'm concerned that the young ones might overrate the Great Depression and Social Security. Now I admit I could be wrong and yet I consider them important, but I really like my two choices more.
Todd
Well, I think that the transportation infrastructure boosted the economy by being able to provide any good to any part of the country. Business could expand, trade increased, and previously undeveloped land due to isolation could now produce resources and get them almost anywhere.
My second vote was centralized banking. Similar to physical transportation, the "monetary transportation" became quicker and safer(after we learned some valuable lessons). Quicker and safer transactions means more transactions. More transactions means growing economy.
Jason
My two choices were the creation of social security and the developement of the railroad and interstate highways. I chose social security because it is such a huge program and the single greatest expense in the federal budget. Secondly, I chose the transportation developement because it now allows us to be able to ship MORE goods FASTER all over the United States.
Ben
I chose other (adoption of national currency, in this case) and the development of the railroad, because both of these were important steps in the road to this country becoming more than an alliance of states, and I really believe that had the largest impact on the functioning of the economy in the United States.
Kendall
Matt Webb
Throughout Dr. David Schmidt’s talk, I learned a lot of interesting things but the thing that struck me the most was when he said, “Showing up for work is the main contribution that people can make to Society and the Economy.” He proposed the question, “Did Thomas Edison pay taxes?” Nobody really knew the answer and nobody really cared. The reason being that no one really cared if he paid taxes, was because his contribution was so monumental that he paying taxes was of no importance to us. Dr. Schmidt than compared Thomas Edison to the average working person. The best thing that we can do is to show up for work and give honest labor so that we can earn money. Once the money is earned than it can go and be spent thus making the economy better off. He then closed his address with a very profound statement that will help me personally when I start to do business. He said, “Don’t confuse catching a subsidy with doing honest work.” I agree completely with Dr. Schmidt’s views and I enjoyed his talk.
I want to know, What have you done, Dr. Schmidt, in your life that has been a “Tide that lifts all boats?”
Thank you for the survey. I thought it was interesting that almost half of the votes thought that the railroad and highway systems is the most important event in economic history. It will be interesting to learn more about all of these events this semester.
Joshua Bullock
Brian Bernadel
I chose the subrime mortgage crash because the fact that mony homeowners no longer qualify to refinance means they cant get payments they can afford. This means that forclosures are going to continue at a rate so unconceivable that I believe it will inevitabley cause the next major depression.
I chose other for one of my most important events on the survey because I believe that WWII was one of the most important events that took place in our history because without it I dont think that we would have been thrust out of the depression (which i put as my second event) so quickly. Because of WWII we were producing goods, supplies and tools that stimulated the economy again.
I chose the great depression and Black tuesday. I chose Black Tuesday because it lead to the great depression and it could happen if our economy keeps going like this.\
Brett Lynch
My two choices were the great depression and the development of the railroad and interstate highways. I chose the great depression because it effected our country immensely leaving millions of people jobless and took years to overcome. I also chose the development of the railroad and interstate highways as one of the most important events in U.S. economic history because these were two very important developments and where would we be today without them?
Rachel Maschmeier
From listening to this speech I have learned very much about Milton Friedman. His passion for individual rights and freedom to benefit the American people. I understand better the importance of buying and spending. The direct relationship between unemployment and inflation and the cause and results that come from depressions and recessions. I feel that concepts and ideas discussed today do and always will affect not just Americans but the world at large. It is vital that there is an even balance in an economy of buying and selling, unemployment and employment, loss and gain, and so forth. I do wish I better understood the Kanzian model and the idea and concepts behind it. I would like to understand better how the government and FED plays major roles in the well being of our economy. I want to know...Does the war in Iraq better or worsen our economy and why? Does it produce more jobs and resources or does it hurt our system and our economy? Paul McKellar ECN211
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