Article Concepts
  • Incentives & Market Capitalism
  • Economic Downward Spiral
  • Maximum Benefit for FEWEST People?
  • Conclusion

Incentives and Market Capitalism

     It is argued that market capitalism is superior to communism and socialism because market capitalism as a system gives people in the economy incentives to be as productive as possible, because their productivity will allow their wealth to grow and allow people to rise socially.

     So far as people know, this is the advantage of market capitalism. However, the U.S. has the worst income inequality of all of the western developed countries in the world while at the same time having arguably the free-ist market capitalism economy in comparison to the U.S.’s European counterparts who have more expansive social welfare programs like tax funded health care for all people.

     So then, the incentives are lacking considering the economy functions in a manner that allows wealth to be concentrated in the hands of the top 10, or even the top 1, percent of people in the U.S. Therefore, that type of wealth accumulation reveals a flaw in these so-called incentives.

     It would be understandable if the economy was flourishing and expanding even with this extremely large gap in income inequality, but that is not the case. In fact inflation in the U.S. is at historic lows, to the point where the markets and economists alike are not certain that it is a wise idea for the FOMC Chair Janet Yellen to raise the Fed Funds interest rate off of the lower bound. The FOMC inflation target that they cannot even reach is only 2%! People, not even the FOMC it seems, do not appear to be confident that the 2% level of inflation can be reached (Yellen’s News Conference…, Bloomberg).

Economic Concepts Related to Income Inequality

     Before we get into what a Downward Economic Spiral is as a concept, let's start with understanding some definitions of some very simple terms that are contributing factors to this concept, that happen to have annoyingly pretentious names, but which are also concepts we working class people are super familiar with.

Wages

     “Wages are the price that employers pay for labor. Wages not only take the form of direct money payments such as hourly pay, annual salaries, bonuses, commissions, and royalties but also fringe benefits such as paid vacations, health insurance, and pensions”(Economics, 271).

Real Wages

     “A real wage is the quantity of goods and services a worker can obtain with nominal wages; real wages reveal the ‘purchasing power’ of nominal wages”(Economics, 271).

Prices

     Consumers have more buying power when their wages rise. When consumers have more buying power they are likely to spend more. When consumers spend more producers can reinvest profits into creating better products, which increases quality of life for everyone, or the producers can charge higher prices to earn a higher profit because consumers are willing to spend. When consumers are willing to spend, this enables producers to produce more and hire more workers at higher wages, which benefits everyone in the economy when prices rise in this fashion. If prices rise in this fashion we can get inflation.    

Inflation

     Inflation is not intrinsically and always good for an economy. However, a complete lack of inflation is bad for an Economy. Also, the Economy of Japan is proof that inflation can stagnate for decades, and thus should not be taken for granted. Though the Economy of Japan on the whole provides a good quality of life to the Japanese people, we can see in the actions of the Bank of Japan cutting interest rates, even setting negative interest rates in an effort to stimulate its economy, that a steady rate of inflation year over year is desired for a healthy economy.

     Inflation comes with rising wages and prices. However, the U.S. economy has had near stagnant inflation in recent years, and wage increases have also been nearly stagnant. The FOMC anticipates inflation (and inflation is difficult to see), and if inflation comes along without the proper measures being take there can be extreme inflation which is bad for the U.S. economy, the FOMC still does not see inflation rising to its tiny 2% target until 2018 (Yellen…Bloomberg).

Downward Economic Spiral

     A downward economic spiral is when one negative action causes the market to react with another negative reaction. Then, another negative reaction to the latest negative reaction occurs, and this process continues on and on because the market does not know what, or how, to take an action that will stop the spiral. The spiral consists of actions that have negative effects on markets that follow each other.

     For example the consumer will feel uncertain about the future, so the consumer will spend less. Then producers will see consumers spend less, so then producers produce less. Then government officials may think that producers will make less profit if they produce less to sell to consumers, so the government officials may increase taxes on consumers and producers alike in order to balance the budget. Then as a result of the government’s action, consumers can grow still more uncertain about the future and as a result choose to cut back spending again. Then producers may see that consumers will again spend even less, so producers will again react to the actions of consumers by cutting production again. Then the government would repeat coming to the same conclusion, raise taxes to balance the budget, which in turn could scare consumers again who spend even less again, and the cycle you can see can repeat itself over and over again. And every time one of those three actions by the consumer, producer, or the government is taken, the economy would shrink again and again and again, in a vicious never ending cycle.

Capitalism Should Equal Maximum Benefit For Maximum People, Not Maximum Benefit for Fewest People

     Given that the incentive device is not working as well as it is supposed to, which we found in the Brookings Institute study on income inequality, the so-called incentive device of free-market capitalism needs to be re-thought through. The question that must be asked is: Can the lives of most people in the U.S. economy be significantly improved if the government closes the income inequality gap down to match near peak U.S. economic levels (or that of their European Economy counterpart)  – without worsening the economy?

     I am not an economist capable of building models and applying econometrics to such a question, yet, if it is possible, then it should be done, because the sales pitch of free-market capitalism is that in the long-run it will benefit everyone in the economy the most. Since this does not seem to match-up with reality, the course of action that should be followed should be whichever yields the best economic benefit, even if that is social health programs or better income distribution facilitated by the U.S. government.

Conclusion

     I believe that the agent for change in the income inequality problem should be the government. Just as the government has to prevent or regulate natural and unnatural monopolies alike, because monopolies are bad for the economy if left unchecked or unregulated, so too income inequality if allowed to grow out of control or unregulated will impair the U.S. economy so long as it persists in the extreme. This I believe until a study or evidence is presented to the contrary. Let’s also take note that it is hypocritical for any person to say the U.S. government should intervene to save financial markets by leveraging the power of the U.S. tax base, but not leverage the wealth of the top 10, 5, or 1 percent of earners to improve the lives of the mass of the U.S. population.

     The U.S. government leveraged the U.S. taxpayer to prevent financial markets that are integral to the global system from collapsing in on themselves as a result of their own largesse. This bailout of the financial markets by the Government’s leveraging of taxpayers wealth is beyond strict market capitalism. I agree with the actions taken by the government because it was for the good of the entire system, and on the whole the largest amount of people would be better off as a result of the government bailouts. And that is what matters in Economics to me; the most people benefitting overall is what is most important to accomplish when possible. To hell with strict philosophical Economics that seeks to maximize the most profit, even if that profit only goes to 1% of people. With that kind of Economic philosophy, slavery should never have been absolutely abolished, since after all slave labor is the cheapest labor of all if it is used in the most efficient market for slave labor. I am not for slavery, and therefore I am for government interference when it can benefit the most people.

     Now that I have described the good reasons why I am in favor of the government’s interference committed in the midst of the financial crisis of 2008-2011, I will say that I am for government action in solving the problem of income inequality. Most especially because the U.S. taxpayer was leveraged to save the financial market even though it was the financial markets that made the mistakes, so then the least the average taxpayer can receive in return is a smaller and healthier gap in income inequality. The most important reason why it is a good thing if the government intervenes to improve income inequality is because it will help benefit the most of amount of people, and in the end will not hurt Economies in a way that matters. Slave-owners in the U.S. did not want to see slavery abolished because it would make them lose profit, so too the 1% do not want to have a smaller gap in income inequality because it will make them lose a little more of their vast wealth relatively. I do not care for the slave owner’s maximization of his profits because the slave-owner commits evil on masses of people, and for the same reason I do not care if the profits of the top 1% are maximized either.


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Works Cited

Brookings Institute. Giving up on high school: How income inequality affects drop-out rates for America’s poorest students Interactive Chart. Income Inequality. Web. 2016. http://www.brookings.edu/research/interactives/2016/income-inequality-high-school-dropout-rate

Cassidy, John. Piketty's Inequality Story in Six Charts. The New Yorker. Chart 1. Web. 2014. 
http://www.newyorker.com/news/john-cassidy/pikettys-inequality-story-in-six-charts

Chart. Labor Force Statistics from the Current Population Survey. Bureau of Labor Statistics. Web. 2016. http://data.bls.gov/timeseries/LNS14000000

Dews, Fred. How "economic despair" affects high school graduation rates for America’s poorest students. Brookings Institute. Web. 2016. http://www.brookings.edu/blogs/brookings-now/posts/2016/03/economic-despair-high-school-drop-out-rates - http://www.brookings.edu/blogs/brookings-now/posts/2016/03/economic-despair-high-school-drop-out-rates

Kearney, Melissa S. How Economic Despair Affects High School Graduation Rates. Brookings Institute. Video. Web. 2016. https://youtu.be/wIHjPRho4A4

Kearney, Melissa S.; Levine, Phillipe. Income Inequality, Social Mobility, and the Decision to Drop Out Of High School. Brookings Institute. Web. 2016. http://www.brookings.edu/about/projects/bpea/papers/2016/kearney-levine-inequality-mobility

Krugman, Paul. Return of the Undeserving Poor. New York Times. Web. 2016. http://mobile.nytimes.com/blogs/krugman/2016/03/15/return-of-the-undeserving-poor/?smid=tw-nytimeskrugman&smtyp=cur&_r=0&referer=

Gates, Bill. Why Inequality Matters (wealth and capital). GatesNotes The blog of Bill Gates.  Web. 2014. https://www.gatesnotes.com/Books/Why-Inequality-Matters-Capital-in-21st-Century-Review

Summer, Lawrence A. A World Stumped by Stubbornly Low Inflation. larrysummers.com. Web. 2016. http://larrysummers.com/2016/03/07/a-world-stumped-by-stubbornly-low-inflation/

Yellen, Janet. Yellen’s News Conference: Fed Policy, U.S. Economy (Q&A). Bloomberg.. Video. Web. 2016. http://www.bloomberg.com/news/videos/2016-03-16/janet-yellen-speaks-in-two-minutes

 
 
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Baltimore’s Tolerance Double Standard, an OtherWords cartoon by Khailil Bendib

Main Points of this Article

  • Whites Believe Black Poverty & Higher Rates of Drug Use in the Black Community Are Derived From Blackness
  • Now, Whites Experiencing Higher Rates of Poverty Are Using Drugs at Rates Identical to Blacks in Equal Poverty
  • This is a Revelation that White Assumptions Were Based on Racist Bias Against Black People
  • Actual Economics Should Always Know Race or Skin Tone Cannot Cause Different Moral Behavior
  • Poverty Causes Higher Rates Drug Abuse, and Not The Other Way Around

"Return of the Undeserving Poor"

          Now, a staunch free-market economist may start to chafe when hearing talk of finding a way to change current levels of income inequality to better the social welfare of residents of the U.S. Certain people I know start slurring words and flinging accusations of socialism and communism when the topic of income distribution is mentioned as a point of discussion (any person who is familiar with the actual structure of the institution of the U.S. economy will recognize the desire to exclude the concepts of Socialism & Communism as irrational and naive). I know this from first-hand experience. 

          As thinkers we must have integrity and practice intellectual honesty, and to that end we must be data-driven in our conclusions. 

         Thus we must look at all of the effects that are correlated with widening income inequality. We must approach our analysis with keeping in mind that correlation does not automatically equal causation. And when there are direct correlations, we must analyze and look for conclusions, and determine how severe the negative or positive effects are, and weigh all aspects fairly. We must also remember we are human beings, and it is only the circumstances people are born into that has the greatest influence over a person’s life in this world at the current time.

           In an article by economist Paul Krugman for the New York times, Krugman re-hashes the inequalities in African-American communities that were present in his time some decades ago; his time being when legal, U.S. law sanctioned and enforced, racist discrimination against African-Americans in all of America was ending. Krugman is also careful to point out that only U.S. law sanctioned discrimination was coming to an end, but not the de facto discrimination, which is when private “white” citizens and communities conspire as private citizens to create and perpetuate discrimination. Examples of this include red-lining (not selling houses to black people in white communities) and refusing to integrate schools even though they were not legally segregated. So, why would an Economist bring up such issues like racism in America’s past and present? Let’s just say Krugman is not beyond shoving hypocritical racist lies down the throats of those people Krugman views as hypocritical racist liars.

           Krugman brings up that in the past, “whites” in general tried to blame poverty and crime levels in African-American communities on the fact that African-Americans were different racially and culturally than whites. As horrifying as this all is, Krugman has taken the opportunity to collect economic data on current income inequality levels that proves that old racist line of thinking were always false. “There were all kinds of theories, ranging from cultural hand-waving to claims that it was all because of welfare”(Krugman).

Krugman points to an Economist named William Julius Wilson who noted at the time that is was pure economic circumstances that lead, by which he means caused, to the disparity in behavior, and that race and culture were only correlations, “And the social collapse, while real, followed from that underlying cause”(Krugman).

            Krugman takes the implications to the logical conclusion so that there would not be any confusion. Krugman posits this claim, which he later supports with data and a chart. “This story contained a clear prediction — namely, that if whites were to face a similar disappearance of opportunity, they would develop similar behavior patterns”(Krugman). Now in truth, the fact that more people are suffering as a result of income inequality is not something for any person to be happy about, and Krugman does almost seem to revel in the fact that whites are now suffering too. However, this would be a misinterpretation of what Krugman goes on to say. Krugman is not reveling in the economic suffering of others, Krugman is rejoicing and emphasizing as much as possible in the fact that racists of old and today are proven to have been incredibly and egregiously wrong in their racist conclusions that whites would somehow fair better than blacks given similar circumstances. Krugman hopes, though sadly probably in vain, that unconscionable racists can look at this data and finally conclude that their beliefs about differences in humans is caused by what is known as “race;” and therefore we should treat all peoples as equals, and together construct an economic society that seeks to in reality give all people equal opportunities to succeed, instead of the current “American Dream” lie that everyone can equally succeed depending solely on how much effort they decide to give.

            Here is Krugman on current data on income inequality proving racists incorrect and grossly incompetent in their logic in the first place:

“And sure enough, with the hollowing out of the middle class, we saw (via Mark) what Kevin Williamson at National Review describes as ‘the welfare dependency, the drug and alcohol addiction, the family anarchy’.’ Oh, and lots of swipes at food stamps, welfare programs, disability insurance (which conservatives insist is riddled with fraud, despite lots of evidence to the contrary.)”

Solution is Social Welfare: Most Important Information About Krugman’s Article

   There are people, and perhaps many of them are economists, who believe that capitalism and markets are efficient and fair, and that somehow welfare programs of any sort can and will destroy Capitalism, democracy, freedom, and the virtues of virgins everywhere. Okay perhaps not the virtue of virgins, but essentially there is a sort of belief that social health programs are the harbingers of some sort of economic apocalyptic end of days.

   Personally, I think there is zero data on the U.S. economy or any other major or real economy to support that. For example, to think social security should have never happened does not take in to account what would have been a better alternative, or how the problems social security solved would be solved otherwise, and there is certainly no evidence that the U.S. will never be able to devise some sort of solution for the economic problems that we are now facing as a result of having implemented social security during the Roosevelt administration. Not to mention that I have never read an analysis (not that I’ve scoured the research facilities looking for them) on exactly how many people over the course of how many years, that Social Security has benefitted, and how it would have made sense to take all of that benefit away from the millions of Americans that Social Security has thus far benefitted.

   But I digress, and we return to Krugman’s points and data, which so much more succinctly debunks the belief that a more generous welfare state would make the U.S. worse off: “It’s surely worth noting that other advanced countries, with much more generous welfare states, aren’t showing anything like the kind of social collapse we’re seeing in the U.S. heartland.”
Rising Mortality Rates Chart
   This data, this chart, is amazing is it not? Sad too, since that rising red line represents real people in America’s heartland, who are not living as long or as well as the can and should have. Look at those lines for France, for Germany, for Sweden, all of which are more generous welfare states than the U.S. Their people improve, while ours decline. What is the point of holding on to an illusion that ends your life earlier, and causes your health to decline?

   Though it would have been better if people in the U.S. had not been racist against African Americans in the past, and thus earlier identified the effects of wide income inequality (and therefore opportunity), inequality has on every person of every race, then now not only would white Americans not being suffering as much as a result of current income inequality trends, but African-Americans too would not have been suffering worse from the past until now had changes been made through efforts of social welfare and better income distribution.

Works Cited

Brookings Institute. Giving up on high school: How income inequality affects drop-out rates for America’s poorest students Interactive Chart. Income Inequality. Web. 2016. http://www.brookings.edu/research/interactives/2016/income-inequality-high-school-dropout-rate

Chart. Labor Force Statistics from the Current Population Survey. Bureau of Labor Statistics. Web. 2016. http://data.bls.gov/timeseries/LNS14000000

Dews, Fred. How "economic despair" affects high school graduation rates for America’s poorest students. Brookings Institute. Web. 2016. http://www.brookings.edu/blogs/brookings-now/posts/2016/03/economic-despair-high-school-drop-out-rates - http://www.brookings.edu/blogs/brookings-now/posts/2016/03/economic-despair-high-school-drop-out-rates

Kearney, Melissa S. How Economic Despair Affects High School Graduation Rates. Brookings Institute. Video. Web. 2016. https://youtu.be/wIHjPRho4A4

Kearney, Melissa S.; Levine, Phillipe. Income Inequality, Social Mobility, and the Decision to Drop Out Of High School. Brookings Institute. Web. 2016. http://www.brookings.edu/about/projects/bpea/papers/2016/kearney-levine-inequality-mobility

Krugman, Paul. Return of the Undeserving Poor. New York Times. Web. 2016. http://mobile.nytimes.com/blogs/krugman/2016/03/15/return-of-the-undeserving-poor/?smid=tw-nytimeskrugman&smtyp=cur&_r=0&referer=

Gates, Bill. Why Inequality Matters (wealth and capital). GatesNotes The blog of Bill Gates.  Web. 2014. https://www.gatesnotes.com/Books/Why-Inequality-Matters-Capital-in-21st-Century-Review

Summer, Lawrence A. A World Stumped by Stubbornly Low Inflation. larrysummers.com. Web. 2016. http://larrysummers.com/2016/03/07/a-world-stumped-by-stubbornly-low-inflation/

Yellen, Janet. Yellen’s News Conference: Fed Policy, U.S. Economy (Q&A). Bloomberg.. Video. Web. 2016. http://www.bloomberg.com/news/videos/2016-03-16/janet-yellen-speaks-in-two-minutes

 
 
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CNN Money

Main Points of this Article

  •  Poverty is Inflicted on Groups by Institutions
  •  Every Race of Person Behaves the Same, All Things Being Equal
  • "Economic Despair"

Brookings Institute Article: How "economic despair" affects high school graduation rates for America’s poorest students

   The Brookings article first familiarizes readers with a commonly known economic theoretical principle, the “aspirational effect.” The aspirational effect more or less claims that poor people will stay in school (also do well in school) because they see people live better lives when staying in school. By this theory the poor will rise because they have the incentive to live better. We can also come to the conclusion that this also means that the poor must be aware of their condition, that in fact their lives are not as good as people with more wealth, or higher income, “students… incentivized to invest in their own human capital — such as investing in their own education.”

   So in essence the theoretical poor people will think “my life is not as good as the lives of people with more money; and the way for me to live a better life is to earn more money; and the way to earn more money is to stay in school in addition to doing well in school.”
 
   Here is the key question of the article which when answered with data, proves the “aspirational” model not only does not work, but has it backward: “But what if that conventional thinking is wrong? What if inequality doesn’t incentivize students at the bottom of the income ladder to work harder, but rather disincentivizes them?” If then being poor causes children to despair and give up on education, then the children who give up on education will enter the labor market with a skill deficiency, and thus be at a major disadvantage when searching for work. Firms too will be at a disadvantage if the labor pool in the firm’s area is made up of a labor force that does not have the basic education that enables workers to be as productive as possible. Sadly, children who live on the poor side of the spectrum of income inequality are more likely to succumb to dropping out of school. Without a high school education, a person’s options for employment are limited for the rest of their life. Kearney and Levine’s finding amounted to this, “low-income children who grow up in states with greater income inequality drop out of high school at higher rates than their peers living in states with less income inequality (that is, states with smaller gaps between the bottom of the income ladder and the rungs above).”


   We must realize too that we are not just reading charts and graphs, and empty statistics. The lines on these graphs, charts, and data, cause human beings to feel hunger, to grow desperate enough to commit crimes or suicide, to end up incarcerated, to not be viewed as a suitable and reliable partner to have children with or marry. These charts represent real suffering, and the real suffering is maximized by current income inequality levels.
Chart One
Chart Two

Social Mobility

   Theoretically, a group of people who will not gain upward social mobility as a result of education, are in economic terms being rationale when they make the choice to drop out of school, because school yields them no economic profit when their social mobility is impaired. Therefore, we must acknowledge this study by Kearney and Levine, because they state that paying attention to the poorest in the income distribution is where everyone can see the direst effects that occur as a result of income inequality upon analysis. Though others suffer too, we can empathize with the poorest in the nation who are being disincentivized because they can perceive that education will not allow many of them passage out of the economic circumstances forced upon them. And we must be intellectually honest with ourselves and accept that we too would succumb to the same fate on average if we were placed in the same circumstances.

Works Cited

Brookings Institute. Giving up on high school: How income inequality affects drop-out rates for America’s poorest students Interactive Chart. Income Inequality. Web. 2016. http://www.brookings.edu/research/interactives/2016/income-inequality-high-school-dropout-rate

Chart. Labor Force Statistics from the Current Population Survey. Bureau of Labor Statistics. Web. 2016. http://data.bls.gov/timeseries/LNS14000000

Dews, Fred. How "economic despair" affects high school graduation rates for America’s poorest students. Brookings Institute. Web. 2016. http://www.brookings.edu/blogs/brookings-now/posts/2016/03/economic-despair-high-school-drop-out-rates - http://www.brookings.edu/blogs/brookings-now/posts/2016/03/economic-despair-high-school-drop-out-rates

Kearney, Melissa S. How Economic Despair Affects High School Graduation Rates. Brookings Institute. Video. Web. 2016. https://youtu.be/wIHjPRho4A4

Kearney, Melissa S.; Levine, Phillipe. Income Inequality, Social Mobility, and the Decision to Drop Out Of High School. Brookings Institute. Web. 2016. http://www.brookings.edu/about/projects/bpea/papers/2016/kearney-levine-inequality-mobility

Krugman, Paul. Return of the Undeserving Poor. New York Times. Web. 2016. http://mobile.nytimes.com/blogs/krugman/2016/03/15/return-of-the-undeserving-poor/?smid=tw-nytimeskrugman&smtyp=cur&_r=0&referer=

Gates, Bill. Why Inequality Matters (wealth and capital). GatesNotes The blog of Bill Gates.  Web. 2014. https://www.gatesnotes.com/Books/Why-Inequality-Matters-Capital-in-21st-Century-Review

Summer, Lawrence A. A World Stumped by Stubbornly Low Inflation. larrysummers.com. Web. 2016. http://larrysummers.com/2016/03/07/a-world-stumped-by-stubbornly-low-inflation/

Yellen, Janet. Yellen’s News Conference: Fed Policy, U.S. Economy (Q&A). Bloomberg.. Video. Web. 2016. http://www.bloomberg.com/news/videos/2016-03-16/janet-yellen-speaks-in-two-minutes

 
 

What is Wealth?


 
 

Main Points of this article

  1. Could Oppressed U.S. Groups Know More About Income Inequality than the Experts at Times?
  2. The U.S. has the Highest Level of Income Inequality of All "First World" Economies
  3. Is the Perception of Income Inequality an Illusion Caused by Short-Sighted Analysis?

Skeptics & Their Questions: Their View of Income Inequality & Why They Ask So Many Questions


 
 

Main Points of this Article

PictureSevenPillarsInstitute.org
1.) Outline a Researched-based Discussion on the Topic of Income Inequality

2.) Summary of the Main Points of the Discussion 

3.) List of Articles Latino Economist (L.E) will Use for Research

4.) List of Books and Authors L.E. will Use for Research on the topic.

Summary of the Main Points of the discussion Question: 


 
 

Main Points of This Article

  • Review the Main Points of this Series of Articles on Immigration
  • Give all credit to the Reliable Sources Used

Conclusion

   Through gathering information from Department of Homeland Security (DHS) we have been able to examine that immigration has been normal and consistent for at least 56 years. 

 
 

Main Points of this Article

  • Three Credible Sources of Information on Immigration
  • Economic Letter (Federal Reserve Bank of San Francisco)
  • Historical Rates of Immigration (Homeland Security Data on Immigrants)
  • Brookings Institute Data & Conclusions on Immigration

 
 

Main Points of The Article

  • Recognize What Motivates the Immigration Discussion, on Both Sides of Debate, to Simplify Our Approach on this immigration Debate
  • Choosing Reliable Data Sources, and Why
  • Indentifying the Biases the Humans Who Maintain the Data Sources Have

Simplifying Our Approach: What Kind of Answer Are We Looking For?


 
 

How do We Begin to Think Through This Subject?

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Main Points of this Article:

  • When We Discuss Immigrants in the U.S.A., What Exactly Are We Talking About, and Why?
  • The Economic Terms to Learn How to Analyze this Topic With Data, and Objectivity and not Emotions: 
  • Labor, Producers, Budget Constraints, Utility Maximization, Competition, International Trade.
  • The Relationship of These Economic Terms with Immigrants