Global Economics & Political Influence Week 2

Read Chapters 5 and 6 of Macroeconomics: Private and Public Choice.
Read Chapter 3 of Popular Economics, What the Rolling Stones, Downton Abbey, and LeBron James can Teach you About Economics.
Listen to Steve Forbes’ insights on this topic by viewing the video Can the Government Run the Economy?
(Links to an external site.)-https:.prageru.com/video/can-the-government-run-the-economy/

Watch the Q&A with Steve Forbes
Transcript of the video: WEEK TWO | ASSIGNMENT
[MUSIC PLAYING]
Hello, MBA students. You will notice in this assignment that we want to explore not only how government policies
impact the economy, but also how politics influences policies and ultimately our economy.
Steve Forbes is an expert in both the economy and politics. So I wanted to get his thoughts, particularly on the
political piece, as this may help you understand how politics plays a role in our economy from a real world
perspective.
[MUSIC PLAYING]
Steve, generally, how do you see politics impacting our economy? Can you lead us through some specific
examples so we can clearly understand how politics have played a role in our economy?
Well, politics is about people organizing a government. And one of the great virtues of the United States is we are
a nation, not only the first invented nation that consciously invented itself, but also tried to design government that
could keep order, which means force, but also, not be oppressive because it uses force.
So divided powers on the federal level in Washington, the states and localities– even in Washington, they have
three different separate branches– the courts, the legislative branch, what we call Congress and the executive
branch, the presidency.
So they wanted to divide power, keep order, but also, not be a burden on the backs of the people, not turn into a
tyranny, which so many other governments have done in the past. So politics plays a critical role. At the beginning
of this republic there was a huge debate. What kind of a currency should we have?
And Alexander Hamilton won the debate that it should be based on gold and silver, stable in value, like the British
pound was, to provide a financial system that could attract capital, create capital so we could move ahead as a
nation. And it was a remarkable success.
But politics is about issues today. What kind of health care system should we have? Should it be a different one,
say, a more free market-oriented where patients are in charge? Should it be one where the government is in
charge as so many other countries have done?
Those are legitimate questions. And that’s what politics is about. Politics is about what kind of environment do you
create? Do you create an environment that is hostile to business? And we’ve had governments in the past which
are hostile to business.
We have governments that make it possible for people with very little means in life rise up and create great things,
enabling everyone to have a higher standard of living. So politics is about how issues are resolved. Politics is
about what kind of environment we live in, and what kind of future do we want to have.
And so in a family we always have bickering among siblings and the parents and whatever. So it’s no surprise that
in a nation of 330 million people, you’re going to have some differences of opinion. But a good political system
takes it and arrives at decisions that have legitimacy that they weren’t imposed by a court.
They were done, as our founders said, Abraham Lincoln and others said, with the consent of the governed. And
the basis of our politics is that flawed though we human beings may be, we should be the source– ultimate
source– of power.
[MUSIC PLAYING]

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Transcript of video…WEEK TWO | ASSIGNMENT
[MUSIC PLAYING]
Hello, MBA students. You will notice in this assignment that we want to explore not only how government policies
impact the economy, but also how politics influences policies and ultimately our economy.
Steve Forbes is an expert in both the economy and politics. So I wanted to get his thoughts, particularly on the
political piece, as this may help you understand how politics plays a role in our economy from a real world
perspective.
[MUSIC PLAYING]
Steve, generally, how do you see politics impacting our economy? Can you lead us through some specific
examples so we can clearly understand how politics have played a role in our economy?
Well, politics is about people organizing a government. And one of the great virtues of the United States is we are
a nation, not only the first invented nation that consciously invented itself, but also tried to design government that
could keep order, which means force, but also, not be oppressive because it uses force.
So divided powers on the federal level in Washington, the states and localities– even in Washington, they have
three different separate branches– the courts, the legislative branch, what we call Congress and the executive
branch, the presidency.
So they wanted to divide power, keep order, but also, not be a burden on the backs of the people, not turn into a
tyranny, which so many other governments have done in the past. So politics plays a critical role. At the beginning
of this republic there was a huge debate. What kind of a currency should we have?
And Alexander Hamilton won the debate that it should be based on gold and silver, stable in value, like the British
pound was, to provide a financial system that could attract capital, create capital so we could move ahead as a
nation. And it was a remarkable success.
But politics is about issues today. What kind of health care system should we have? Should it be a different one,
say, a more free market-oriented where patients are in charge? Should it be one where the government is in
charge as so many other countries have done?
Those are legitimate questions. And that’s what politics is about. Politics is about what kind of environment do you
create? Do you create an environment that is hostile to business? And we’ve had governments in the past which
are hostile to business.
We have governments that make it possible for people with very little means in life rise up and create great things,
enabling everyone to have a higher standard of living. So politics is about how issues are resolved. Politics is
about what kind of environment we live in, and what kind of future do we want to have.
And so in a family we always have bickering among siblings and the parents and whatever. So it’s no surprise that
in a nation of 330 million people, you’re going to have some differences of opinion. But a good political system
takes it and arrives at decisions that have legitimacy that they weren’t imposed by a court.
They were done, as our founders said, Abraham Lincoln and others said, with the consent of the governed. And
the basis of our politics is that flawed though we human beings may be, we should be the source– ultimate
source– of power.
[MUSIC PLAYING]
video available in the window above.
Research and review credible sources to gain an understanding of the pros and cons of government intervention.
The role of government in the economy is often debated by economists and business people. The debate ranges from having little to no government intervention to having a strong government presence in both business and social settings.
Thinking through the pros and cons of government intervention, research and identify two government agencies, departments, or regulations where the government is heavily involved in the economy that you agree is helpful and necessary. Then, research and identify two government agencies, departments, or regulations where the government is involved in the economy that you disagree with and believe the free market would be better. Be specific in your selected government agencies, departments, or regulations. It may be possible to use the same government agency, department, or regulation for both sides. For example, the Environmental Protection Agency (EPA) may have regulations or interventions that you both agree and disagree with. Since EPA is used here as an example, do not use it in your assignment.
For each selected example (four total),
Assess the government intervention providing both the pros and cons.
Discuss whether you agree with the government intervention providing facts and support for your opinion.
Thoroughly explain and support your rationale.
Critique the influence of the political process (for example, lobbying) on each of your examples.
The Role of Government and the Impact of Politics paper
Must be three to four double-spaced pages in length (not including title and references pages) and formatted according to APA style as outlined in the Ashford Writing Center’s APA Style
(Links to an external site.)
resource.
Must include a separate title page with the following:
Title of paper
Student’s name
Course name and number
Instructor’s name
Date submitted
For further assistance with the formatting and the title page, refer to APA Formatting for Word 2013
(Links to an external site.)
.
Must utilize academic voice. See the Academic Voice
(Links to an external site.)
resource for additional guidance.
Must include an introduction and conclusion paragraph. Your introduction paragraph needs to end with a clear thesis statement that indicates the purpose of your paper.
For assistance on writing Introductions & Conclusions
(Links to an external site.)
as well as Writing a Thesis Statement
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, refer to the Ashford Writing Center resources.
Must use at least two credible sources in addition to the course text.
The Scholarly, Peer-Reviewed, and Other Credible Sources
(Links to an external site.)
table offers additional guidance on appropriate source types. If you have questions about whether a specific source is appropriate for this assignment, please contact your instructor. Your instructor has the final say about the appropriateness of a specific source for a particular assignment.
Must document any information used from sources in APA style as outlined in the Citing Within Your Paper.
NO PLAGARISM!! Avoid over-dependence on direct quotes. Direct quotes are a great way to strengthen our assertions and provide support. However, be sure to avoid using excessive direct quotes in lieu of original thought. Direct quotes will not meet the requirement for analysis, application, and critical thinking. Please ensure to not overuse direct quote so that you can avoid losing points for this. Review the Integrating Research
(Links to an external site.)
resource from the Ashford Writing Center for additional guidance.
Must include a separate references page that is formatted according to APA style as outlined.

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