Reading about law and economics, I found it interesting to see how law and certain economic/government styles go hand and hand.
First, consider capitalism. Now before you raise your hands for the "good old red, white, and blue" consider, for a moment, what capitalism and a capitalistic society is built upon, namely, according to others in our class and myself to a certain extent, greed; that is, for a capitalistic society to function there has to be incentive, a reason to want to move up the social ladder and participate in society. This is where greed enters; people want more, so the do more. Now one might say greed, though not the most desirable underpinnings of a society, has the most utility. After all, the most goods are being produced and we have a higher standard of living. And that's true and great. In fact, I like being able to go to Wendy's and order off the dollar menu (Who doesn't want a cheeseburger for a dollar? It may not be healthy for you, but it tastes good and is cheap.) However, my only concern with a system built on greed, assuming you believe America is built on greed, is the disparity, nationally and internationally, among the rich and poor. I guess what I am trying to get at is this, namely, is right that we in America can buy [delicious] cheeseburgers for a dollar while individuals in other countries can't afford any food at all?
Now I am not a die hard liberal by any means (in fact, I am not partial toward any individual who is extreme in any political disposition; they always seem so one sided in their dispositions and only look at facts/statistics with which they agree), but I am unsure if a government and its laws based on greed are good for everyone in the world. However, this simply may "just the way it is." I am definitely not in favor in socialism or communism, but I think adjustments could be made.
I am curious what other individuals in the class think of some type of law making a universal minimum wage (if this is even possible). What kind of economic effects would it have? I know myself, personally, would be willing to spend more here on goods if individuals in other countries (like China where they make basically everything) could have somewhat a higher standard of living. It may be hard only having "only one pair of Jordan's," not being able to buy the newest, sweetest "Ed Hardy Shirt," and not having my "PS3 and nifty Blu-Ray player"; but I think I could manage paying more for goods and having less. In my opinion, goods don't bring happiness, and that's what we all really want.
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That is a noble idea but unrealistic, as I am sure you know. Motivation pushes people to accomplish anything. Motivation thrives off of a feeling of superiority. I realize that first world countries like ours are characterized by surplus, but would there even be enough resources to satisfy every single person in the world. As cynical as it is to believe the motto “Some must starve so that others can eat” does have some validity. If every country was equal, there would be no fear among nations and that could result in war.
ReplyDeleteI agree that you put a noble idea forth but I do not think it is realistic at all. The people in this country that have worked hard and worked their way up the ladder to earn more money should not be made to give it to other countries or other people at all for that matter. If the people that are well off want to give money to charity or want to help out third world countries that is their choice. I think we forget that the USA is the world’s leader in charity. We give 1.67% of a GDP to charity, which is more than double the second most (UK at 0.74%). While you say capitalism is based upon greed, it seems as though this "greed" has given more to other people than all the other countries in the world.
ReplyDeleteI knew there would be a comment about capitalism being built on greed. (As an aside, I once told my friend this and he said anyone who says this is a socialist.)
ReplyDeleteTo both of you though: Yes the idea is most likely implausible, I agree--posted the idea just to get some general reactions.
1.67% of the GDP is a good thing, but is it enough? I guess, sadly, we have to care for ourselves first before we can help others.
I think one thing that I agree (or at least like) about capitalism is the idea of choice. While it may sound noble to socialize a lot of different areas of the economy I think when the government has control quality and choice go down.
ReplyDeleteI do not think it would be possible to have a universal minimum wage because normally its made by the states and this should not be interfered by the federal government. This would give the government too much power in deciding what states and private businesses must pay their employees. The capitalist society that we live in has a large disparity between the rich and poor but is the perfect system that are country could practice. Are country thrives on private business and its laissez faire style of business by not having government control. Too many people worked to hard to build these businesses and having government control over these business could have costly effects to their businesses.
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