By Thomas Sowell
The appliance of economics to significant modern genuine international problems--housing, treatment, discrimination, the commercial improvement of nations--is the topic of this new e-book that tackles those and different concerns head on in simple language, as uncommon from the standard jargon of economists. It examines monetary regulations now not easily when it comes to their rapid results but additionally when it comes to their later repercussions, that are frequently very diverse and longer lasting. The interaction of politics with economics is one other subject of utilized Economics, whose examples are drawn from stories all over the world, exhibiting how related incentives and constraints are likely to produce comparable results between very disparate peoples and cultures.
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Extra info for Applied Economics: Thinking Beyond Stage One (2003)
British and American burglars are both behaving rationally, given the respective circumstances in which they operate. 47 48 APPLIED ECONOMICS While 13 percent of burglaries in the United States occur while the home is occupied, more than 40 percent of the burglaries in Britain, the Netherlands, and Canada occur while the home is occupied. These latter three countries have much lower incidences of gun ownership than the United States, due to more severe gun control laws. After the Atlanta suburb of Kennesaw passed an ordinance requiring heads of households to keep a firearm in their homes, residential burglaries dropped by 89 percent.
Not only was it bad politics to close, the law did not permit it. Given such laws and practices, it is not surprising that, while more than half of India's industrial work force worked for government-owned enterprises in 1990, they produced only 27 percent of the country's industrial output that year. Job security laws often mean low productivity and low productivity means lower standards of living for the country as a whole. The particular job security policies in American colleges and universities have their own peculiar consequences, often quite different from the goals of these policies.
Obviously, those people who are working for employers whom third party observers regard as expendable would not be working for them if there were better alternatives available. How does removing one of the options of people with few options make them better off? Similar one-stage thinking is also apparent in many observers who wax indignant over low-wage workers employed in the Third World by multinational corporations. While the pay of such Free and Unfree Labor workers is often low by comparison with that of workers in more affluent industrial societies, so too is their productivity.
Applied Economics: Thinking Beyond Stage One (2003) by Thomas Sowell