If I were to create my own city, it probably wouldn’t last very long. I would try to have a few things keep the economic prosperity alive such as making sure everyone has their property rights. As we talked about in class, the scripture in D&C says that “We believe that no government can exist in peace, except such laws are framed and held inviolate as will secure to each individual the free exercise of conscience, the right and control of property, and the protection of life.” I think making sure everyone has their natural rights is very important. Without the right of property, protection of life and free exercise of conscience, the government and city would fall apart. Making sure everyone has their own property rights and their own natural rights is one of the most important things about having a free and working country.
In the essay ‘The Success of an Idea’ he talks about the invisible hand and its responsibility in the market system. I think the invisible hand is important in helping things run smoothly. The invisible hand guides each self-interested market participant to act in the interests of others. The invisible hand directs resources to their best use. The story of the pencil helps shows how the free market system works. The invisible hand was behind the cooperation of so many people working together to make something simple like a pencil. Not just one person knows how to make the pencil, working together is what makes the simple product. The coordinating effects of the market system create more abundance out of the scarcity we are given than the centrally planned alternative. I would have a free market system to help things run smoothly in my city.
The third that would be important would be technological change. Technological change helps making workers more productive. You need to have a strong human capital with the knowledge and skills to have technological changes. This helps find the better ways of organizing existing labor, capital, and land. Technological change can produce more with the same amount of resources. This helps keep the economy going and growing and helps create more entrepreneurs. In countries with entrepreneurs we see implementation of technology and wealth creation, whereas, in countries without entrepreneurs we see stagnation.
You did a pretty good job explaining each of the three institutions you would implement in your charter city, however, some of the essay was difficult to understand because there were some writing errors. To improve the essay, try directly quoting a source instead of just saying "he" said.
ReplyDeleteI disagree with you, I think if you ran a city, the economy would last a pretty long time. You have great points and they are very well supported. Your selection of points is interesting, the one I didn't see in the other essays is the invisible hand, my own included. That shows that even though, in this assignment, we were focusing on things to implement in our societies. You kept in mind that without any group of people monitoring the economy, we all simultaneously cooperate. Of course with the support of our natural rights. Good job.
ReplyDeleteThis was a very good essay. All of your points were relevant and you used good examples from the readings. You could have used more quotes though. Over all good job.
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