Thomas Sowell on the Myths of Economic Inequality | institution คือ

Thomas Sowell on the Myths of Economic Inequality


นอกจากการดูบทความนี้แล้ว คุณยังสามารถดูข้อมูลที่เป็นประโยชน์อื่นๆ อีกมากมายที่เราให้ไว้ที่นี่: ดูความรู้เพิ่มเติมที่นี่

Recorded on November 15, 2018
Thomas Sowell discusses economic inequality, racial inequality, and the myths that have continued to falsely describe the system of poverty among different racial and economic classes. He explains the economic theories behind these pervasive myths and proposes factbased solutions for seemingly intractable situations.
Sowell discusses his early life as a high school dropout and his first fulltime job as a Western Union messenger delivering telegrams. He admits to flirting with Marxism in his early twenties as he first tried to grapple with the housing inequality he saw across the neighborhoods of New York City. Marxism, he says, was the only explanation he could find at the time. He went on to serve in the Marine Corps before continuing his education in economics at Harvard and earning a master’s at Columbia and a PhD at the University of Chicago.
Sowell’s first job after his receiving his PhD in economics was working for the Department of Labor, and he says it was there that he realized Marxism was not the answer. He argues that the government has its own institutional interests in inequality that cannot be explained through Marxism. He began to be discouraged by Marxism and the government in general and began searching for better economic ideas and solutions (the free market).
Robinson and Sowell discuss Sowell’s written works, his ideas of racial and economic inequality, the state of the United States today, and much more.
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Thomas Sowell on the Myths of Economic Inequality

Kids vocabulary – Hospital – hospital vocab – Learn English for kids – English educational video


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Kids vocabulary Hospital hospital vocab Learn English for kids English educational video
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Title: Hospital
This is a hospital.
hospital
Wee woo, wee woo! The ambulance arrived with a sick person.
ambulance
Emergency, emergency! This is an emergency room.
emergency room
Doctors perform surgery in the operating room.
operating Room
Sick people are staying in the ward.
ward
People visit the doctor’s office to see a doctor.
doctor’s office
This is a doctor.
doctor
Doctors wear white coats.
doctor’s white coat
This is a stethoscope.
stethoscope
This is a thermometer.
thermometer
Nurses are busy at the nurses’ station.
nurse
Nurses give us injections.
injection
Patients follow doctor’s instructions.
Doctors and Nurses take good care of patients.
patient
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Kids vocabulary - Hospital - hospital vocab - Learn English for kids - English educational video

Elon Musk: The future we’re building — and boring | TED


Elon Musk discusses his new project digging tunnels under LA, the latest from Tesla and SpaceX and his motivation for building a future on Mars in conversation with TED’s Head Curator, Chris Anderson.
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Elon Musk: The future we're building -- and boring | TED

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The Importance of Institutions


In today’s video, we discuss a topic critical to understanding economic growth: the power of institutions.
To better shed light on this, we’re going to look at an example that’s both tragic and extreme.
In 1945, North and South Korea were divided, ending 35 years of Japanese colonial rule over the Korean peninsula. From that point, the two Koreas took dramatically different paths. North Korea went the way of communism, and South Korea chose a relatively capitalistic, free market economy.
Now—what were the results of those choices?
In the ensuing decades after 1945, South Korea became a major car producer and exporter. The country also became a hub for music (any Kpop fans out there?), film, and consumer products. In stark contrast, North Korea’s totalitarian path resulted in episodes of famine and starvation for its people.
In the end, South Korea became a thriving market economy, with the living standards of a developed country. North Korea on the other hand, essentially became a militarized state, where people lived in fear.
Why such an extreme divergence?
It all comes down to institutions.
When economists talk about institutions, they mean things like laws and regulations, such as property rights, dependable courts and political stability. Institutions also include cultural norms, such as the ones surrounding honesty, trust, and cooperation.
To put it another way, institutions guide a country’s choices which paths to follow, which actions to take, which signals to listen to, and which ones to ignore.
More importantly, institutions define the incentives that affect all of our lives.
Going back to our example, in the years after 1945, North and South Korea took dramatically different institutional paths.
In South Korea, the institutions of capitalism and democracy, promoted cooperation and honest commercial dealing. People were incentivized to produce goods and services to meet market demand. Businesses that did not meet demand were allowed to go bankrupt, allowing the reallocation of capital towards more valuable uses.
Against that grain, North Korea’s institutions produced starkly different incentives. The totalitarian regime meant that the economy was centrally planned and directed. Most entrepreneurs didn’t have the freedom to keep their own profits, resulting in few incentives to do business. Farmers also didn’t have enough incentive to grow sufficient food to feed the population. This was due in part to price controls, and a lack of property rights.
As for capital, it was allocated by the state, mostly towards political and military uses. Instead of going towards science, or education, or industrial advancement, North Korea’s capital went mostly towards outfitting its army, and making sure that the ruling party remained unopposed.
And now, look at how different the two countries are as a result of those differing institutions.
When it comes to economic growth, institutions are critically important. A country’s institutions can have huge effects on longterm growth and prosperity. Good institutions can help turn a country into a growth miracle. Bad institutions can doom a country to economic disaster.
The key point remains: institutions are important.
They represent the choices that a country makes, and as the Korean peninsula shows you, choices on this scale can have staggering effects on a nation’s present, and future.
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The Importance of Institutions

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