Free or Equal Questions

1. Professor Friedman would say that economic freedom is not just to reap the rewards when
times are good; its also to bear the consequences of your actions when times are bad
2. Although Hong Kong had no prospects, no natural resources & little land that could be
cultivated, it became an economic powerhouse. How?
After the communist revolution in China, the British Government couldnt be bothered
with local Hong Kong affairs and the governor liked free markets. Hong Kong had no
regulations or government involvement in economic matters. It was given economic
freedom, and as a result, the economy evolved in a natural way.
3. Free Markets have spread around the world. At the same time, weve seen the fastest
human progress ever, and it has been led by the countries that opened up their economies. In
fact, average incomes around the world have almost doubled. Globally, extreme poverty has
been more than halved since Milton Friedman did his series in 1980. Amazingly, 730 million
people have been liberated from poverty.
4. Human and political freedom has never existed (and cannot exist) without a large measure of
economic freedom. Those of us who have been so fortunate as to have been born in a free
society tend to take freedom for granted, to regard it as the natural state of mankind. It is
not. It is a rare and precious thing.
5. Explain the concept of creative destruction as described in the Free or Equal video.
Businesses fail because of constant renewal of the economy. In order to remain a
successful business, you have to realize you are in constant competition. You have to
stop doing old things in old ways, and start doing innovative things in better ways in
order to stay in the economy. It is necessary for economic development.
6. Explain why Swedish entrepreneurs the oldest in the world, as described in the Free or Equal
video.
Young Swedes and entrepreneurial immigrants have moved from Sweden to Britain and
the U.S. because the rewards are much greater there, where taxes are lower.
7. Our economic system gave us Henry Ford, Thomas Alva Edison, Bill Gates & other very
successful entrepreneurs. These entrepreneurs all went in with their eyes open, knew what they
were doing & win or lose, we (society) all benefited from their willingness to take a chance.
If we did not allow these successful entrepreneurs to become incredibly rich, we would be more
equal. But, would we be better off? If entrepreneurs did not think that a possible reward for all
the sacrifices they make, all their hard work, all the risks they take is a lot of wealth, then
they might do something else instead. In that case, we would not have the goods, services and
technologies (they created) that make our lives better.
8. They (the Founding Fathers) were a wise and learned group of people. They had learned the
lesson of history. The great danger to freedom is the concentration to power, especially in the
hands of a government. They were determined to protect the citizens of the new United States
of America from that danger. And they crafted their constitution with that in mind.

9. As Milton Friedman said, The society that puts equality before freedom will end up with
neither. The society that puts freedom before equality will end up with a great measure of
both.
10. Professor Friedman compares the concept of equality of opportunity to a race where
everyone begins at the starting line at the same time. In contrast, equality of outcome
guarantees that everyone finishes at the same time. Today, equality of outcome is referred to as
fair shares for all.
Would you approve of this method in calculating your final grade? Why or why not?
How would this differ from fair shares for all economically?
Address the above questions in your own words, in a minimum of 3 paragraphs.
I personally would not approve of this method, unless I was at the lower end of the scale,
then I would love to go for a C. But my grades arent like that. I prefer the method of where the
grade you get is the grade you deserve due to the work and effort you put through in the class.
It isnt fair for someone, who worked day and night, to get the same grade as someone who
barely showed up to class.
This would differ from a Fair shares for all economically because grades and money
differ. The wages need to be more fair. You have people who work their butts off doing the work
no one really wants to do, but they struggle the most financially, while over in the big fancy
buildings, you have people who make money from breathing.
I dont agree that our economy should be a redistribution of income and wealth, but I
also dont believe that people who do a lot of work, get paid less than something fair for all the
work they do. I believe we can get a better equality without having everything redistributed. If
everything was redistributed, the people who dont really work would learn that it isnt okay to
work, and leave everything up to the people who do.

1. Students develop the knowledge and skills to be civically engaged.

This includes understanding the natural, political, historical, social, and economic
underpinnings of the local, national, and global communities to which they belong; Developing
the awareness of both civil rights and civil responsibilities for individual and collective action in
a democracy; Engaging in service-learning for community building and an enhanced academic
experience; Develop the knowledge and skills to take leadership roles.
I know understand more about economics and how it is in our daily lives. I am more likely now
to take control of my finances along with understanding how banks and our government works
with our money.
2. Students communicate effectively.
This includes developing critical literaciesreading, writing, speaking, listening, visual
understandingthat they can apply in various contexts; Organizing and presenting ideas and
information visually, orally, and in writing according to standard usage; Understanding and using
the elements of effective communication in interpersonal, small group, and mass settings.

I now know how to participate in economic founded conversations with out getting lost or
confused or just tempted to walk away. I can now fully participate in conversations while being
100% engaged.