This week you have learned about opportunity costs, both static and dynamic, technological bias and path dependence. What we perceive as future possibilities are the outcome of past decisions. This week I want you to use economic concepts and even empirical measures to critically assess the guns and butter trade-off we confront today.
The One Eyed One Horned Flying Purple People Eater (Sebastian) decided to stick around the earth to learn more about earthling truth, and spends the day watching the XX network, self-proclaimed source of truth. Needless to say, Sebastian is delighted to see you and has a probing question. “The Speaker of the Litterbox said if America doesn’t balance its budget, the economy will be destroyed and the only way to save the economy is to spend way more on the military, defund entitlements for the working classes and cut taxes on the leisure class, and if the Kenyan President disagrees, that’s because he is anti-American, anti-prosperity, anti-apple pie, and won’t give his daughters a pet kat. Soooooooo, I did some investigating to find out about American Presidents and what they thought about this, and found these links where they seem to use the economic concepts of opportunity costs, technological bias, and path dependence.
http://www.npr.org/player/v2/mediaPlayer.html?action=1&t=1&islist=false&id=132942244&m=132992469 (Links to an external site.)
http://www.npr.org/blogs/thetwo-way/2011/01/20/133083181/video-on-50th-anniversary-watch-jfks-inaugural-address (Links to an external site.)
Tell me my dear and trusted earthling friend, how will the solution of the Speaker of the Litterbox shape your future? In whose interests is this future; who will bear the consequences for the path he advocates and in what specific forms?”
Keep in mind you are using critical thinking as defined for this course, so focus on the use of economic concepts and empirically grounded reason in your answer to Sebastian, the One Eyed, One Horned, Flying Purple People Eater. Be sure to apply information from the historical links to illuminate your answer.
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