Economist Walter Williams Speech - Article Example

I also find the part about government theft interesting part, and I think it makes sense. Imagine a government taxing someone for producing maize, and getting no incentive in return. Similarly, consider a farmer giving maize to a consumer in exchange for money. The two parties are made better off in the second case, but the farmer is made worse off in the first case. So it is just better to have a free market.

Response to 1-4 Economist Walter Williams Speech - Part 2 - The Wonders of Greed
After reading the article, I thought that greed may be important as suggested by Williams, but it may also be used negatively. It is not that I oppose their argument of Williams; it is only that I do not fully agree with him. It is indeed true that most economically beneficial activities are performed as a means of pursuing one’s interests. However, doing something with the interest of others in mind could lead to honesty and quality of service. For example, if Texas ranchers hated New Yorkers, they would decide to deceive them in terms of weighing scales. This would be unethical and socially irresponsible, and it would cause a decline in the overall welfare of New Yorkers and ranchers of Texas.

Response to Comment on Articles 1-4
As much as I also think that the author was clever in the manner in which he used the example of ranchers and potato farmers, I also believe that he left out an important aspect of sustainable development – business ethics and social responsibility. Caring about one’s interests alone is unethical and has negative repercussions on the economy.
Response to Article 1-5 Walter Williams - Part 3 - Parity of the Market

I think this article explains capitalism and the free market in such a way that a common man can realize the importance of the free market. I have learned that capitalism has given the common man an opportunity to enjoy the benefits of the free market just like the rich people. I think the equal distribution of resources can be achieved if the free market works effectively.
Response to the comment on Articles 1-5
I think this post has demonstrated a good observation of the author. Nowadays the common man can enjoy some luxuries that were not enjoyed back in the yesteryears. Indeed, it is interesting; and I think it is all because of the great opportunities that the free market and capitalism have brought.

Response to Article 1-1 Labor Market Fluidity and Economic Performance
After reading the article, I thought that among the various concerns about the decline in the fluidity of labor markets in the USA, the most serious one is the issue of joblessness (Davis and Haltiwanger 1). I think that if the labor markets become less fluid the jobless will remain jobless, and those who enter the labor market will add to the list of unemployment; causing misery in the labor market.

Response to comment on Article 1-1
I think the article has become of good help to the author of this comment. On my part, I knew about the fluidity of the labor market, but I had not thought of the impact of the decline of fluidity in the USA and the rest of the world. Concerning the different laws and their impact, I also agree that various government laws cause difficulties in terms of hiring new employees. I think this is the effect of the fluidity of the labor market.

Response to Article 1-2 Thoughts on Price Controls
The author’s thoughts on price controls make me think that we are in a society where value, quality, quantity, and price are determined by market forces. I think that is the case in a free market. When price controls are implemented, markets are no longer free; hence inefficiencies set in. 

I think this post provides a good response to the original article. I agree that government-set prices distort economic realities and prices. The government’s participation in price controls not only affects the supply of goods but also limits the quality of such goods. This post has also caused me to go back and read the article for the second time to understand the necessity of enhancing free exchange between consumers and suppliers. This is what I understand to be the invisible hand of the market; which brings everything to equilibrium.

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