The title link goes to a great post by one of my LJ buds. I added it to memories right away. After the title link, I have a Native American article from Frontpagemag, second, I have a study on welfare from National Review Online, and third, I have a study on Private Military Companies from the Brookings Institution. To finish off, I'll paste a brief tutorial on economics (sources vary):
Here's something that hits close to home.
"Stock cultivates land; stock employs labour. A tax which tended to drive away stock from any particular country, would so far tend to dry up every source of revenue, both to the sovereign and to the society."
-The Wealth of Nations
Invented by Arthur Laffer, this curve shows the relationship between tax rates and tax revenue collected by governments. The chart below shows the Laffer Curve:
The curve suggests that, as taxes increase from low levels, tax revenue collected by the government also increases. It also shows that tax rates increasing after a certain point (T*) would cause people not to work as hard or not at all, thereby reducing tax revenue. Eventually, if tax rates reached 100% (the far right of the curve), then all people would choose not to work because everything they earned would go to the government.
Scarcity, a concept we already implicitly discussed in the introduction to this tutorial, refers to the tension between our limited resources and our unlimited wants and needs. For an individual, resources include time, money, and skill. For a country, limited resources include natural resources, capital, labor force, and technology.
Because all our resources are limited in comparison to all our wants and needs, individuals and nations have to make decisions regarding what goods and services they can buy and which ones they must forgo. For example, if you chose to buy one DVD as opposed to two video tapes, you must give up owning a second movie of inferior technology in exchange for the better-quality of the one DVD. Of course, each individual's and nation's values are different, but people and nations, each having different levels of (scarce) resources, form some of their values only because they must deal with the problem of scarcity.
So because of scarcity, people and economies must make decisions over how to allocate their resources. Economics, in turn, aims to study why we make these decisions and how we allocate our resources most efficiently.
"The natural effort of every individual to better his own condition is so powerful that it is alone, and without any assistance, not only capable of carrying on the society to wealth and prosperity, but of surmounting a hundred impertinent obstructions with which the folly of human laws too often encumbers its operations." --Adam Smith
We who live in free market societies believe that growth, prosperity and ultimately human fulfillment, are created from the bottom up, not the government down. Only when the human spirit is allowed to invent and create, only when individuals are given a personal stake in deciding economic policies and benefitting from their success -- only then can societies remain economically alive, dynamic, progressive, and free. Trust the people. This is the one irrefutable lesson of the entire postwar period contradicting the notion that rigid government controls are essential to economic development. -- Ronald Reagan, September 29, 1981
After the title link, I have a Native American article from Frontpagemag, second, I have a
study on welfare from National Review Online, and third, I have a study on Private Military Companies from the Brookings Institution. To finish off, I'll paste a brief tutorial on economics (sources vary):
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