Commanding Heights Episode 2 Summary

2/8/11 Commanding Heights Journal #1 The commanding high school documentary episode one was literally quite pleasing. I do enjoy documentaries, and this was one I truly had no prior knowledge of. I trust it will attend to me see a different side of economics. What stood out to me the roughly in the aim was how post world struggle one, they believed to a greater extent than brass control meant better economic outcome. This makes sense of wherefore we had a rise in dictators, and the reason world war two even started. Post war, inflation in Germany and Austria make money worthless(prenominal). It was said that money was worth less than actual wallpaper. We learned a little about inflation in class and how as the years go on, our money becomes less valuable. We raise our minimum wage due to inflation. With inflation, our life becomes more and more expensive seeing our money goes less as far. The real and nominal value of money are non the same. This is why our minimum wage changes every few years. This film basically shows two sides of economics through two figures. Keynes and Hayek, Keynes cerebration with more government control the economy would flourish.

On the contrary, Hayek believes with the government controlling everything we would lose freedom and our economy would actually collapse. This really shows the two sides of free market and capitalism. It shows you how each one has its pros and cons. Hayek argued that state-controlled states cannot be successful because they lack a functioning expense system to send the signals to consumers and producers, which would result in chaos. Even though this was extreme this is what he believed and free market with no control. I can see where he is coming from. Yes, the government doesnt need to intervene in fair business, but we do need some control. Without some control I believe our terra firma would be completely ran by the big businesses. Our country is already run by the rich without control I believe it would... If you want to get a full essay, effectuate it on our website: Orderessay

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