The World's Best Book Summaries
What are the problems of trade unions? Why does Milton Friedman argue that trade unions can be harmful to industry? The problems of trade unions arise when unions become so powerful that they gain full control of the labor market. Additionally, labor unions can operate as wage suppressors, hurting workers and the market. Read more about the problems of trade unions according to Milton Friedman.
What is the species-area relationship? How is it expressed in mathematics? The species-area relationship is the relationship between the area of the species habitat and the number of animal species that inhabit it. In 2004, scientists used the concept, which is expressed mathematically as a curve, to calculate the species extinction risk at different levels of global warming. Keep reading to learn about the species-area relationship.
What is the racial wealth gap? How does the denial of the racial wealth gap inform the beliefs of conservatives and the Tea Party? There is statistical evidence to suggest the existence of the racial wealth gap. However, Tea Party conservatives cite wealthy Black celebrities as evidence that there is no black wealth gap and falsely claim that Black people are getting ahead while whites are losing their status. Read more about the racial wealth gap and what it means for conservative politics.
Is capitalism in healthcare a good system? Can capitalism help improve access and quality of medical care? Milton Friedman argues that capitalism in healthcare is a good idea. He suggests that the AMA has a monopoly on deciding who can become a doctor and the requirements and that people should be able to choose to pay more for higher quality doctors. Read more about Milton Friedman’s ideas on capitalism in healthcare.
What was the Tea Party movement? What are the beliefs of the Tea Party movement and how do these beliefs continue to shape conservative values? The Tea Party movement was founded in 2009 and focused on fiscal conservatism. Fundamentally, the Tea Party believed that their rightful place in the social hierarchy was being taken away, and they were losing their path to the American Dream. Read more about the Tea Party movement and how it shaped conversative values.
What are equal employment opportunity laws? How are they different from open shop laws? Equal employment opportunity laws and open shop laws both hinder voluntary exchange. Though meant to solve important problems, these laws are often thought to get in the way of good hiring practices. Read more about equal employment opportunity laws, open shop laws, and how they lead to suppression of freedom according to Milton Freidman.
What are the habitat fragmentation effects? How did human-driven fragmentation of the earth’s landmass influence species survival? As humans have reshaped the earth’s landmass, we’ve constrained the ability of other species to survive climate change. There are two main habitat fragmentation effects: 1) species lose the ability to move, and 2) their ability to reproduce declines. Read about the effects of habitat fragmentation.
Is trickle down economics a failure? Why do people continue to support it? Trickle down economics is widely considered a failure. One example is governor Bobby Jindal’s term as governor of Louisiana, where he promoted anti-environmental and big business policies. Read more about how trickle down economics is a failure and how deregulation furthers the problem.
What does Milton Friedman say on taxes? How does Friedman suggest taxes should work? According to Milton Friedman, taxes should be at a flat rate. He argues against a progressive income tax and indicated that a flat tax would reduce deductions and close loopholes. Read more about Milton Friedman, taxes, and changing the system.
How does the central bank control money supply? Why does the central bank control money? When considering how to economy works, many people ask “how does the central bank control money supply?” Most countries have some sort of federal reserve that ensures banks have liquid capital and manage how they conduct business. Keep reading to answer the question “how does the central bank control money supply?”