The World's Best Book Summaries
How does the American education system work? Is a government-run education system effective? In his book Capitalism and Freedom, Milton Freidman answers “how does the American education system work” through a capitalist lens. He argues that having government-funded and government-run schools take away choices and competition for students and parents. Keep reading to answer the question “how does the American education system work?”
What is a public monopoly? Are public monopolies bad for the economy? A public monopoly can occur when the government directly produces goods for sale. A true public monopoly is uncommon in the U.S., but it can occur when government exerts control over the private sector. Read more about the public monopoly and how they affect the economy.
What is the neighborhood effect? Why is government involved in lessening negative neighborhood effects? The neighborhood effect is when one person’s economic activity imposes a cost on another individual. There are both positive and negative neighborhood effects. Read more about the neighborhood effect and how it works.
What are the effects of ocean acidification? What role does an increase in oceanic acidity play in the biodiversity of marine life? The effects of ocean acidification are so destructive that it’s been dubbed the global warming’s “evil twin.” Specifically, ocean acidification is causing an unprecedented reduction in oceanic biodiversity as tehe increased CO2 concentration is affecting the internal processes of the marine microbiome. Keep reading to learn about the destructive effects of ocean acidification on marine life.
What does Milton Friedman mean by “the social responsibility of business is to increase its profits?” How does this differ from other views of corporate social responsibility? Corporate social responsibility is the idea that as large corporations with a lot of money, companies have a duty to uplift their communities and society as a whole. In Capitalism and Freedom, Milton Friedman argues that the social responsibility of business is to increase its profits. Read more about Milton’s Friedman’s views and why the social responsibility of business is to increase its profits and nothing more.
What is the relation between economic and political freedom? How does Milton Friedman explain this connection in his book Capitalism and Freedom? According to Milton Friedman, the relation between economic and political freedom is well established. In order for people to truly have freedom, they have to be able to live without restraints on their economic activities. Read more about the relation between economic and political freedom below.
What are commodity standards? Is this system valuable for economic development? Commodity standards refer to economic systems where the country’s financial reserve is held in commodities, like gold. The amount in the reserve is tied to the value of the commodity. Read more about commodity standards and how they effect economies.
What are the effects of global warming on animals in the tropics? Why do researchers project the tropical species to be more affected by climate change than their cold-climate counterparts? Most people think of global warming primarily as a threat to cold-climate species such as polar bears, penguins, and seals. However, the effects of global warming on animals in the tropics are projected to be even more drastic, according to researchers. Keep reading to learn about the effects of global warming on animals in the tropics.
What does occupational licensing have to do with capitalism? Can having too many barriers to occupations harm the economy? Milton Friedman theorizes that occupational licensing makes it hard for new people to enter a profession. It also can limit choice for consumers, especially since so many professions require some sort of license. Read more about capitalism and occupational licensing.
Why are coral reefs dying? What are the main driving factors behind the projected coral reef extinction, according to scientists? Corals have endured for many geologic epochs, but researchers believe they won’t survive the Anthropocene. Instead, they’re on a course to be the first major ecological system to go extinct. The two main reasons why coral reefs are dying are ocean acidification and climate change. Keep reading to learn why coral reefs are dying.