You are on page 1of 3

Free or Equal Questions

1. If the government gives everybody the same freedom to work and reap the
rewards, some will do better than others. The result will be ___Equality of
Opportunity__, but not ___Equality of Outcome_.

2. Immigrants who arrived in the late-1800s/early-1900s found that America was


truly a land of opportunity. Describe the factors these immigrants encountered
which helped them thrive.
Few government programs, few rules and regulations, no licenses or permits.
3. Professor Friedman referred to Hong Kong as the freest market in the world.
Summarize how he described the free market.
The people of Hong Kong were able to buy and sell as they please. Most
importantly if they had failed, they bear the cost. If they succeed they get the full
benefit which made them save and be smart with their investment choices. The
absent of tariffs and any other restrictions on trade also plays a huge factor in their
market.
4. Human and political freedom has never existed (and cannot exist) without a large
measure of ___Economic freedom____. Those of us who have been so fortunate as to
have been born in a free society tend to __________take freedom_________, to regard
it as the natural state of mankind__. It is not. It is a rare and precious thing.

5. Explain how the lead pencil & the smart phone are examples of invisible hands.
There is a collective of different origins where those products come from.
Together we created something we can all benefit from which is how he describes
invisible hands with helping your life by helping others. Generally we all use
something that is an everyday day type tool.

6. Explain the concept of creative destruction as described in the Free or Equal


video.
If we want to increase our wealth and opportunities we have to stop doing old
things in old ways and start doing innovative things in better ways.
7. The idea that the economic race should be so arranged that everybody ends at
the finish line at the same time, rather than that everyone starts at the beginning
line at the same time. This concept raises a very serious problem for _freedom_. It is

clearly in conflict with it, since it requires that the freedom of some be restricted in
order to provide the greater benefits to others__.

8. Our economic system gave us Henry Ford, Thomas Alva Edison, Bill Gates & other
very successful entrepreneurs. These entrepreneurs all went in with their eyes
open, knew what they were doing & win or lose, we (society) benefited from their
_Willingness to take a chances____.
If we did not allow these successful entrepreneurs to become incredibly rich, we
would be more equal. But, would we be better off? If entrepreneurs did not think
that a possible reward for all the ___sacrifices__, all their ____hard work_________, all
the ___risks________ is a lot of wealth, then they might do something else instead. In
that case, we would not have the goods, services and technologies (they created)
that make our lives better.
9. As Milton Friedman said, The society that puts equality before freedom will
____Concentration to Power____. The society that puts freedom before equality will
end up with a _____Government_______.

10. Professor Friedman compares the concept of equality of opportunity to a race


where everyone begins at the starting line at the same time. In contrast, equality of
outcome guarantees that everyone finishes at the same time. Today, equality of
outcome is referred to as fair shares for all.
If we applied the fair shares for all concept in this class, all students would receive
an average grade of C. This would be accomplished by taking points away from
students earning As and Bs to give to students earning Ds and Es. Distributing
points equally would result in fair grades for all.
1. Would you approve of this method in calculating your final grade? Why or why
not?
2. Would this differ from fair shares for all economically? Why or why not?
For example, whats the difference between a successful student being required to
give up some of his/her hard-earned grade and a successful person being expected
to give more of his/her hard-earned income? If you support redistribution of income
and wealth, shouldnt you also be willing to redistribute academic grades? After all,
many of your fellow students may not have had the advantages in education and
upbringing that youve had.
3. Address the above questions in your own words, in a minimum of 3 paragraphs.

I would not approve of that method at all. It is highly unfair to those who work
extremely hard to get the highest grades but then get dropped to a mediocre level.
Not only is this a complete slap in the face to the hard workers, it is also a hindrance
to them. It might make them believe that their work is not worth it which can keep
us from expanding our knowledge. This can greatly affect us in the future because
we would not have those intelligent entrepreneurs and their life changing ideas. On
the other hand, those who got lower grades do not feel the need to do anything in
their lives if they can pass off by not trying. They lack motivation and inspiration
which is something we need in society to thrive and move further. I would not allow
that to happen, people should take responsibility for their own actions.
No I do not believe that it would differ from the economic standpoint. Those
who do not work or trying to better their lives would still get benefits that could be
equivalent to those who have a job. There is not much you can do in this situation
because many people would take advantage of receiving benefits. I truly believe
that every person should be responsible for what they do when it comes to the
economy. If they make a bad investment or just lazy then have them suffer the
consequences. If you try hard and achieve greatness then by all means all the
benefits.

Reflective Writing
The first thing that came to mind was to think creatively. Watching the video
and seeing those who had great ideas and made millions is quite motivating. There
is always opportunity out there so if I am able to set my mind to create something
that is not available to the everyday day worker then I can be in great success. It
does not come suddenly but by observing what we do and do not have. I learned
that to be successful you need to constantly find ways to improve yourself and
others and that can grow into something larger than expected.
Another thing I noticed from the video is to have developed computer and
information literacy. One thing to use your own creativity in todays modern world is
to have computer literacy. Specifically I am referring to phone apps. They are used
every day to whoever uses a phone. Creating an app you need to know coding,
having computer intelligence. If you want to be successful in todays world you
should start with creating your own app for those in need.