Death on Demand was quit interesting. Throughout the novel several economic concepts were cleared up therefore, helping me to better understand them. But also, at the same time I was further confused about several others. I was especially intrigued by the following four concepts, and the characters in the novel helped my understanding of them grow. I was first introduced to TANSTAAFL in class. I had never though of “free” in the same sense that economist do. I used to think of free in a micro sense instead of the macro view.
Because when I received something for free I never paid anything for it, so to me it was free. But in fact someone had to pay for to manufacture it, pay wages to workers and pay to build the factory in witch it was produced. So obviously it was not free. Someone, some where paid for it. The characters Karl and Joe perfectly stated TANSTAAFL in a way that helped further my understanding and now I can relate it in my life. When I came across Psychic Income I had no idea what it was or what it meant.
Although I was clueless about Psychic Income Joe Birnoff summed it up simply and clearly. Making it easier for me to grasp the concept. I have since used Psychic Income to help determine many purchases I have made. And buy doing so the benefits of the purchases I made came out higher than I expected. The concept of Psychic Income, from now on, will continue to influence what I will purchase or invest in. I am sure that I, along with just about all of my acquaintances, have experienced the Crowding out Effect. This is mainly why I chose to react to it.
I also chose it to see if there was anything that I could do to somehow control this act. But apparently the only thing that I can do is vote for candidates that won’t borrow huge amounts from the financial market therefore, keeping interest rates low. Well, this is what I got from Karl’s lecture of the Crowding out Effect. Since I don’t recall covering this concept in class and reviewing what I just stated I believe that may have a slight misconception of the Crowding out Effect. I hope that we will go over it in class in order to revise my current thoughts.
Freidman’s Law states, “Inflation is everywhere and always a monetary phenomenon. ” Now to a lame man like myself, this sounds very grim. For when I hear inflation I tend to picture the Great Depression. So when I hear that inflation is everywhere and is always present I feel a little bit of anxiety and I want to go out and store food and save as much as I can before “Inflation” kicks in and all hell breaks loose. I know that it is unlikely for this to happen, but while Karl and Joe argued I became more and more confused about the whole thing.
Surely it is not as bad as I think it is. I hope. Throughout the novel several concepts were discussed and most of the time I new what was going on, hence helping me better understand them. I also was further confused about some concepts. While I enjoyed reading the novel I thought that a lot of the ideas discussed were rather indept and might confuse a first year student. But for the most part I liked this assignment and recommend keeping it in your teaching plan.