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Chapter Summary: The Power Of Market By Wheelan

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Wheelan uses relatable events that one is particularly knowledgeable of to support and explain his points. His writing is simple but informative. It is not written in a mocking tone and uses interconnects real life examples with simple logic to explain. Wheelan delivers the key points in each chapter and connects them all to each other further along in the novel. Power of Market: In the first chapter, Wheelan uses the phrase “Who feeds Paris” to describes just how powerful of an influence the market is in everyday life. He then states a very important assumption in economics: “Individuals act to make themselves as well of as possible” (Wheelan 6). This sums up the purpose of market as they are aligned so that individuals can work for their own self interest. One of the key aspects of market, the price, is used to distribute scarce resources because “market rewards scarcity” (Wheelan 18). It is also the market’s job to stock up on what the people want and which items would give them the most profit. Trying to control that won’t work. The economy would just end in failure like the soviets did when they tried for a socialist economy controlled by the government. A …show more content…

Other examples are used in the book to show that when a material can no longer bring in profit, then they are dispensable. This, Wheelan states, has nothing to do with compassion but everything to do with maximizing the value of a scarce resource. He maintains that many things in life all boil down to economics. The importance of incentives is emphasized. Economic incentives usually lie above other things in the government agenda, and as well as the priorities of the people. If one could “properly align the incentives of the people” the ability to save the rhinos is increased (Wheelan

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Incentives, as read about in the second chapter of Wheelan’s Naked Economics, take on many different faces; good or bad, and all of them are selfish. Incentives are entirely fueled by self-interest and opportunity cost. In order to insure his audience fully grasped the concept of incentives, Wheelan illustrates a variety of example, leaving positive and negative effects on our modern society. Incentives, opportunity costs and self-interest are connected in a way that make the ideas more concrete, and we see that incentives own society. A lot of vital information can be deduced from looking at the incentives of our society.

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According to Eric Foner is his book, Give Me Liberty!, even though the market revolution and westward expansion occurred simultaneously in the North and the South, their combined effects heightened the nation’s sectional divisions. In some way, the most dynamic feature of the American economy wins the first thirty years of the nineteenth century was the rise of the Cotton Kingdom. It all started during the industrial revolution, which centered on factories producing cotton textiles with water-powered spinning and weaving machinery. All of these factories produced a massive demand for cotton.

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John Lauritz Larson the professor of history at Purdue University explores the captivating consequences that result from the market revolution in early America. With a passion for the matter and creative thinking, his research leads him to unanticipated consequences that plunge Americans with the transition to capitalism that relates economic change to the liberty and self-determination of individuals. According to Larson, there are remnants that are still relevant in history today. The mass industrial democracy that is placed in the modern United States bears very little resemblance to the past which was a simple agrarian republic. All because of the market revolution, the transformation resulting in the tangled foundation we know today

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