HomeNaked Economics AssignmentTravels of a T-Shirt in the Global EconomyTEACH the CLASS: Use actual examples from at least one of the Four Parts of Pietra’s book—Texas, China, North Carolina, Africa-- to demonstrate the concept(s) raised in each of the Wheelan chapter. ASSESSMENT: Teach the Class Rubric
1. On the wiki post Power Paragraphs( click for a review of the power paragraph), not more than two, that use compelling evidence from the Pietra text to exemplify the economic concepts described in the Wheelan chapter.
2. Ask open-ended questions which encourage the students to demonstrate that they understand why your example is a practical application of the economic concept. Their engagement indicates their understanding. Be prepared to explain the concept in an alternative way. This is your formative assessment.
3. Each of the six posts should focus on one of Rivoli's four regions.
4. When the project is complete each student will have written paragraphs on all four of the regions--Texas, China, North Carolina, Africa and the content covered will demonstrate that the student read and understands the Rivoli text. This is a summative grade, 100 points.Friday, August 27: Chapter 1, The Power of Markets The follow three questions will be answered all around the prison example Rivoli talks about.
In markets decisions are made based off the possible chance to increase profit. To increase profit the producer must look at what the consumer wants, In Rivoli's text he talks about chinas decision to increase labor where ever "the labor tensions shimmered" (Pg. 86) to process the cotton shipments form texas in order to produce the desired products in both the more productive and cheapest way possible so the firms can maximize profits . In Rivoli's text he talks about china's firms achieving this by "forcing labor upon the prison system" (Pg. 94). They did this for a number of reasons: 1. the inmates were more productive then the women and child labor at the time. 2. The didn't have to pay the inmates anything, not even the small 50 cents a day wages they had to pay the women and children. Since firms want to maximize their profit they must also maximize the utility for the consumer. Firm like every person on earth" implicitly weighs the cost and benefits"(Wheelan 9) of a decision. In case the decision to use prison labor. The People who lose in markets are the oes that get beat out by other in competion. In Rivoli's text he again talks about all three aspects of a how a market works by mentioning that the chinese firms "that did choose to innovate were beaten by the other innovated firms". (Pg. 96)
Sources: Rivoli, Pietra. The Travels of a T-Shirt in the Global Economy. Hoboken: Wiley, 2005. Print.
Wheelan, Charles J. Naked Economics: Undressing the Dismal Science. New York: W. W. Norton, 2010. Print.
Jesse,Yikes! On my next visit--I will assess a grade.Tuesday, August 30: Chapter 2, Incentives MatterIn Africa the markets is mostly personal. here the markets demand the price, so whatever a product is selling for the Mitumba seller's sell at the market price (Rivoli 227). Everything is sold so the products that are less demanded, are sold at the market price, so everything is elastic. This idea setup avoids Principle-agent problem where as in america, Texas sells its' products for a set price. Bu one problem s that jobs are always lost at a rapid rate because "the barriers to the mitumba trade have in large measure been erected by the groans of the local textile industry, which echo those of Americans” (Rivoli 199)Consult the Wheelan text for a better description of the principal agent problem. Please write using the power paragraph format.In Texas since the Government is so involved through subsidized prices that even the thought for incentives is taken away because the rules are concrete. Its a pretty sweet deal. if any thing happens to a texas cotton crop that would affect the farmers profit then the Government covers the loss. So why would the Texan cotton farmers have any worry at all? There is really no risk involved. On the other hand the cotton growers could produce as much cotton as they wanted with out driving the price again due to the subsidizes also "Income to augment the government crop insurance and the disaster subsidy” (56). So in the long run the the incentive to work is declining because there is really no risk for them. All this is created through that fact or rather idea that if the farmer had a bad year then they can use the money from the government to meet the cotton demand for the next year. What is the concept? Please write using the power paragraph format.
Rivoli's text talks about many examples and stories about how markets incentives either are successful or not. South carolina has this problem with something called creative destruction, "the workers are not punished for their inefficiency" (Wheelan 27). In South Carolina, where jobs are being overtaken by a more productive chinese work force because of cheaper labor and more productiveness , the workers have and are creating "special interest groups to promote protective trade policies" (Rivoli 144). China offers cheaper and more efficient labor than South Carolina with the incentive being that China will be rewarded by their industry. This market incentive, however, creates a negative impact on the workers of South Carolina that are losing their jobs. Because of this of South Carolina just so happen to create trade barriers to protect their line of work. because of this the South carolina workers keep their jobs because the political aspect is involved. one issue is divided from the other issue.What is the concept? Please write using the power paragraph format.
The restricted Chinese mills have resulted in a creation of an alternate economy usually referred to as a “black market” throughout the world. The economic system set in place is not listened to. The people involved in the black market have no desire to listen to the regulations and laws. One example from Rivoli’s text is the origin of a t-shirt in order to make a greater profit based upon place of origin; “Chinese supplier had offered good 'made in' Cambodia, Kenya, or Lesotho" (146). All this s created based of ideas illistrated in wheelan's text. where the people is the underground market want a greater profit, so they take the illegal risk.See Wheelan for a better understanding of the concept Please write using the power paragraph format.
Sources: Rivoli, Pietra. The Travels of a T-Shirt in the Global Economy. Hoboken: Wiley, 2005. Print.
Wheelan, Charles J. Naked Economics: Undressing the Dismal Science. New York: W. W. Norton, 2010. Print.
Overall goal: Demonstrate to the year 1 students that economics gives us an analytical framework for thinking about important questions such as incentives. Objectives: 1. Accurately and precisely define the following: adverse selection, perverse incentives, principle-agent problem, the expansion of underground economies. 2. Select compelling evidence from the Travels of the T-Shirt and clearly explain how each example demonstrates one of the four behaviors. When you have exemplified all four concepts make sure that you have used at least one example from Texas, China, North Carolina, and Africa. 3. Post your paragraphs—one for each concept on your wiki before class, 4. Present your examples to the year 1 students.
Pakistan's Balance of Payments:
The Current account: The main exports of Pakistan of fruits, rice and other kinds of vegetables have been wiped away. These exports are a main source of Pakistan's income, so this tells us that the current account is negative. Also the country's main food sources are gone leaving millions hungry.
The Capital account: The flood did not help Pakistan's long quest to get out of external debt and increase economic growth. This unexpected occurence is going to take more money to fix that Pakistan doesn't have.
The Foreign Relations of Pakistan and Sources of aid for Pakistan
The UN has appealed for 460 million in international donations however, the money wont come quickily because other main efforts like the Haiti are soaking up the available money.
Despite an international feud, Pakistan accepted a 5 million dollar donation by India after 5 days of hesitation. "Receiving assistance from India is politically delicate in Pakistan, and the government can expect criticism from some of the religious and nationalist parties that support the fight for an independent Kashmir, the contested region split between India and Pakistan."
Click edit and post your power paragraphs.
Wednesday, September 1: chapter 3, "Government and the Economy Jesse, Your homework is to correct these paragraphs tonight. I'll regrade after school tomorrow.
Friday, September 3: chapter 4, "Government and the Economy II Click edit and post your power paragraphs.
Wednesday, September 8: chapter 11, "Trade and Globalization Click edit and post your power paragraphs.
ASSESSMENT: Teach the Class Rubric
1. On the wiki post Power Paragraphs( click for a review of the power paragraph), not more than two, that use compelling evidence from the Pietra text to exemplify the economic concepts described in the Wheelan chapter.
2. Ask open-ended questions which encourage the students to demonstrate that they understand why your example is a practical application of the economic concept. Their engagement indicates their understanding. Be prepared to explain the concept in an alternative way. This is your formative assessment.
3. Each of the six posts should focus on one of Rivoli's four regions.
4. When the project is complete each student will have written paragraphs on all four of the regions--Texas, China, North Carolina, Africa and the content covered will demonstrate that the student read and understands the Rivoli text. This is a summative grade, 100 points. Friday, August 27: Chapter 1, The Power of Markets
The follow three questions will be answered all around the prison example Rivoli talks about.
In markets decisions are made based off the possible chance to increase profit. To increase profit the producer must look at what the consumer wants, In Rivoli's text he talks about chinas decision to increase labor where ever "the labor tensions shimmered" (Pg. 86) to process the cotton shipments form texas in order to produce the desired products in both the more productive and cheapest way possible so the firms can maximize profits . In Rivoli's text he talks about china's firms achieving this by "forcing labor upon the prison system" (Pg. 94). They did this for a number of reasons: 1. the inmates were more productive then the women and child labor at the time. 2. The didn't have to pay the inmates anything, not even the small 50 cents a day wages they had to pay the women and children. Since firms want to maximize their profit they must also maximize the utility for the consumer. Firm like every person on earth" implicitly weighs the cost and benefits"(Wheelan 9) of a decision. In case the decision to use prison labor. The People who lose in markets are the oes that get beat out by other in competion. In Rivoli's text he again talks about all three aspects of a how a market works by mentioning that the chinese firms "that did choose to innovate were beaten by the other innovated firms". (Pg. 96)
Sources: Rivoli, Pietra. The Travels of a T-Shirt in the Global Economy. Hoboken: Wiley, 2005. Print.
Wheelan, Charles J. Naked Economics: Undressing the Dismal Science. New York: W. W. Norton, 2010. Print.
Jesse,Yikes! On my next visit--I will assess a grade. Tuesday, August 30: Chapter 2, Incentives MatterIn Africa the markets is mostly personal. here the markets demand the price, so whatever a product is selling for the Mitumba seller's sell at the market price (Rivoli 227). Everything is sold so the products that are less demanded, are sold at the market price, so everything is elastic. This idea setup avoids Principle-agent problem where as in america, Texas sells its' products for a set price. Bu one problem s that jobs are always lost at a rapid rate because "the barriers to the mitumba trade have in large measure been erected by the groans of the local textile industry, which echo those of Americans” (Rivoli 199)Consult the Wheelan text for a better description of the principal agent problem. Please write using the power paragraph format. In Texas since the Government is so involved through subsidized prices that even the thought for incentives is taken away because the rules are concrete. Its a pretty sweet deal. if any thing happens to a texas cotton crop that would affect the farmers profit then the Government covers the loss. So why would the Texan cotton farmers have any worry at all? There is really no risk involved. On the other hand the cotton growers could produce as much cotton as they wanted with out driving the price again due to the subsidizes also "Income to augment the government crop insurance and the disaster subsidy” (56). So in the long run the the incentive to work is declining because there is really no risk for them. All this is created through that fact or rather idea that if the farmer had a bad year then they can use the money from the government to meet the cotton demand for the next year. What is the concept? Please write using the power paragraph format.Rivoli's text talks about many examples and stories about how markets incentives either are successful or not. South carolina has this problem with something called creative destruction, "the workers are not punished for their inefficiency" (Wheelan 27). In South Carolina, where jobs are being overtaken by a more productive chinese work force because of cheaper labor and more productiveness , the workers have and are creating "special interest groups to promote protective trade policies" (Rivoli 144). China offers cheaper and more efficient labor than South Carolina with the incentive being that China will be rewarded by their industry. This market incentive, however, creates a negative impact on the workers of South Carolina that are losing their jobs. Because of this of South Carolina just so happen to create trade barriers to protect their line of work. because of this the South carolina workers keep their jobs because the political aspect is involved. one issue is divided from the other issue.What is the concept? Please write using the power paragraph format.
The restricted Chinese mills have resulted in a creation of an alternate economy usually referred to as a “black market” throughout the world. The economic system set in place is not listened to. The people involved in the black market have no desire to listen to the regulations and laws. One example from Rivoli’s text is the origin of a t-shirt in order to make a greater profit based upon place of origin; “Chinese supplier had offered good 'made in' Cambodia, Kenya, or Lesotho" (146). All this s created based of ideas illistrated in wheelan's text. where the people is the underground market want a greater profit, so they take the illegal risk.See Wheelan for a better understanding of the concept Please write using the power paragraph format.
Sources: Rivoli, Pietra. The Travels of a T-Shirt in the Global Economy. Hoboken: Wiley, 2005. Print.
Wheelan, Charles J. Naked Economics: Undressing the Dismal Science. New York: W. W. Norton, 2010. Print.
Overall goal: Demonstrate to the year 1 students that economics gives us an analytical framework for thinking about important questions such as incentives.
Objectives:
1. Accurately and precisely define the following: adverse selection, perverse incentives, principle-agent problem, the expansion of underground economies.
2. Select compelling evidence from the Travels of the T-Shirt and clearly explain how each example demonstrates one of the four behaviors. When you have exemplified all four concepts make sure that you have used at least one example from Texas, China, North Carolina, and Africa.
3. Post your paragraphs—one for each concept on your wiki before class,
4. Present your examples to the year 1 students.
Pakistan's Balance of Payments:
The Current account: The main exports of Pakistan of fruits, rice and other kinds of vegetables have been wiped away. These exports are a main source of Pakistan's income, so this tells us that the current account is negative. Also the country's main food sources are gone leaving millions hungry.
The Capital account: The flood did not help Pakistan's long quest to get out of external debt and increase economic growth. This unexpected occurence is going to take more money to fix that Pakistan doesn't have.
The Foreign Relations of Pakistan and Sources of aid for Pakistan
The UN has appealed for 460 million in international donations however, the money wont come quickily because other main efforts like the Haiti are soaking up the available money.
Despite an international feud, Pakistan accepted a 5 million dollar donation by India after 5 days of hesitation. "Receiving assistance from India is politically delicate in Pakistan, and the government can expect criticism from some of the religious and nationalist parties that support the fight for an independent Kashmir, the contested region split between India and Pakistan."
Click edit and post your power paragraphs.
Wednesday, September 1: chapter 3, "Government and the Economy
Jesse, Your homework is to correct these paragraphs tonight. I'll regrade after school tomorrow.
Friday, September 3: chapter 4, "Government and the Economy II
Click edit and post your power paragraphs.
Wednesday, September 8: chapter 11, "Trade and Globalization
Click edit and post your power paragraphs.