The Many Difficulties Faced By Economy

Maria Kozdroy

Blog #19

11-7-14
Disclaimer: this blog is to be used as a response to class discussion and readings.

The Many Difficulties Faced By Economy

            The economy is rapidly changing.  Politics are rapidly changing; forcing society to change, too, as a result of both politics and economics and especially large corporations.  In such an advanced society like the one I live in, it is hard to please everyone.  In this blog post, I am going to argue how the economy functions today under the influence of politics, such as education, a somewhat laissez-faire system (little government intervening), and how larger companies have a lot of power to make many major decisions.    

Recently, in October the United States economy added 214,000 jobs, making the unemployment rate only 5.8%, the lowest level it has been since July 2008 (Time).  This is very good news to many and more production can now occur.  However, I presume that of this high number, somewhere around 30% of the people will be making over $60,000 a year.  Education is becoming more of a factor in deciding how “good” of a job one can have, as companies hire highly educated individuals in well paid positions.  The minimum wage in Connecticut is soon expected to be $10.10 sometime next year (Wage).  Yes, this does sound very exciting, but prices will probably rise, too, especially gas prices.  Those with higher level jobs, usually due to more education, will likely make more, too. 

            Additionally, the availability of resources present today may be slowly running out, as discussed in the previous overconsumption blogs of mine, but are becoming harder to gain possession of.  Companies need to be able to trade with other companies to gain the materials needed to produce their innovation.  In the end, both the natural resources company and the producing company should benefit.  It is strange to think about how one company can own a natural resource.  Also, if you think about it much money generated by economy goes to the large gasoline companies, as all products and materials need to travel around the world somehow.  Gasoline can cost any price that the executives of the gasoline company want it to be.  Government once again cannot necessarily fully rule a gasoline company, but just watch over what they do, making sure to add a tax addition to the cost, depending on what U.S. state it is.  In a way, governments across the world are struggling with restraining the gasoline companies from taking over the economy and jacking up the price of gas at any given moment. 

            Lastly, the bigger products that companies are currently selling, such as cars and refrigerators, tend to come in one size making it a bit more challenging for shorter and taller individuals to use.  Government cannot demand such a massive change occur, for example, forcing companies to produce custom products; however, production as it is right now will remain as is.  For this reason, artifacts do have politics and people must find a way to deal with it (Winner).  Companies are allowed to produce whatever they want, under one condition, no government regulations are disobeyed. 

            Economy has always had the reputation of struggling with politics.  Both economy and politics work together to manage a society, either one that people like or dislike.  The availability of resources, a company’s executive decisions, and the lack of government say, affect society and how satisfied people are.  Society will continue, however, to function with the struggle of economy and politics, or else we’re doomed!

Sources:

Time. http://time.com/3572116/new-jobs-report/
Winner, Langdon.  Do Artifacts Have Politics?
“Wage.” Connecticut Poised to become the First State with a $10.10 Minimum Wage. http://jobs.aol.com/videos/job-search/connecticut-poised-to-become-first-state-with-10-10-minimum-wag/518174953/