An Economics Novel?

Economics is hard for me to grasp most of the time. However, my economics class introduced me to a novel about economics and free trade. It’s titled, The Choice, by Russell Roberts. This book has helped me learn more about economics while keeping me entertained.

The book is about the ghost of the nineteenth-century economist, David Ricardo. While in heaven, David Ricardo is observing how a television manufacturer, Ed Johnson, is pushing for protectionism of American industries by putting restrictions on free trade. David Ricardo is sent down to show Ed what the world would be like without free trade (kind of like the story of It’s a Wonderful Life).

As the story progresses, we see the United States as it is today with innovation and new industries. However, the story also shows what life would be if the U.S. had limited trade. According to economic theory, trade benefits everyone by improving our standard of living. Trade allows us to buy products at lower prices. The main point of the book is to dispel the horrible misconception that America is being harmed by foreign industries. When it comes to free trade, people think there is some sort of competition among countries. This is a false belief.

John Maynard Keynes said that a country should specialize in certain products and services. When each country specializes, production can increase. Through trade, everyone can have more goods at a lower price. So why is there so many people against free trade and protectionism?

Many people who push for protectionism (tariffs, quotas, subsidies) think they are protecting American jobs. It’s true that when foreign industries sell in America, some jobs may be lost in the short-run. Just look at how the Japanese car industry has changed the domestic car industry. While the case for protectionism may seem beneficial, it may harm us in the long run. Economists say that that allowing free trade will cut jobs in one area; however, when jobs are lost in one sector, new jobs and industries can emerge. Innovation can occur and people will work to acquire the proper skills to fill those jobs. Free trade is necessary for growth of the United States.

There are many other factors in economics that influence free trade. I highly recommend The Choice anyone who wants to understand more about this issue.

Measuring Success

When you think of successful people in the business world, you might think of a CEO or a Wall Street investor. You might also think about the power and wealth that these people possess. Just like these people, you want to be successful and enjoy power, wealth, and the “easy life.” However, being “successful” usually isn’t easy. Some of the most successful people have spent countless hours studying and working to get to the top. Even when they’re at the top, they still work stressfully long hours (70 to 80 hours per week). But all this hard work yields outstanding rewards.

To obtain success, you need a strategy. John M. Brausch of the Institute of Management Accountants wrote, “Success is all about getting your strategy right, working smarter not harder, and managing the risks that come along with growth.” He also suggested to look at your past successes, explain why you were successful, and create a strategy to duplicate that success in the future (Brausch).

My friend who is an electrical engineer said, “You can’t improve what you do not measure. When you measure your success, you always find things you would do different or improve. Take a moment to look back on your success and ask yourself if you could produce the same results today. If not, find a way to improve and hone your skills that you may be successful with everything you aspire to do.

Brausch, John M. “Managing for Success.” Strategic Finance. April 2010. Pg.6

Five Traits Employers Look for According to Me

Campbell Scientific Incorporated is a manufacturing company that builds instruments to measure the weather. Their mission statement consists of four elements. It reads that they are committed to workmanship, quality, service, and improvement. These traits can be likened to the skills employers look for when they’re hiring new personnel. I will discuss these four traits and add a fifth, which is enthusiasm.

Workmanship is the product of effort and endeavor.

When you think of workmanship, you might think of the work done by a builder or craftsperson. Examples of excellent workmanship can be seen in the sculptures and paintings of Michelangelo. Michelangelo painstakingly put minute details into all of his paintings and sculptures, and his work is admired to the present day. Think about how you approach a job at hand. Do you put full heart and effort into the project, or do you put in the bare minimum? As you prepare to enter the work force, remember to always have good “workmanship.” This means to always endeavor to put time and effort into your job.

Quality refers to the character of being superior, or a grade of excellence.

Good workmanship leads to quality, which is the second trait. Knowledge and education is vital to providing quality work. When you gain the right skills, you will be a valuable asset to the company for which you work for because you will you will be able to work efficiently, therefore giving you the ability to incorporate quality into your work.

Service is the act of helpful activity.

Always remember to be helpful to people. Employers will admire those who are willing to help out in anyway they can. When you show service in a business, you help resolve someone else’s concerns and help them with their work.

Improvement means to make more useful, profitable, or valuable.

When you interview for a job, there may be skills that you are not completely comfortable with. Show the employer that you are willing to improve your skills while you work for his or her company.

Enthusiasm means to have a lively interest or pursuit.

There is an old saying that says that part of the key to happiness is to wake up and go to a job that you enjoy. Employers will notice and admire you if you have enthusiasm for the job for which you are applying. Enthusiasm increases productivity and motivates other people.

Definitions taken from www.dictionary.com