Speak Out: Economics 101

Posted by We Regret To Inform U on Fri, Feb 22, 2013, at 6:24 PM:

An economics professor at a local college made a statement that he had never failed a single student before, but had recently failed an entire class. That class had insisted that Obama's socialism worked and that no one would be poor and no one would be rich, a great equalizer.

The professor then said, "OK, we will have an experiment in this class on Obama's plan".. All grades will be averaged and everyone will receive the same grade so no one will fail and no one will receive an A.... (substituting grades for dollars - something closer to home and more readily understood by all).

After the first test, the grades were averaged and everyone got a B. The students who studied hard were upset and the students who studied little were happy. As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little.

The second test average was a D! No one was happy.

When the 3rd test rolled around, the average was an F.

As the tests proceeded, the scores never increased as bickering, blame and name-calling all resulted in hard feelings and no one would study for the benefit of anyone else.

To their great surprise, ALL FAILED and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great, but when government takes all the reward away, no one will try or want to succeed. Could not be any simpler than that.

These are possibly the 5 best sentences you'll ever read and all applicable to this experiment:

1. You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity.

2. What one person receives without working for, another person must work for without receiving.

3. The government cannot give to anybody anything that the government does not first take from somebody else.

4. You cannot multiply wealth by dividing it!

5. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that is the beginning of the end of any nation.

Replies (6)

  • Heard this one before and it is the best down to earth example of where we are headed.

    -- Posted by dab1969 on Fri, Feb 22, 2013, at 7:26 PM
  • Heard this one before and it is the best down to earth example of where we are headed.

    -- Posted by dab1969 on Fri, Feb 22, 2013, at 7:26 PM

    There are a couple of people on here that I will bet you that you cannot explain it to and make them understand it.

    -- Posted by Have_Wheels_Will_Travel on Fri, Feb 22, 2013, at 8:39 PM
  • Wheels

    The Kool Aid is to strong. I wonder if they will work harder for the same pay as the slackers?

    -- Posted by We Regret To Inform U on Fri, Feb 22, 2013, at 9:14 PM
  • The Kool Aid is to strong. I wonder if they will work harder for the same pay as the slackers?

    -- Posted by We Regret To Inform U on Fri, Feb 22, 2013, at 9:14 PM

    Why of course they would! It worked for the Communistic USSR didn't it?

    -- Posted by Have_Wheels_Will_Travel on Fri, Feb 22, 2013, at 10:29 PM
  • We Regret to Inform U,

    That is a great post. I hope it is widely read!

    The misdirected desire to "keep the customer (student) happy" results in grade inflation---poorer work getting a higher grade than it should. Where does this tendency to inflate grades originate? Here's a little datum that may shed light on it.

    Universities have divisions called "colleges"...like the "Business College", "College of Education" (where aspiring teachers enroll), "College of Arts and Sciences", "College of Engineering". Guess which college typically has the highest GPA--approaching a 4.0--along the maxim repeated by Garrison Keillor on Prairie Home Companion on the radio: "All the children are above average" ??? Right! The average of the grades given by the College of Education at many universities is the highest. All their students are excelling! One story (there are many):

    http://www.outsidethebeltway.com/grade_inflation_in_education_colleges/

    So, teachers are taught at their colleges of education to inflate grades.

    Here's another dirty "secret": college professors' salary increases are predicated in part on student evaluations, where the most important and most easily understood question is something like "rate your instructor's overall effectiveness." Guess what? The overall effectiveness in many introductory classes (i.e., freshman/sophomore) follows perfectly the grade given. So, the A students say their professor was very effective! Can you see how this would pressure the professor to inflate his grades?

    And we wonder why the interstate bridges aren't engineered properly.....

    -- Posted by Givemeliberty on Sat, Feb 23, 2013, at 8:04 AM
  • Sounds like Nil learned the definitions of socialism, communism and captalism in college.

    -- Posted by Old John on Sat, Feb 23, 2013, at 10:57 AM

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