Engineering and Profession 06-85-118
Economic Freedom
Economic freedom is very crucial because it affects all aspects of an individual’s life. A society with a high level economic freedom leads to lower poverty, higher income, longer life expectancies, less unemployment, and cleaner environments. Economic freedom also leads to higher quality life and improves well-being. Economic freedom key ingredients are voluntary exchange, personal choice, protections of property and persons, and freedom to compete. When economic freedom is present in a society, individual’s choices will decide how and what services and goods are produced. People often find it attractive engaging in exchange activities that are advantageous mutually. The underlying economic freedom prostitute is personal ownership. Due to this self-ownership, people have the right to decide or choose how they will use their talents and time. On the other hand, they do not have the right to resources, talents, and time of others. Therefore, they have no right to demand others to provide things for them. Policies and institutions are consistent with economic freedom when providing infrastructure for any voluntary exchange. They protect people and their property from those who seek to use coercion, fraud, and violence to seize things that are not theirs. Governments promote economic freedom by providing law enforcement system and legal structure that protect owner’s property rights (Lawson et al., 2004).
Raising taxes makes it more costly to do business. If taxpayers were given a chance to keep more of their money instead of paying taxes, they would save, invest and spend in developing the private sector. Moreover, if tax rates for businesses are lower, then they will afford to expand and hire more workers. For example in the United States, the current administration supports the Buffet Rule, and the government wanted to increase taxes for the richest individuals. These tax policies will make businesses and rich people end up leaving, and they take revenue with them, this will, therefore, lead to a shortage of employment opportunities. Governments can attract more job creations if policymakers create a low-tax environment that encourages innovation and investment hence high employment prospects (Hira 2004).
Government plays a very crucial role in economic freedom by law enforcement system and providing a legal structure that protect owner property rights and in an evenhanded manner enforce contracts. Economic freedoms require that governments refrain from interfering personal choice, market coordination, voluntary exchange, taking individual’s property, and freedom to enter and compete in product and labor markets. The purpose of the constitution is to protect economic liberty, the right to earn a living free form excessive governmental restraint or arbitrary. For instance, following the civil war in America, southern states tried to maintain a servile labor supply by economic liberty negation of the newly emancipated blacks. In response, Congress enacted the 14th Amendment that guarantees citizen's immunities or privileges designed to protect economic liberty (Vishny et al., 240).
Consulting engineering is a professional service which gives independent expertise in science, engineering and other areas related to industries, governments, construction firms and developers. The consulting engineering companies offers most of the consulting engineering services. Consulting engineering companies are responsible for designing and building infrastructure that is important to country’s economic, social and environmental quality of life. In an engineering consultant company, projects are carried out by teams comprised of a variety of disciplines and professions in addition to technologists and engineers but the team leader is a professional engineer. In consultant engineering company, there are people with business development skills, financial, business and administrative expertise, and project managers. The grade-income for high achievers on the Dean’s Honor Roll should be taxed because it is the responsibility of every citizen to pay taxes (Wicker 2012).
Raising taxes for engineers to redistribute their property to groups rebuild the economy. As the economy struggles, the focus has been raising taxes to address the deficit and debt. Taxing them more will lead to the collection of more taxes that will in turn help in rebuilding the economy. Voters who do not pay income taxes cannot vote themselves a rise by electing a tax-and-spend redistribution government. As the quote by Robert Heinlein states “There is no worse tyranny than to force a man to pay for what he does not want merely because you think, it would be good for him.” For instance in United States, Mr. Romney said “there are 47% of people who will vote for president no matter what.” The 47 percent are dependent upon the government; they believe that they are victims, they believe they are entitled to food, healthcare, housing and many more that’s an entitlement. Moreover, hence should be given to them by the government. Therefore, voters who pay no income taxes will not vote for a government that will force them to be taxed (Wicker 2012).
Many engineering companies are transferring jobs and tasks to lower cost economies. Company managers are making rational decisions with the hope of saving up to seventy percent in the net cost by moving to lower economies. Engineering jobs are moving to low-cost economies because companies want to expand and gain access to new market areas by taking production point or service delivery closer to their end users. Another reason is that there are many opportunities in the low economies since there is a big need for engineering experts needed in building the economy (GOP 2014).
Equality means that every individual have the same chances of doing what they can; there are many rights for equality reason. People in the country cannot become poorer under the guise of everything being equal and fair, the reason is that a country is richer because every individual can do what they are best at or talented. Given that everyone can do what they are best at, people will become rich since they will have a good environment to exploit their potential.
In conclusion, economic freedom is the strongest tool that is available for fighting poverty and over the last century has been attributed to the greatest advances in reducing poverty. Economic freedom creates economic growth that reduces poverty by providing workers with more opportunities. With economic growth, poverty levels are reduced, with equality, relative poverty levels decline. Economic freedom is a very crucial factor in determining people’s wellbeing across the world. Countries become rich where economic freedom exists. Economic freedom is a condition necessary for democratic development in any society. Therefore, economic freedom is the key ingredient for economic growth in any country because people will be able to do business freely without major problems.
Works Cited
GOP. Restoring the American Dream: Economy & Jobs. 2014. Retrieved October 13, 2014 <https://www.gop.com/platform/restoring-the-american-dream/>
Gwartney, James & Robert L. Economic Freedom of the World: 2004 Annual Report. Vancouver: Fraser Institute. Retrieved October 13, 2014 from <http://www.freetheworld.com>
Hira R. Impacts and Trends of Offshoring Engineering Tasks and Jobs. 2004. Retrieved October 13, 2014 <https://www.nae.edu/Publications/Bridge/GlobalizationandEngineering/ImpactsandTrendsofOffshoringEngineeringTasksandJobs.aspx>
Messick, Richard E. World Survey of Economic Freedom 1995–1996: A Freedom House Study. New Brunswick, N.J.: Transaction Publishers
Porta R., Lopez-de-Silanes A., Shleifer & Vishny R. The Quality of Government, Journal of Law, Economics and Organization, 15(1999): 222-279.
Wicker A. Why Half of Americans Don’t Pay Federal Income Tax. Retrieved October 13, 2014 <http://www.learnvest.com/2012/09/why-half-of-americans-dont-pay-federal-income-tax/>
