Reading Analysis #5 "What is seen and What is unseen" (10/09/2011)

A)
In this passage Bastiast questions whether subsidies should be given to the art industries. Bastiat confronts the argument that those who oppose art subsidies, oppose the art in general. Instead he argues that this is not the case, in fact he argues that by removing subsidies he would be supporting the arts. This is the counter intuitive piece of his argument. He says that by allowing subsidies the initiated in art comes from above in the form of legislators, rather than below in front of individual creativity. the most interesting point for me was the Bastias mentions how those who don't believe in subsidies have faith in mankind to support and advance art, while those who believe in subsidies clearly have no faith in mankind to advance the arts but instead relay on the legislators. 

B)

1. Is there any legitimate situation for the government to support an industry?
2. How can a democracy composed of civilians who value the arts, support the arts without committing any bad economic errors. 
3. Do you believe that this is a proper application of the Broken Window Fallacy?

C) Bastiat uses the Broken Window Fallacy to uncover the bad economic principle behind subsidies as well as the issues with art subsidies in specific. This passage also shows how one can be against art subsidies but still support the arts..

EWOT Googles #5 "Interesting Fact" (10/09/2011)

Why people left the review session with the TA's?
Don't you want an A?


     People leaft the TAs session study early, and perhaphs they felt guilty about it. Thinking that the TA's might be offended about it. After talking to them the reasons they left the session was purely on economics, specifically the opportunity cost that they presented with. 
I as one of the students that left about their options analysis about leaving or staying and he answered....

I had two options: Staying at the study session or leaving early and studying on my own at the library. The opportunity cost of leaving early was essentially being able to go over the questions with someone able to answer any of my questions. Whereas the opportunity cost of staying was that nights available study time (because I had to go to the gym and had a date that night and so only had the time block of the study session).

 So after weighting the costs it became apparent that they had to leave, since the opportunity cost of leaving which was getting help with the study questions was easily remedied via Rizzo's audio recordings. Whereas a night of studying was not easily made up.