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Two Views of the Proper Role of Government in the Economy

Paul Samuelson and Milton Friedman are two of America's most distinguished economists. In recognition of their achievements, Samuelson was awarded the Nobel Prize in Economics in 1970 and Friedman in 1976. Both spent most of their professional lives on the faculty of major universities (Samuelson at the Massachusetts Institute of Technology, and Friedman at the University of Chicago). Given their similarities, one would think that the two would also hold similar views on economic issues. Nothing could be further from the truth. And, some of their sharpest differences center on the question of what ought to be the proper role of government in the economy.

Classical economists in the tradition of Adam Smith had long recognized the need for government to provide goods and services that would not or could not be provided by the private sector (like national defense). But they urged that this participation be kept to a minimum.

But Samuelson argued that too many of the problems the classical economists wanted to leave to the marketplace were not subject to its influence. These externalities, affecting things like public health, education, and environmental pollution, were not subject to the laws of supply and demand. Consequently, it was up to government to establish goals for the economy and use its powers to achieve them.

Milton Friedman sees things differently. Like the classical economists of old, he regards supply and demand as the most powerful and potentially beneficial economic forces. The best that government can do to help the economy, in Friedman's view, is to keep its hands off business and allow the market to "do its thing." The minimum wage laws are a case in point. Whereas Samuelson endorses minimum wage laws as a means of helping workers at the bottom of the income ladder, Friedman would argue that by adding to unemployment, they harm the very people they were designed to help. That is, he explains, by increasing labor costs, minimum wage laws make it too expensive for many firms to hire low-wage workers. As a result, those who might otherwise be employed are laid off.

On the one hand, Samuelson endorses the concept of government-sponsored programs such as public housing and food stamps as a means of reducing poverty. Friedman, on the other hand, would prefer to give the poor additional income and allow them to use the funds to solve their problems without government interference. To apply this concept, Friedman suggested the "negative income tax." The graduated income tax takes an increasing amount in taxes as one's income rises. The negative income tax would apply a sliding scale of payments to those whose income from work fell below a stated minimum.

Unit 10

Grammar: 1. Функции инфинитива.

2. Инфинитив в функции определения и обстоятельства.

I. Language Practice

1. Practise the fluent reading and correct intonation:

Asking the Way.

— Excuseme, `can you `tell me the `way to Tra`falgar Square?

— Certainly. `Go `down Regent Street | into Piccadilly Circus | and `then `go `down the Haymarket.

— Excuse me, sir, | but `would you `tell me where Hyde Park is?

— I really have no idea. I’m also a stranger here. You’d `better ask the policemen over there. He’ll give you `all the infor`mation you want.

— `Would you `mind telling me `how I can `get best from here to `Hyde Park?

— Oh, | that’s a pretty `long way from here. Go as `far as the next corner | and `wait for a `bus with «Hyde Park» on it.

— Excuse me, | `can you `tell me the `way to Hyde Park?

— Certainly. It’s about `fifteen `minutes’ run by `bus 9 from here. If you `tell the conductor, | he’ll `put you down there.

— `One moment, sir. `Can I `get to `Hyde `Park by the Underground?

— Sure. `Take the Underground | from Mansion, House.

— Excuse me, | `am I right for Farringdon Road?

— No, madam. You are `going the wrong way. In fact, | in the opposite direction.

— No. You’ll `have to `go back to the `bottom of `this road, | take the first `turning on your left (`turn to the left), and `walk straight on as `far as the `third cross-to-ads. You `can’t `possibly miss it.

2. Listen to the speaker; read and memorize the following words and phrases:

1. to survive - выжить

2. internal funds - внутренние средства

3. expenses - расходы

4. depreciation - амортизация

5. replacing assets - замененные средства

6. wear out - изнашивать

7. retained earnings - нераспределенная прибыль

8. external funds - внешние средства

9. to borrow - брать взаймы

10. proprietorship - собственность

Text. The Sources of Business Funds

In many ways, money is to business what water is to plants. Plants need water to begin life, to survive and to grow. Similarly, firms need money to begin operations, to meet their day-to-day expenses and to expand. Most of the money used by business comes from the sale of its products and services. Since these funds come from within the firm they are described as internal funds. The rest must come from outside, or external sources.

Internal Funds. As a firm sells its products or services, it receives money, which it uses to meet its expenses. One of these expenses, depreciation, represents the cost of replacing assets (like tools, machinery, and buildings) that wear out. Typically, businesses use internal funds to cover the cost of depreciation.

The funds that remain after paying expenses are a firm's profits or earnings. Although the owners or stockholders could take it all for themselves, in most instances some portion of the profits will be retained by the business. Since its "retained earnings," along with the sum it set aside for depreciation came from within the firm, they are known as internal funds. About 60 to 70 percent of a business firm's financing come from its internal sources.

External Funds. Sales do not remain constant from one season, or month or week to the next. There are times when more money comes in to a business than is needed to pay its bills. Similarly, at other times there is not enough money coming in to cover operating costs. When this happens, there are only four things that the firm can do:

• dip into savings,

• borrow,

• sell shares of stock (if it is a corporation) or seek additional capital from the owners (if it is a partnership or proprietorship),

• reduce spending.

II. Exercises on the Text:

3. Give English equivalents to:

во многих случаях; чтобы покрыть каждодневные расходы; большая часть денег; остальные должны исходить извне; поскольку фирма продает свою продукцию или услуги; чтобы покрыть издержки за амортизацию; в большинстве примеров; выделять на амортизацию; они известны как внутренние фонды; бывают времена; когда это происходит; продать долю в акционерном капитале.

4. Complete as in the text and translate into Russian:

1. In many ways, money is to business what ... 2. Plants need water ... 3.Similarly, firms need money ... 4. The rest must come from outline, or ... 5. As a firm sells its products or services, it receives money which it uses ... 6. Typically, business use internal funds...7.The funds that remain after paying expenses are ... 8. About 60 or 70 percent of a business firm’s financing comes... 9. There are times when more money comes in to a business than ... 10. Similarly, at other times there is not enough money coming in ...

5. Sum up what the text says about:

money is to business;

the sources of coming money from;

the usage of internal funds

the four things that the firm can do

III. Grammar Exercises

Синтаксические функции инфинитива и способы их перевода на русский язык.

Подлежащее
1. To answer is not easy	Отвечать ...
Часть сказуемого
To live is to create. We are to create	... творить
Дополнение
3. Science teaches you to create.	... творить
Определение
4. The work to be done isn’t easy.	... которую нужно сделать ...
He was the first to answer this question.	... кто ответил ... ответил
Обстоятельство
5. To answer this question you are to know the subject well.	Чтобы ответить ... Для ответа ...
In order to work here you are to be an experienced specialist	Для того, чтобы...

6. State the forms and functions of the infinitive. Translate the following:

1. To complete a journey round the sun requires nearly 29 1/2 years. 2.Steel output is to go up in the next years. 3. To prolong this discussion is to waste time. 4. I only want to be given my chance. 5. Does this mean that to think is the same thing as to utter words? 6. This record, one may assume, is to serve some subsequent purpose. 7. To move in space calls for quite new concepts of energy. 8. He linked to be looked upon as businessman. 9. Then an incident occurred to disturb the monotony of life. 10. I have turned aside to discuss these matters.

7. Translate the following into Russian paying attention to the Infinitive as an attribute:

1. There is one more phenomenon to be involved into this solution. 2. The data to be analysed involve knowledge of production management’s methods. 3. Dalton’s atomic theory was the first to make successful use of the old Greek theory of atoms in chemistry. 4. The traditional role of science is to make people healthy and the world a brighter place to live in. 5. The Sun is the first object to be studied by rocket astronomy. 6. All the attempts to confirm this suggestion have failed. 7. She gave him a list of a few books to be read. 8. I was present at an experiment - perhaps, the thousandth to have taken place.

8. Translate the following into Russian paying attention to the Infinitive as an adverbal modifier:

1. Laws were not made to be broken, laws were made to stay within. 2.Sometimes you retreat in order to advance. 3. The foreperson was too busy to see anyone. 4. He was so weak as to unable to work. 5. The executives found the problem too difficult to solve. 6. It’s still too early to speak about the efficiency of this method. 7. In these areas the land is too unproductive to support a flourishing agricultural population. 8. The results of voting are enough to generate discussion on the pages of learned periodicals.

9. Read and translate the dialogue:

Jay Richards is consulting his financial adviser:

Jay: As a matter of fact, I'm thinking of starting an automobile agency. Could you tell me how I should finance this business?

Adv: Sure, Jay. If you've got some money of your own, you can operate on a cash basis: no credit given, no money borrowed. But a firm of this kind is usually a short lived one.

Jay: Shall I get credit from the bank then?

Adv; Not necessarily. You may just as well go to any insurance company and they will be only glad to help you, or at least they will try to show it.

Jay: Suppose I get their money to construct a building. But I'll need a lot more money to pay for the tools and equipment.

Adv: Oh, that's not a problem either. The car manufacturers will pay for it on a credit basis. And of course, you will get a loan from the bank to pay other expenses.

Jay: But that will mean a lot of money! How shall I pay it back?

Adv: Don't worry! The more money you invest the more rapid the progress you will make. You will certainly have idle money very soon. But do not let it stay idle. Invest and get profit out of it.

Jay: O.K. Thanks for the advice. I'll call in later for more details, if you don't mind.

Adv: Of course I don't. I'll be glad to see you any time of the day.

10. Form abstract nouns with the help of given suffixes:

1. noun + -age

coin, cover, pilot, parent, pack, percent,

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