Social Studies skills: Difference between revisions
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=== Milton Friedman's "Four ways to spend money" === | === Milton Friedman's "Four ways to spend money" === | ||
* late 20th century Economist Milton famously defined the "Four ways to spend money" (paraphrased, not original quotation): | * late 20th century Economist Milton famously defined the "Four ways to spend money" (paraphrased, not original quotation): | ||
# You spend your money on yourself | |||
# You spend someone else's money on yourself | |||
# Someone else spends their money on on you | |||
# Someone else spends someone else's money on someone else | |||
click EXPAND to see the implications of the Four ways to spend money | click EXPAND to see the implications of the Four ways to spend money | ||
<div class="mw-collapsible mw-collapsed"> | <div class="mw-collapsible mw-collapsed"> | ||
• Table format | • Table format | ||
{| class="wikitable" style="width: | {| class="wikitable" style="width: 50%;" | ||
! Whose money is spent by whom | ! Whose money is spent by whom | ||
! Money is spent on whom | ! Money is spent on whom | ||
! Efficiency of Outcome | ! Efficiency of Outcome | ||
|- | |- | ||
| '''You spend your money''' || '''on yourself''' | | style="width: 30%"| '''You spend your money...''' || '''on yourself''' | ||
|| | || | ||
* seek highest value | * seek highest value | ||
| Line 592: | Line 592: | ||
|- | |- | ||
|- | |- | ||
| '''You spend someone else's money''' || '''on yourself''' | | '''You spend someone else's money...''' || '''on yourself''' | ||
|| | || | ||
* seek highest value | * seek highest value | ||
| Line 598: | Line 598: | ||
* = lower efficiency | * = lower efficiency | ||
|- | |- | ||
| '''Someone spends their money''' || '''on you''' | | '''Someone spends their money...''' || '''on you''' | ||
|| * seek lowest cost | || | ||
* seek lowest cost | |||
* no concern for quality | * no concern for quality | ||
* = lower efficiency | * = lower efficiency | ||
|- | |- | ||
| '''Someone else spends someone else's money''' || '''on someone else''' | | '''Someone else spends someone else's money...''' || '''on someone else''' | ||
|| * no concern for cost | || | ||
* no concern for cost | |||
* no concern for quality | * no concern for quality | ||
* = lowest efficiency | * = lowest efficiency | ||