Английский язык для экономистов - Малюга Е.Н.
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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.'1 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 labour costs, minimum wages 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 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," which would apply a sliding scale of payments to those whose income from work fell below a stated minimum.
C.2. Read the text again and complete the sentences using your own words as much as possible.
1. Others advocated a command economy in which ...
2. The reason that government intervention can impose even greater cost on economy than market failure is that...
3. High rates of taxation started to ... Unit 9. The Role of Government
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4. A market economy can function only if...
5. Classical economists urged that ...
6. Samuelson argues that...
7. Friedman sees things differently,...
8. Whereas Samuelson endorses minimum wage laws as a means of helping workers ...
9. Friedman suggested the "negative income tax," which ...
C.3. Decide whether these statements are True (T) or False (F).
1. Keynesians argue that the state can in no way maintain full employment.
2. All the economists reject a command economy as the most inefficient one.
3. Only market failure can impose the greatest costs on an economy.
4. Government management of enterprises is seen to be the only inefficient way.
5. High tax rates encourage people and companies to undertake additional economic activities.
6. A market economy can function well without any legal system and state control.
7. According to Friedman, the best the government can do to help the economy is to take business in its hands.
8. Samuelson turns down the government-sponsored programs for workers, saying that they should think about themselves.
^ D. Vocabulary
D.I. Learn the vocabulary and make up your own sentences, imminent (adj) — which is going to happen very soon painstaking (adj) — careful, thorough
surmount (v) — to succeed in dealing with (especially a difficulty), to overcome
roll over (phr v) — an amount of money such as a pension or investment continuing to be invested or lent without stopping
dash the hopes — to put an end to; to strike violently often resulting in damage or destruction
hover (v) — to stay around one place, especially in a way that is annoying 158
Английский ЯЗЫК ДЛЯ экономистов
foreclose (v) — to take back property because of someone's failure to repay
stasis (n) — a balance between different forces and influences
D.2. Choose the right definitions of the words and use them in your own sentences:
1) an advocate; a) to express approval or support of (opinion, action, etc.);
2) to oversee; b) a person who speaks for or supports an idea, way of life;
3) a flaw; c) not much or many compares with what is wanted;
4) attendant; d) something outside; that can be seen but is not natural or real;
5) scarce; e) happening at the same time as or as a result of something else;
6) to crowd out; f) a small sign of damage that makes an object not perfect;
7) externality; g) to watch to see that work is properly done;
8) a case in point; h) which proves or is an example of the subject under consideration.
9) to endorse.
D.3. Which words do the following sentences define?
¦ The amount by which something is less than what is needed, especially the amount by which money that goes out is more than money that comes in:
a) lack; b) deficit; c) scarcity.
¦ A fixed regular payment made by employers, usually monthly, for professional or office work:
a) salary; b) wages; c) earnings.
¦ To keep watch over a job or activity as the person in charge: a) control; b) supervise; c) oversee.
¦ Someone who follows or supports a particular person, belief or cause, etc.:
a) supporter; b) follower; c) backer.
¦ To set apart for a particular purpose:
a) allocate; b) allot; c) distribute.
¦ Not working or performing in a satisfactory way, especially because of waste of wastefulness or lack of ability or organization:
