When it comes to the difference in how a professor spends money versus a student, a professor is able to spend a lot more money whereas the student is usually on a budget. When the student goes to a store they would most likely only go out to Wal-Mart or somewhere cheap and buy essential groceries. A professor might go to the same store and buy essential groceries along with some extra luxuries because they can afford it. When it comes to saving money, a professor might save up money for like a vacation or something fancy like that whereas a student would most likely save up for groceries or a concert on campus. A professor might dine in at a nice restaurant whereas a student would go to something cheap like McDonald's or something not as nice because they can't afford as much as the professor.
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Hi Greg-
ReplyDeleteWhile it is true that a professor probably acquires a lot more money than a student, I think it is important to consider the negatives of this as well. The book mentioned inflation as well. While students are often on a budget and have extra money to spend, they also don't have to worry about the value of their 300,000 home decreasing by x percent. However, inflation could be a significant and detrimental part to their life if they are making and saving a very small amount of cash and that cash becomes x% less effective, whereas that amount is really not even noticeable to the professor. So what about a form of currency that can't be inflated? That brings up the idea of these online markets such as amazon or macy's- you already have something dedicated to a store with its own form of money, thus the worry about something gaining or losing value isn't as much as a worry because it can't be regulated by governments.
-McKenna