A nobel economist's caution about government - Essay Example

Only on StudentShare

Extract of sample
A nobel economist's caution about government

For example, the U.S. Affordable Care Act has brought little change since its implementation in 2010, lowering the number of individuals without health insurance to 13 percent down from 16 percent.
While there are some elements of truth that the American economy has exacerbated and that some policy interventions usually worsen off the economy, it is prudent to acknowledge that without a logical economic framework, the economy would simply shut. Economics provides the framework, which influences the performance of the economy for the betterment of the society. Economics as a science focuses on ensuring that the most is achieved out of limited and scarce resources as opposed to perfecting the society as Boudreaux and Zywicki postulate. Achieving the desired results out of an economic decision inclines on the dexterity with which policy makers or governments choosing which economic policy to implement for a given problem. As such, the dismal achievement realized in Obama Care and many other botched government intervention attempts are exhibitions of inaccurate policy choices rather than deficiency in economic thoughts. Nonetheless, the article is a food for thought that evokes deeper thinking and understanding of economic ...
Download paper

Summary

Boudreaux and Todd J. Zywicki argue that the society is so sophisticated that mere expression of ideas are insufficient to offer complete understanding of the functioning of the society. The authors attribute…
Author : lyla21

Related Essays

Federal Government Housing Policies
The contemporary housing assistance plans involve the comparatively flexible grants for the state as well as the local governments. This is done so as to assist the homeless people, build up reasonably priced housing and offer support to the first-time buyers. This was also done to encourage community development as well as more planned, direct support programs that would assist in providing low-priced apartments and even rental vouchers to the deprived families, managed through quasi-public, local public and the private intermediaries (McCarty & Et. Al., “Overview of Federal Housing...
6 pages (1506 words) Term Paper
Economics and Government
The market only stabilizes where demand is equal to supply and an equilibrium price is determined. Many sellers meet and each produces what he/she is best at hence quality goods are sold by willing sellers to willing buyers at an agreed price (Harford, 61-65). Q2: What does Harford mean when he says that in competitive markets, "Things are going to the right people”? In a competitive market, there is free allocation of resources although the consumers are the ones who determine how resources are to be allocated through their purchasing power. All the players in the market have a self...
3 pages (753 words) Assignment
Economist & Nobel Laureate Paul Krugman
In addition, that economics is ever changing, not stagnant. He has applied increasing returns theory to international trade and geographic clustering (Krugman and Helpman p.84).  Professional Profile He is acknowledged worldwide as a leader in the fields of economic geography and the role of increasing returns in shaping international trade. At MIT, he became the Ford International Professor of Economics. He has been a professor of Economics and International Affairs in Woodrow Wilson School, Princeton University, and currently with Princeton (New York Times). He is a Fellow of the...
4 pages (1004 words) Term Paper
Government Debt
External government debt refers to the aggregate funds collected from outside the country from foreign investors and governments. According to Gartner (2006, p. 68) the government will always sell its securities in the open market when it wants to raise funds from the investors. Key traded government securities in the open market include but not limited to treasury bills, notes and bonds (Snowdon & Vane (1997, p.103). Sovereign debt refers to government debt owed to investors mostly foreign in foreign currencies. Shone (1989, p. 119) states that Sovereign debts are normally used by the...
6 pages (1506 words) Essay
Government Debt
The following theories affirm that there is no alarm when government acquires debt. Attainment of key objectives in providing amenities to the citizens should be the primary concern of the government holding the people's wealth in the form of taxes, fees and fines (Burda & Wyplosz, 2005). Policy makers take account of risk factors more than the mere increase in price value of the loans before going for one. Therefore, it is imperative to say that the increase in government debt should not be a prime concern to the citizens since an amount borrowed and well spent can warrant further borrowing...
6 pages (1506 words) Essay
Essay on Government Borrowing
The government borrows majorly through issuing treasury bills, Canada Savings Bonds, and marketable bonds in domestic and foreign markets. The Financial Administration Act dictates that Governor in Council has the mandate to authorize the Minister to borrow money on behalf of Her Majesty in the right of Canada. The government borrowing has been too high and the interest is very low. The government Canada reported a net debt of approximately $ 616.9 billion in the fiscal year 2010-11. This was a rise by $ 34.4 billion from 2009-10. Canada’s total government net debt-to-GDP ratio hit 30.4 per...
4 pages (1004 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!