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Public Policy in Public and Social Care - Essay Example

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Public Policy in Public and Social Care

Thus consumers would benefit from plenty of cheaper goods. However conservative economics has acquired a newer dimension in that the absence of concern among conservative economists for environment related problems is changing for better.
Karl Marx, the German political thinker, is better known for his ideological premises expressed in his treatise Das Kapital. Marxian economics is based on these thoughts, though most of his teachings are basically centered on the perpetual conflict between the bourgeoisie and the proletariat. His economic thoughts though aren't substantial are concerned with how working classes are able to run the country's economy with fair play and social justice. When all productive resources are controlled by the proletariat a comparative cost/benefit analysis is not possible.
This paper takes the free market appraoch as the point of refernce for comparative analysis. Market forces, demand and supply, move in opposite directions with respect to price changes. When the price of a good is high the demand for it is less while the supply of it is greater. This is economic sense but nevertheless this positive economic statement about the predictable behavior of the consumer does not hold true when the demand patterns for Giffen and inferior goods are factored in. For instance when income, of the individual consumer, rises his demand for inferior goods such as potatoes, would rise. This is because the consumer's purchasing power increases when his real income increases.
Consumer sovereignty principle illustrates the fact that in a free market economy the consumer is free to consume what he wants. However, the consumer's sovereignty does not have meaning if he/she is unable to buy what he/she wants. This paradox is solved through government intervention in the provision of those merit goods such as health care and education.
1. Mainstream economists advocate both private and public provision of essential services like healthcare. However, even within mainstream economics the dichotomy between neo-classical theory and Keynesian economics cannot be ignored. In the health and social care industry this becomes more complex because insurance companies come into the picture as a third party. In a health care organization this is apparently the relationship between the hospital staff including paid managers and the shareholders. Decisions taken by managers to increase efficiency and profitability would negate the desires of customers but would benefit shareholders. Apparently there is no need for managers to please customers by being more favorable to them in decision making. However, acting in their own interest hospital managers would more likely suppress information flow to shareholders and take riskier decisions bordering on strategic competitive response to rivalry. For example price cutting decisions to increase volumes might jeopardize cash flow thus increasing operating costs in the short run.
Coupled with inadequate knowledge about demand elasticities - price, income and cross - the consumer might more likely make the wrong decisions. Information ...Show more

Summary

Mainstream economics is concerned with orthodox approaches to solving economic problems. It's opposed to heterodox economics. Though it's neither a branch of economics nor a school of thought as such, it seeks to align itself with neo-classical economics. More recently it has sought to apply a broader theoretical and conceptual tradition of economic thought by placing emphasis on neo-classical synthesis - a combination of neo-classical economics and Keynesian economics.
Author : sanfordchrist
Public Policy in Public and Social Care essay example
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