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
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.
For instance, it can be a challenge to come up with well-built policy action consensus between the legislature and executive. When president Obama appointed Richard Cordray as a director of consumer protection agency, many individuals were against his move (Cooper and Steinhauer 1).
Federal Government ii. States iii. Political Parties iv. The U.S media 4. Conclusion 5. Works Cit Public Tax Policy I. Introduction and brief explanation of public tax policy In any particular country, the government is usually mandated with the responsibility of coming up with the most efficient policies that will entail a common good for the public.
Various issues may be addressed by public policy such as crime, health, social welfare, education, trade and housing. The process of creating new public policy basically follows three steps. The first step is the agenda setting, followed by option formulation and finally implementation.
The role of media becomes more important in the modern day with the ever higher level of awareness amongst the citizens. In view of the role of media, the agenda setting, its various kinds,, tools incorporation, generation of mobilization amongst the masses, policy determination, the rules and regulations enactment and the subsequent goals attached with are all studied under the scope of media and agenda setting.
However this process may not be as simple as it seems for very often it takes a dramatic event, or crisis, to bring a problem to the attention of public officials. Election results and consequent changes in the administration, a shift in public opinion or the mood of the nation can have a powerful impact.
Making decisions about almost everything is part of doing research. A person acts as a researcher when s/he makes practical decision in his/her daily life.
For example, when s/he goes to work, does s/he take the cab or take the train This question can be answered by two ways or methods.
Because of this historical happening, it has formed and moulded the culture and behaviour of the people. The Philippines is a unique country with a unique history.
The people experienced two colonizers and have ingrained in their psychic the
This report gives the findings and recommendations on the Health Inequalities in London’s Hammersmith and Fulham Borough. The report also talks about obesity as one Social Health Determinant within the Borough. The report is about evaluating the effects of obesity as a social health determinant in a Borough in London called Hammersmith and Fulham.
These issue can be, crime rate, education, foreign or bilateral relations, health and social welfare. Almost every country that has a democratic system of governance implements a new public policy every now and then.
The time line for
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