Economics of Public Issues “Our world is one of scarcity; we want more than we have. The reason is simple. Although we live in a world of limited resources, we have unlimited wants. This does not mean we all live and breathe solely to drive the fastest cars or wear the latest clothes. It means that we all want the right to make decisions about how resources are used — even if what we want to do with those resources is to feed starving children in Third World nations. Given the existence of scarcity, we must make choices; we cannot have more of everything, so to get more of some things we must give up other things. Economists express this simple idea by saying that we face trade-offs.
For example, a student who wants higher grades generally must devote more time to studying and less time to, say, going to the movies; the trade-off in this instance is between grades and entertainment.” The Economics of Public Issues, 12th ed. by North, Benjamin, and Miller, (Boston: Addison Wesley Longman, 2001), p. 1 The book The Economics of Public Issues by North, Benjamin, and Miller explains, the chief focus of economics has always been on explaining the behavior of the private sector. However, in the last thirty years these principles have been applied to analyze public issues. One of the first things that economist had to learn about government decision making is that the cost of government policies are always higher than promised, and the benefits are always lower. The three economic principles used to examine the effects of the War on Drugs are scarcity, gains from trades, and supply and demand. This analysis is intended to raise such questions as Do government policies create an economic market of its own? Or, do the same economic principles explain government behavior? Do any of these economic principles explain how bad policies continue with very little or no empirical evidence of success? In regards to supply and demand the authors advise The tools of demand and supply are the most basic and useful elements in the economists kit.
The Research paper on First Amendment Issues: Prayer In Public School
Inclusion of prayer in modern American school schedule has been a controversial and highly debated issue during last several decades. When tragedy of the Columbine High School in 1999 occurred, in which twelve students and one teacher died, the issue of moral education and role of religion in the life of public education has been brought to an entirely different level. Right after the tragedy, The ...
Another basic principle is scarcity. We want more than what we have. We have limited resources but unlimited wants. So in order for anyone to have more of what they want they have to trade-off not having something else. 5 The last principle used is that somewhere, somehow through this complex system there is a gains from trade that arise from voluntary exchange. Miller, Benjamin and North, in the Part Two Introduction of Supply and Demand analysis talks of what happens when government attempts to prohibit the exchanges that give rise to these gains from unfretted trade.
What happens to voluntary exchange in a public issue? (The Economics of Public Issues, page 27) The Economics of Public Issues is an essential source of engaging, relevant readings for a principles of economics course, and an excellent way to spark independent thinking and classroom discussions in political economy, public policy, and social issues courses. For years, The Economics of Public Issues has shown students the power of economics in explaining the world around us. The Thirteenth Edition continues the tradition by offering ten all-new chapters on compelling topics such as the costs of terrorism, deregulation of energy in California, and the Internet economy. I had to read this book in my public policy economics class (although i really enjoyed it, which is rare in economics classes).
It was a very easy read: a bunch of short articles on public policy issues. It reminds me of the Economist magazine; mostly case studies backed up by economics. This book focuses on public policy blunders, i.e. health care costs, why SUVs are so popular, the costs of terrorism, the costs of illegalizing drugs, various monopolies, the California energy crisis, etc.
The Essay on Health Care Economics Issues HMO Simulation
Castor Collins is a health insurance company that offers health maintenance organization (HMO) to organizations. This health insurance company was founded in 1999 in Pantome. Two organizations are trying to seek coverage for their employees and have chosen to see what Castor Collins has to offer them. The two companies are Constructit and E-editor that are seeking policies for their employees. ...
That said, this book is clearly written from a strict ‘laisser-faire’ perspective, so keep that in mind while reading it. What else would you expect from economists?? This is a great little book to use as a companion to a textbook in any intro to economics class. Accessible even to people with no econ background at all, it shows how the principles of economics can be useful to understand a variety of different issues. The readings are short and clear, and they cover real-world, current issues. I would also recommend this to any reader who wants to learn more about the practical applications of economics. The Economics of Public Issues is an enjoyable textbook for the college student.
It is perfect for its compact size, yet concise in detail. The topics are very illustrative, and students will find them relevant to today’s world. This is a must read for the layman who doesn’t want to read Economics 101. Many politicians and well-intentioned citizens should realize what they’re up against when they try to thwart the laws of economics, whether it’s the minimum wage, ticket scalping, drugs or abortions. This book explains in clear terms why many laws to regulate these issues are doomed from the start. In addition, this book is a great companion for a macroeconomics course to promote class discussions.
However, if you already fully understand the laws of supply and demand, then this book is little more than light reading on a plane, and probably not worth the price. Paul Krugman’s, The Accidental Theorist, addresses many of the same issues, is a lot cheaper, and more fun to read. This book covered a wide range of topics with articles pertaining to economic issues. The articles were short and entertaining. The questions at the end of the articles were useful and thought provoking. Difficult topics are covered (e.g., rent control, airline safety, drug usage) in a fashion that allowed the reader develop their own opinion of the role economics plays on the issue..
The Essay on Three Kinds of Books to Read
I’m an avid reader and I have found the most interesting books fall within three categories. The categories are fiction, nonfiction, and poetry. I have read books in all of these categories and although I’m not an expert, I will explain the differences of these categories. Nonfiction is probably my favorite category, because while reading these books the reader is reliving something ...
