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Economics
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30 Nov 2018

Economies around the world are becoming increasingly globalized. How does this globalization affect the choices you face in your economic decisions? Do the effects change if you think of yourself as a consumer or as a producer? Use the economic principles and disccuss whether consumers and producers are hurt or helped by this globalization?

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Reid Wolff
Reid WolffLv2
1 Dec 2018
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Related questions

1. Recent news reports blame the slump of the global economy primarily on the fall of the price of petroleum and the unexpected decline of the Chinese economy. China has the second-largest economy but a recent downturn is sending a ripple effect across the world (see: http://www.telegraph.co.uk/news/worldnews/asia/china/12107990/Why-China-threatens-the-world-economy-in-90-seconds.html).

In an increasingly globalized world, where countries are becoming more reliant on each other, what role, if any, should International Bodies such as the World Trade Organization or other governments play in ameliorating a country's economic downturn?

2. While the United Nations encourages economic prosperity, it points that that a flourishing economy should be in and of itself the goal of any particular economy. The Human Development Index (HDI) was created to emphasize that expanding human choices should be the ultimate criteria for assessing development results. (see: http://hdr.undp.org/en/faq-page/human-development-index-hdi#t292n36http://hdr.undp.org/en/faq-page/human-development-index-hdi). The report

The HDI is broken into three criteria: Long and Healthy Life, Knowledge, and a decent standard of living (see: http://hdr.undp.org/en/content/human-development-index-hdi).

Which criteria do you think are most important? Please explain your answer.

Market failure is a situation in which a given market does not efficiently organize production or allocate goods and services to consumers. Overcoming market failure is a significant challenge for the government, which is not easy to accomplish and may require intervention. In this Discussion, you will consider what the government can do to regulate market inefficiencies. Give one example of a market failure, such as air pollution, water pollution, illegal immigration, or child labor, that is an international problem. Describe the role of the U.S. government in addressing this international market failure and explain why the U.S. cannot unilaterally solve the problem. Explain how individual economic decisions affect this market failure and how economic principles can be applied to modify those individual decisions to help correct the market failure.

Description
Thinking like an economist can be helpful in your daily life. If you understand basic economic principles such as incentives, opportunities, and risks and rewards, you can make better decisions. Learning to view the world as an economist can also help you make decisions about which credit card to apply for, what loan to take, or which health care plan is the best.

For this assignment, you will participate in a discussion about the two roles of economists in the context of a specific scenario. When responding to the discussion questions, be sure to reference course materials to support your conclusions and opinions. You should do the same whenever you respond to another person’s discussion post. By doing so, you not only make a stronger case, but better support your own learning.

Scenario
Imagine that a group of advisors to the president has suggested providing a tax cut for the middle class in order to stimulate the economy and reduce unemployment. The president has asked for your analysis of this proposed tax cut.


Instructions

In a post to the discussion, respond to the following:

Describe how an economic scientist would approach the tax cut recommended by the advisors in the scenario you just read. What are some economic factors that the economic scientist would consider when crafting his or her statement on the tax cut proposed?

Describe how an economic policy advisor would approach the same tax cut and provide the reasoning behind the position.

Remember to think like an economis, even if it goes against your own opinions about whether a tax cut is a good idea.

What economic principles does the tax cut involve?

What are some of the repercussions of the tax cut on the wealthy and do you think this is a positive or negative outcome? Why?

Do you think tax donations should be tax deductible even when it hurts government revenue?

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