Free Identification of Economic Concepts in Recent Articles Essay Sample
Economics is really exciting due to the fact that it is capable to deal efficiently with critical public policy issues. Regrettably, such an aspect of economics is usually left for courses that are a bit advanced. In most instances, most students find the principles of economics boring and some have argued that to some extent; it is usually irrelevant to the situations in the real world. It has long been believed that the application of public policy issues to daily learning processes are capable of fostering greater student involvement in the learning process accompanied by higher levels of thinking critically.
In this critical analysis, I am using a recent article by economist Robert Carson whereby he discusses the micro-economic issues such as competition or protection for American agriculture. Here he discusses that it is vital to protect the consumer by looking into ways of saving the environment and using renewable energy. There are various issues discussed in this article such as; balancing of federal budget, micro-economic instability, rising or growing federal deficit, fair system of taxation.
The major objective of this article is to help students follow intellectual argument of every perspective. The article also talks of social security and this is where it applies to economics and it defines it as a program that has the effect of redistributing wealth from income earners to elderly retired Americans. It also defines economic efficiency as the degree to which the amount of inputs is used in order to generate maximum outputs. Similarly, economic efficiency means efficient economic distribution or obtaining maximum output out of smallest amount of inputs.
Finally, the article explores on utilization of resources by the society in order to gain maximum possible satisfaction of wealth redistribution and the expectation of decrease in the gap between income earners and old Americans. This implies that in future there is the likelihood of equal number of income earners in the United States. Generally in economist point of view, we find that both young and old people are producers of utility since their services guarantee positive satisfaction.