• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Naked Economics: It Depends

Extracts from this document...

Introduction

Usman Majeed Mrs. Lee IB Economy 8/14/09 Naked Economics: It Depends Throughout the book Naked Economics are many instances where Charles Wheelan brings up an issue that is controversial or debatable. Essentially economics is the social science that studies the production, distribution, and consumption of goods and services. So what is the driving force behind production, distribution, and consumption? The answer to that is simply put, humans. People affect the economy in many different ways whether those ways are direct or indirect. Humans like nature are ever changing and cannot be controlled or manipulated. One would simply think that economics is a simple science that is based on fact and laws; however, unlike math where there is a definitive answer, sometimes economic answers depend on the situation. One golden example is the role government has to offer to the economy, is it, "Too big, too small, or just about right?" ...read more.

Middle

So what should have been done, a large role of the government or a small role? Well, it depends. Another prime example of an economic dilemma is a question proposed by Amartya Sen, the 1998 Nobel Prize Winner in Economics, "Three men have come to you looking for work" (Wheelan, pg 60). One of the three is very poor so hiring him would increase his welfare, the second is not poor but was just recently deprived, and the third has a chronic health condition. So if you are the employer who would you chose to most benefit the economic society you live in? Would you help the common welfare by choosing the poorest, or increase the esteem of the second, or help the third survive his health condition. The answer to this is tough and debatable, and has many solutions. One of the solutions could be to hire the one who has a health condition because he may be on the verge of death. ...read more.

Conclusion

A positive aspect of free trade is that it keeps different countries interlocked in a network of trust and fellowship thus preventing war, however, if trade goes badly the opposing country maybe provoked to indulge in war. A key concept of free trade however is cheaper prices, and maximum global efficiency can only be maintained by a tariff free international economy. The more efficiently allocated are the world's resources the less waste there is and more affordable goods will be prevalent for consumers. However, some economists say otherwise that international economics isn't as simple as increasing the efficiency of global trade. They believe that even though cheaper prices will become more available the jobs and companies on American soil will be less prevalent. Clearly the USA would want to favor their own citizen's jobs rather than the cheaper prices right? Thus the answer still stands with no correct answer but rather opinion based ones, should we do this or that? Similar to all the above questions in economics it sometimes depends. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Economy & Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Economy & Economics essays

  1. GCSE Economics Coursework

    The Newsagent's competition has stayed reasonably the same, as the Newsagents manages to offer a "Connivance Factor" that the larger supermarkets cannot offer. The demographics of this country are changing, the total population is increasing, the population is also aging, with 16% over 65 in 2003, and the fertility rate has increased to 1.71 children per woman.

  2. Case Study: The Home Depot

    every product available All possible colours, sizes, shapes etc.Reduced range in colours, sizes, shapes etc. Other advantages of the smaller store are: easier parking, less crowded aisles and quicker checkout. Chapter 8: The home improvement industry. In this chapter we will give a brief overview of the home improvement industry in the US.

  1. Split Votes: A Nation Divided on the Marijuana/Drug Legalization Debate

    they do not say they are opposed to taking government money either. There is the possibility that, in order to attract funds from the government and/or its members, the Hudson Institute sides with them on this issue. Drug prohibition, and its expansion, is a topic the government has been firm on for decades.

  2. Would you describe economics as a science?

    However, although it is near impossible to predict the actions of an individual in a given situation, it is possible to predict the actions of a larger number of people. This requires the use of the law of normality. This states that as the number of people increases, the large-scale properties of the population tend to a normal distribution.

  1. Fundamentals of Managerial Economics

    the United States by Country, April 2004.Although the United States is not currently importing a large amount of oil from Russia, Russia hopes to change that very soon. Russia is the world's second largest exporter of oil however their customer base is mostly European.

  2. Registered fee simple v Registered mortgage

    His interest is immediately caveated. Priority disputes Daphne v Albert Unregistered lease v Registered Fee simple A prior unregistered lease for a term of less than 5 years to a tenant in actual possession prevails over Registered Proprietor's ('RP') title: Transfer of Land Act 1893 (WA)

  1. The un-utopian issue

    First resort to politics before action can be taken (politics play a crucial role in the welfare of planned economies, especially in post-war or war; i.e. URSS in the Cold War.) If they see that no immediate threat imposed on them, they would continue in allocating most of their resources to that scarce area.

  2. The Quest for Optimal Asset Allocation Strategies in Integrating Europe.

    the EMU, and the importance of country versus industry effects in explaining equity returns. After this theoretical review, the methodology and data set employed for the empirical research are described. The basic statistics of the sample data are discussed afterwards, followed by the main empirical results concerning the stability of

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work