Externality

When analyzing education along the positive externality graph, the deadweight loss represents the lost opportunity cost due to the number of people that could be going to school, but choose not to. Furthermore, society wants the education level to be higher than where it currently is, thus deadweight…

based on some economic rationales. These economic rationales for government role in health care include control market power such as monopoly, informational asymmetries, public goods with regards to free rider problem, incomplete markets, and externalities (Low, 2010). These economic rationales emerge from the fact that government intervention in health care is to correct informational mistakes that are common in loose health care markets rather than to promote distributional goals or social…

As we know, Socrates and Descartes are two of the most influential philosophy figures to date. However these two men lived in two very different time periods and places. Socrates, Greek in nationality, belonged to the ancient period, whereas Descartes, French in nationality, belonged to the modern period. One may conclude that because of such diversification this might have been why their views on philosophy were so different. While i do shed some light on the background of these individuals let…

In the choice of research methodology, the researchers first have to choose one of the research paradigms like positivism, interpretivism, and pragmatism. Every research approach must follow the way of investigation such as epistemology, ontology, and axiology (Maxwell, 2005) as the essence of research philosophy. Therefore, I would like to follow the viewpoint of pragmatism as my research approach that should overcome some disadvantageous position of positivism and interpretivism, discussed…

In an era of increased globalization, transnational corporations (“TNCs”) and MNCs have grown in number and in power. A significant portion of modern economic development occurs through TNCs that, in an effort to maximize profit, move to developing countries. Among the attractions to TNCs of such regions are lax environmental regulations and what amounts to tolerance of human rights violations. TNCs have increased the rate of man-made environmental destruction and concomitant harm to humans.…

identifies in her article points to the existent of a market failure that the government may need to intervene in to remedy. She argues that childcare quality is under-demanded in the market. She posits that three factors lead to this market failure: externalities, information failures, and liquidity constraints. In general, she claims that parents may not be demanding the appropriate amount of childcare because they do not have access to all the information they need to make the best possible…

Many people speed because they will get to their destination from minutes to hours sooner. The opportunity cost of driving at the speed limit is the time that is lost that the person could have been used for participating in other doings. Most people would obviously choose to speed if this was the only choice in whether to speed or not, but there is the possibility of a speeding ticket. Many people choose not to speed because it is not worth the cost of speeding, while others have an inelastic…

planned, opportunity cost is estimated to $94 billion revenue for the U.S. (Varas 1). This shows how the decision to approve or not approve TPP is urgent deal with tremendous impact to the U.S. economy. Also, TPP will have positive externalities. Positive externalities are market activities that benefit someone not involved in the market. By 2030, the U.S. will increase its GDP by 0.4% and other signatory nations will also experience increase in GDP (Mauldin 1). One of the most evident increase…

Kendon Brown Econ 475 5/31/2018 Carbon Tax Summary and economic discussion: Carbon is one of earth’s most plentiful natural elements, in fact it’s the 15th most abundant elements on Earth and 4th most abundant element by mass, in the universe. Further, Carbon can be found in just about any organic compound, from humans to plants to fossil fuels. Unsurprisingly, carbon is present in every hydrocarbon fuel source this includes coal, oil, natural gas, and petroleum. Indeed, when humans use…

In his book, Outliers: The Story of Success, Malcolm Gladwell seeks to uncover what makes the ‘outliers’ of society so successful. He believes there is a stronger pattern in their success stories than the prevailing thought today. Gladwell stresses the importance of the “world that surrounds the successful,” by focusing on the family someone is born into, the culture they are born into, and the time period they were born in. Malcolm Gladwell begins his novel with the chapter titled “The Mathew…