Explain the revolution in economic thinking that Adam’s Smith’s ideas represented
Explain the revolution in economic thinking that Adam’s Smith’s ideas represented, historically speaking. In your estimation, what are the contemporary lessons to be drawn from Smith’s ideas and how may they be applied to policy? . . . Finally, is there a danger in using, without modification, the ideas of a man from the 18th century in the 21st century? . . . Explain.
Explain arguments both in favor and against using GDP as a measure of human welfare. . . . In your estimation, how should human welfare be measured? . . . To what extent does your analysis incorporate economic reasoning into measurement of human welfare and what does this tell us about the possible limitations of economic analysis when it comes to policymaking?
Economic can have great impact on electoral politics. In your estimation, how can public understanding of economic concepts such as growth, the business cycle, unemployment, and inflation be influenced by politicians’ rhetoric? . . . Also, which of these four macroeconomic “problems” do you believe to be thought of as the “most important” by voters? . . . Explain.
………………………….Answer preview…………….
In favor: GDP is the sum of finished products and services produced in a country during a given time and weighted by the market price. It also includes projects conducted by the government like a building of hospitals, schools, and roads.
Against: ignoring income distribution, does not account for pollution, does not account for domestic work and leisure………………………….
APA
222 words
Get instant access to the full solution from yourhomeworksolutions by clicking the purchase button below
