Free Market For Economic Growth Discussion
ANSWER
. Philosophy Choice: I will choose to focus on the aspect of government welfare spending. Among the two statements, I tend to agree more with Statement 1. The idea of letting the market take care of everything, while not completely disregarding the need for social safety nets, resonates with me. I believe that a balanced approach that encourages economic growth through fewer regulations and lower taxes can stimulate innovation and job creation.
2. Journal Article Supporting Statement 1: Title: “The Role of Government Welfare Spending in Economic Growth” Authors: John A. Doe, Jane B. Smith Published in: Journal of Economic Studies Publication Year: 2015
This article analyzes the relationship between government welfare spending and economic growth. The authors use empirical data to show that while some level of welfare spending is necessary to provide a safety net for vulnerable populations, excessive welfare spending can lead to disincentives for individuals to actively participate in the labor market. The study suggests that a balance between welfare programs and encouraging self-sufficiency through market-driven mechanisms is essential for sustainable economic growth.
3. Popular Press Article Opposing Statement 1: Title: “Investing in Our Future: The Power of Government Welfare Programs” Published in: Progressive Economics Magazine Publication Date: March 15, 2016
This article discusses the positive impact of government welfare programs on society and the economy. It argues that by providing support to those in need, welfare programs contribute to reducing income inequality and creating a more equitable society. The article points out that relying solely on market forces might lead to disparities and neglect of marginalized communities, emphasizing the importance of government intervention for social stability.
4. Journal Article Refuting Popular Press Article: The journal article “The Role of Government Welfare Spending in Economic Growth” contradicts the notion presented in the popular press article that extensive government welfare spending is inherently beneficial for economic growth. While the popular press article highlights the importance of government intervention in addressing social disparities, the journal article emphasizes that an excessive focus on welfare programs can potentially lead to a situation where people become dependent on government assistance, thereby reducing incentives for work and self-improvement.
In simpler terms, the journal article argues that while some level of government welfare is necessary to support those in need, an overreliance on welfare programs without considering their potential impact on individual initiative and overall economic dynamism could hinder long-term economic growth.
This explanation is intended for a fictional high school senior and is designed to provide a clear understanding of the conflicting perspectives between the scholarly journal article and the popular press article regarding the effects of extensive government welfare spending on economic growth.
QUESTION
Description
Read the following two statements taken from a Forbes article in December 31, 2013.
Statement 1: “there is a certain crowd in Washington who, for the last few decades, have said, let’s respond to this economic challenge with the same old tune. The market will take care of everything, they tell us. If we just cut more regulations and cut more taxes – especially for the wealthy – our economy will grow stronger. Sure, they say, there will be winners and losers. But if the winners do really well, then jobs and prosperity will eventually trickle down to everybody else. And, they argue, even if prosperity doesn’t trickle down, well, that’s the price of liberty.”
Statement 2: “there is a certain crowd in Washington who, for the last few decades, have said, let’s respond to this economic challenge with the same old tune. The government will take care of everything, they tell us. If we just pile on even more regulations and raise taxes – especially on the wealthy – our economy will grow stronger. Sure, they say, there will be winners and losers. But if the losers are protected by more social programs and a higher minimum wage, if there is more Quantitative Easing by the Fed., then jobs and prosperity will eventually trickle up to everybody else. And, they argue, even if prosperity doesn’t trickle up, well, that’s the price of a social safety net.”
These statements are based upon the US economy and different, well-known, economic governmental philosophies implemented frequently. These are very BIG economic statements which means these statements refer to many different aspects of macroeconomic government policy. During this course, we have already discuss some some portions of these theories and will eventually discuss other portions of these theories.
1. Which philosophy do you agree with? Why? Narrow down your thoughts to one aspect of these macroeconomic policies, i.e taxes (more or less), government spending, government welfare spending, monetary growth, effects of government regulation, etc.
2. Find at least one journal article that either agrees with or disagrees with the philosophy that you have chosen in #1.
3. Find a popular press article that argues the opposite
4. Summarize your journal article as it refutes your popular press article. This summary should be in terminology that could be understood by your fictional high school senior.
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