The State of the Market Economy and Its Struggles
The zip file can be found here:
https://dropmefiles(dot)com/8f3Bg
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Please read and follow the requirements!!! Thank you!!! Ask me anytime if you have any questions
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This Economic essay is about Discuss why any legitimate analysis of the state in a market economy cannot be made using an efficiency criterion alone. What realities and struggles must such an analysis include?
There are several requirements. The first is to use at least two models. The options are:
-Production externalities
-Consumption externalities
-Public goods
-Asymmetric information and adverse selection
These models can be found in Lectures in the zip file
The second is to use at least one of the articles
-Elinor Ostrom, James Walker and Roy Gardner, “Covenants with and without a sword: self-governance is possible” American Political Science Review 86(2) June 1992: 404-417.
-Michael J. Sandel, “Market Reasoning as Moral Reasoning: Why Economists Should Re-engage with Political Philosophy” The Journal of Economic Perspectives, Vol. 27, No. 4 (Fall 2013), pp. 121-140.
These articles are all the assignments we have done before. I chose the second one because the scores at the time were relatively high and the information was complete. The pdf file of the article can be found in 2 in the zip folder, called sandel-market reasoning as moral reasoning.pdf
The third is to use at least two other articles about the article you selected. If we choose the second one, these articles can be found in Additional readings and presentations for 4 in Journals and Presentation 2 of the zip
In the folder Additional readings and presentations, there is also a speech video made by other students. This requires reference + reference at least two. It is recommended to apply the speeches in the folder A couple very good and detailed summaries. Their scores are all compared. high
The entire essay requires 1250 words, which should be almost 5 pages, written in paragraphs with an introduction, thesis statement and conclusion, and a small number of section headings if desired.
And please indicate a good reference (in text and bibliography outside), there will be a turnitin check at the end
The pdf file Econ 393-win21-final essay in the zip file is an explanation, please read it in detail. If you have any questions or do not understand, please feel free to ask me, thank you
Required Task: Write an essay of 5 typed pages of text (1250 words), that satisfies the following:
1. Discuss why any legitimate analysis of the state in a market economy cannot be made using an efficiency criterion alone. What realities and struggles must such an analysis include?
2. Makes explicit reference to the assumptions and results of at least two of the following models:
- Production externalities
- Consumption externalities
- Public goods
- Asymmetric information and adverse selection
3. Makes explicit reference to one of the following,
- Elinor Ostrom, James Walker and Roy Gardner, “Covenants with and without a sword: self-governance is possible” American Political Science Review 86(2) June 1992: 404 - 417.
- Michael J. Sandel, “Market Reasoning as Moral Reasoning: Why Economists Should Re-engage with Political Philosophy” The Journal of Economic Perspectives, Vol. 27, No. 4 (Fall 2013), pp. 121-140.
I choose the second one, the pdf file can be found in 2/sandel - market reasoning as moral reasoning.pdf
4. Make use of at least two of the articles presented by students associated with the choice you make in #3 from Ostrom and Sandel. One of these can be the article you presented, but you should use the articles you think will allow you to write the best essay possible.
Format: The essay should be written in paragraphs with an introduction, thesis statement, and conclusion, and a small number of section headings if desired.
Referencing: Consistent use of a citation format of your choosing must be made. In-text citations or footnotes must include the authors’ names and page numbers. Full references should appear in a bibliography or in the footnotes according to the rules of the format chosen.
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The State in a Market Economy
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The State in a Market Economy
Introduction
The state of the market economy is a process through which a government takes full responsibility for socioeconomic programs. However, the implementation of the state of the market requires the government to be present and active. It is a tough transition from the state to the state market since it involves both political and economic reforms. The state of the market is required to develop an effective efficiency criterion. Efficiency criterion is an economic term that is used to demonstrate economic efficiency. Essentially, the efficiency criterion occurs when the government implements the state of the market without hurting other economic sectors. State market analysis is the metric tool that helps the government to implement policies that influence the economy. Notably, criterion efficiency alone cannot be sufficient to determine the state of the market (Michael, 2013).
What does the efficiency criterion consider? What are the weaknesses associated with the technique? As discussed earlier, criterion efficiency is an entity that is two-way based, and it is both normative and positive. In this case, it shows the policies that influence the state of the market, while on the other hand, it determines whether the proposed policies trigger the welfare in the country. A legitimate state of the market analysis focuses on several entities. Firstly, it has to consider the moral engagements of the market. Policies that affect the market are influenced by both political and socioeconomic factors. The primary objective of the state market is to find failures and determining the areas that do not meet the efficiency criterion value. Failures and value (efficiency) are the two main realities in the state of market analysis. Ineffective efficiencies are characterized by externalities and competition (Michael, 2013).
Furthermore, externalities can be categorized into two parts, positive and negative. Positive externalities take place when the production of goods and services benefits the third party. On the other hand, negative externalities can be described as the consequences; third parties endure due to actions taken by a government or a company (Sam & Megan, 2020). To explain the realities in the state market will consider production and consumption externality models. Production externality can be described as the harm that a company may cause to people, for example, a nuclear plant releasing waste to the rivers. Notably, production externalities are usually unrelated; they cause a negative impact on the economy. According to Michael (2013), production externalities are sequential, and they do not make the market achieve efficiency. It is an important reality and struggles at the same time. It explains why it is difficult to have a legitimate state market analysis using one component (efficiency criterion).
State economy and struggles
Economists have had a lasting debate on the issues surrounding state, economy, and struggles involved in measuring the strength of the state markets. The ideality of moral engagements in markets is large, meaning its analysis will require multiple components to make it legitimate. Let us explore some of the contrasts that are associated with economy and state. Through this process, it will be possible to reflect on the struggles of using one value to analyze the market. Most economists believe that state markets are influenced by government regulations. The neoclassical model demonstrates what entails markets and their relation to the state. The model shows that everyone is aware of the market, and there are no externalities involved. Remember, it is an assumption, and it has not been verified yet; therefore, the government has nothing to produce to the market. The contrast makes it hard to have a concrete value in analyzing state markets. However, the market is a science, and its efficiency is determined by public welfare (Sam & Megan, 2020).
Furthermore, examining externalities in respect to the state market, there are several factors to consider when doing market...