Economic Help

Question description

The file i uploaded is what I have to base my essay off of…

My Professors requirements: As we have learned a key component of economics is how to ration scarce goods, services, and resources, but what affect does scarcity have on the human psyche and society? The attached article details how scarcity decreases IQ, limits people’s self-control, and generally stunts our ability to grow intellectually. We live in a time where the United States’ real GDP per capita has never been higher in any time in history, meaning that we as a country have never been as prosperous as we are now, as evidenced by the graph below, yet it seems as if we are living in a country that is dominated by scarcity. For example, people’s jobs are increasingly less secure than in the past, the vast majority of workers no longer have secure pensions but are in highly volatile 401 K plans that are managed and mostly funded by the workers themselves, higher education, which is now one of the only tickets to the middle class, is increasingly becoming out of reach to students due to the high cost of tuition, etc. So we live in a divided age, where we have abundance one side and a scarcity mind-set on the other.

The first part of the paper should be devoted to writing about how scarcity has affected what the article describes as your “bandwith”. Specifically write about how scarcity has affected your educational goals and what you will do to alleviate this.

The second part of the paper should focus on macroeconomics. Write about how a scarcity mind-set can affect things such as economic growth, productivity, unemployment, etc. In addition, I want you to be creative and come up with a brief policy proposal, law, or program for the U.S. Federal Government to undertake to alleviate some of the effects of a scarcity-mindset and what impact your policy proposal will have. Your proposal doesn’t have to be a U.S. Federal Government program. It can achieve its goals through the private sector as well, but the impetus for it has come from a law, policy, or regulation.

For the second part you need to make sure you show me cause and effect and that your logic is sound. For example, if you say that a scarcity mind-set affects economic growth you need to tell me specifically how it affects it and what impact it has. For your policy proposal, law, or program you need to tell me exactly what it is, what it is trying to alleviate, and how it will have an impact.

As the instructor I should be able to determine that you have read the article and understand the content. The paper needs to be at least three pages, double spaced, and size 12 font. Cite your sources. The paper must be printed out and submitted at the beginning of class.