"Economic Issues Today"

Paper Summary:

This paper explains that the first two issues, in "Economic Issues Today" by Carson, Thomas and Hecht, are problems within the marketplace--American agriculture and consumer welfare; the format is similar in that it begins with an explanation of the problem, followed by a synopsis of the solution and then a complete breakdown of the solution by paradigm. The author points out that the third issue is dealing with externalities, asking the question of how society can save the environment: The conservatives argue for the "fair" method that incorporates a cost-benefit technique, the liberal argument is that the "free market" does not always "ensure society's well being" and the radical argument is that conventional market-directed and government-directed efforts are likely to be insufficient. The paper relates that the last issue is "Big Business" in which the definition of the problem relates to an explanation of the distinction between the competitive market structures of monopolistic competition, oligopoly and monopoly.

From the Paper:

"The introduction clearly and concisely explains alternative economic philosophies, beginning with a clarification of what happens "when economists disagree." It cites the example of George Soros, and acknowledges the economic debates of the Conservative, Liberal and Radical advocates. It also reminds the reader that alternative economic policies can become heated. The introduction then offers a general explanation of the role of ideology before the book then branches into specific dissections of the Conservative Paradigm, the Liberal Paradigm, and the Radical Paradigm, and uses examples of specific followers of each."

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