Essays on Gans

Schools of thought have different views regarding labor unions. The mainstream economics school of thought view on labor unions can be said to be negative. It takes unions as a collective with other interventions in the market such as government intervention. It perceives unions to influencing the supply of labor negatively. This is because its views competitive markets as being perfect thus unions hinder the supply of labor. Additionally, its provisions reveal that the relationship between the employees and the organizations is perfect. This means that unsatisfied employees can leave or the employer can allow the employees to go ...

Mini Lit 1

The Sociology of Poverty In this article, author focuses on the discussion regarding sociology of poverty and sociology of deprivation. The article tells that poverty of an individual in the society is wealth of other individual, and minimal standards in industrial and developed societies can be considered as idealistic goals and objectives in underdeveloped societies. Deprivation is in the society because of improper distribution of wealth and income (Coser). Under-privileged individuals, however, make comparison of their lot with that of privileged individuals. A poor man can be defined as an individual whose economic means are not proportionate with the ...

Externality takes place when action of one agent exerts direct impact on welfare of other agent, and this impact is not transferred by market prices. When there are externalities in the market, the social marginal cost is not equal to private marginal cost. Positive externalities compel market to produce less than the socially desirable quantity (Gans, King & Mankiw, 2011). Positive externalities are present in the economy when marginal social benefits are greater than marginal private benefits (Cypher, 2014). There are, however, several examples of economic activities that pave the way to production of positive externalities such as:

Provision of Education

Industrial training ...

Voting is a representation of the democratic rights of the citizens through expressing their right to choose the leaders of their choice. In the United States of America, research shows that close to 40 percent of the total registered voters do take place in the voting exercise of the presidential candidates (Campbell 32). This value is known to increase as the midterm congressional elections are formed. I believe that voting should be made mandatory in the United States of America (Campbell 32). This is a clear strategy, which will ensure that the Americans ignoring their democratic right of voting ...

Consumer’s choice is the ability of a given person or simply the buyer of a given good or service to determine what to use or purchase concerning products and services (Mankiw, 2014). There are several reasons behind any consumption habit by an individual. These include the prices of a given commodity, the level of income of the consumer and the utility as well as the technology at hand that characterizes the dynamics notable in the individual’s mode of purchase and use of a given commodity (Mankiw, 2014). According to Taylor& Greenlaw (2014), change in the prices of ...

Residential Property Market in Australia

Australian has seen of the one highest boom in the residential houses market over the last couple of years. Additionally, the house prices have been on the rise. Particularly, the Australian Bureau of Statistics (ABS) indicated that the house prices in the country increased by an average of 11.4% before inflation adjustment throughout the major cities in the year 2015 (Chamberlain, Johnson & Robinson 2014). Notably, despite the modest economic growth experienced in Australia, the housing market continued to rise, and there has been a consistent increase in the house prices (Ley 2011). For instance, the eight major cities experienced ...

There are different approaches to define small economies. Besides usual quantitative ways to measure country’s smallness by its population, territory, GDP and other criteria, there some qualitative factors that are used to define the economy’s scale. Some economists state that small economies are those that adopt “price taking” policies as they cannot dictate their rules in the market, neither significantly influence trade rules. This peculiarity of small economies mainly lies in the fact that such countries have limited resources. Hereby, small countries are more dependent on imports and are forced to accept trade agreements offered by large ...