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Economic analysis - Book Report/Review Example

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Name: Course: Name of professor: Date: Economic Analysis The paradox of the economic blame game is a common phenomenon globally from the recent past right into the present times. With the global economic recession, a factor raising a lot of concern to all countries in the world is the issue of most famous world economies facing the challenge of negative economic growth…
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Economic analysis
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Download file to see previous pages Ideally, the problem of the people always lies with the people themselves, and the process of solving them as well lies in the hands of those who cause these problems. Sad to notice, economic problems are tied to the beliefs that are held by most people in the world today and are more pegged on the way we view things, that is the perspective that we take in carrying out our daily routines. Skidmore and Hideki in their book Economic Inquiry argue that the problem of economic burden can be solved, but only if we change our perceptions and view both sides of the coin and compare the similarities and the differences that are associated with economic issues. This paper examines the acquisition and spending of money in the broader economic context (Skidmore and Hideki). The state money is not an exception to this and should be the first to be considered as it impinges on the citizens’ pockets if mishandled. Further, an analysis of Bastiat’s arguments is presented as far as the restructuring of the governments’ spending routines are concerned in order to release the effects of the economic burden from the common person and equitably and fairly distribute it across various levels of the whole population. The economic burden should be equally distributed in the whole population in a nation to lighten the burden. On the contrary, this is not always the case in virtually every nation around the globe. A certain category of people bears much of the economic burden as compared to the others, and this is a common phenomenon across the world states. Those who bear the most weight of the economic burden are the poorest populations which have to labor extra hard in order to pay their highly demanding officials at high ranks in terms of taxation. The heavy load placed upon the poor population is a source of joy of the highly paid officials, who instead celebrate the suffering of their people (Stringham). Frederic Bastiat equates this to spending heavily on the visible needs and ignoring the rather important unseen needs of the people that are more important and often overlooked. Bastiat calls upon the global community to consider most the unseen economic needs and focus less on the visible needs. The unseen sectors of the economy are the most important factors to consider in a bid to rejuvenate the world economic power that has been lost over time. The restructuring of the spending trends has to begin with the state treasury. Bastiat argues that to more consideration should be placed on ordinary people and focus most on reducing their expenses through limited taxation. Frederic Bastiat, in his selected essays on economic policy, gives a summary of the governments’ operating costs and who enjoys and who loses when the government uses the taxpayers’ money. He introduces his arguments in the first chapter of his book, titling it what is seen and what is not seen as far as spending money is concerned. He gives an example with the broken window. In this case, he argues, the only cost that is seen by most economists is that of replacing the broken windowpane while the other cost that is not seen and which is equally important is omitting the other unforeseen necessity, which could have been accomplished using the same money, had not the window been broken. With this money, he says, the proprietors of the window ...Download file to see next pagesRead More
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