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Economy - Essay Example

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Unresolved unemployment rates and budget deficits are examples of indicators to economic problems and the federal government should rise to the task and ensure necessary policy initiatives towards saving the economic stake of American taxpayers. One of the identified root causes of economic problems is the decline in profit margin from entrepreneurial ventures. Even though this has been a long-term problem, no solution has been found and the consequences continue to spread through high unemployment rates and low wage rates. Earlier strategies to solving the problem through expansionary approach through macroeconomic factors such as fiscal and monetary policies for example reduced unemployment rates but at the same time caused inflation. ‘Contractionary’ measures however resolved inflation but increases unemployment rates. Consequently, a comprehensive approach to resolving the profit rate dilemma, and sustaining the already achieved rate, should be explored. This is because the adopted strategies by the private sector to improving their profit rates have adversely affected citizens through imposed low wage rate, lost jobs and increased work input at no extra consideration. The government should therefore initiate specific employee protection policies to ensure that employers to not overexploit employees in their profit rate maximization. Such policies would include stipulation and strict implementation of minimum wages and working conditions (Mosley 1). The role that the housing crisis

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played in worsening the American economy also means that measures should be taken through the interdependence of the arms of the federal government to ensure higher accountability of the Federal Reserve in formulation and implementation of its fiscal and monetary policies. This is because the Federal Reserve or the other arms should have foreseen and prevented the housing crisis. Exercising presidential veto powers to recall unsound or risky policies, by federal agencies is a possible solution (Mosley 3-9). The two problems, the private sector’s move to increase their profit rate and government agencies’ weak approach to detecting and preventing economic crises, can also be resolved by increasing the government’s direct role in the economy. This is because the American economic problems are factors of the capitalistic system that allows capitalists to dictate resource distribution. Nationalizing the economy will however empower the government to manage and control resources and resource allocation at the citizens’ economic interest. The approach will for example ensure effective protection of employees’ interest instead of profit maximization. Similarly, significant direct involvement in economic sectors such as the banking sector will allow for responsibility among other players in the sector because any initiated crisis will not dictate government bailout. This is because current private sector domination means that failure by the government to bail out players, during a crisis, would mean a collapse of the sector. Significant government participation in product delivery would however sustain an affected sector and instigate
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Summary

Economy Introduction Economics, the knowledge of generation, use, and transfer of wealth, is an essential element to every society. This is majorly because availability of resources is essential to meeting different needs, both social and entrepreneurial. While microeconomic concepts affect individuals or small groups of people and can be controlled at such levels, macroeconomic elements are felt at national levels and are influenced by national and international policies…
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