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Economiccs - Essay Example

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Inequality and inefficiency are two different problems that our society has to deal with. And through the years, solutions for these have been included in the goals of the government as they have already resulted to several social and economic problems. Public policies are geared towards full employment of all available resources and full production to attain maximum possible satisfaction from these resources (McConnell and Brue, 24)…
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Download file to see previous pages... This means that if resources will be allocated to take care of the young children from disadvantaged environments, the benefits will not only be for the children but for the whole society as well. This can be analyzed through data about the education and the human skills as major factors to determine productivity. Education as a public good when made available to all children can decrease the inequity in the society as it reduces academic and societal difficulties in the future. And through education, skills could be acquired. These skills could help achieve productivity both in the workplace and in the society. Children who were able to go to school will learn and acquire skills that they can use for jobs in the future. In the long run, unemployment and problems brought by it like crimes can be reduced. This is because returns of such investments cannot be realized directly during the present time. The changing trends in the labor markets can also contribute to the inefficiencies that are present in the economy. The emergence of new technologies has raised the demand for highly skilled workers who are qualified to use them (Heckman and Masterov, 7). ...Download file to see next pagesRead More
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