Neoclassical theory and public economics

Neoclassical theory and public economics

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Neoclassical theory and public economics

Neoclassical economics is a school of economic thought that builds on the foundations of classical economics. It is characterized by its use of marginal analysis, its focus on individual decision-making, and its belief in the efficiency of markets.

 

One of the key concepts in neoclassical economics is the idea of marginal utility. Marginal utility is the additional satisfaction that a consumer gets from consuming one more unit of a good or service. According to neoclassical economics, consumers will only purchase goods and services up to the point where the marginal utility of each additional unit is equal to the price.

 

Another key concept in neoclassical economics is the idea of supply and demand. Supply and demand is a model that explains how the price of a good or service is determined in a market. According to the model, the price of a good or service will rise if demand for the good or service increases, or if supply of the good or service decreases. Conversely, the price of a good or service will fall if demand for the good or service decreases, or if supply of the good or service increases.

 

Neoclassical economics also assumes that markets are efficient. This means that markets will allocate resources in a way that maximizes total social welfare. In other words, markets will ensure that goods and services are produced at the lowest possible cost and that they are distributed to those who value them the most.

 

Public economics is a branch of economics that studies the role of government in the economy. Neoclassical economics has had a significant impact on public economics, and many of the concepts and tools of neoclassical economics are used in public economics research.

 

One of the key issues in public economics is the provision of public goods. Public goods are goods that are non-excludable and non-rivalrous. This means that it is impossible to prevent people from consuming a public good, and that one person’s consumption of a public good does not diminish the amount that is available for others to consume. Examples of public goods include national defense, clean air, and public safety.

 

Neoclassical economics suggests that the government should provide public goods when the private sector is unable to do so effectively. This is because the private sector will not produce public goods if they cannot charge people for their use. The government can provide public goods by taxing individuals and using the revenue to finance the production of public goods.

 

Another key issue in public economics is the regulation of markets. Neoclassical economics suggests that the government should regulate markets when there are market failures. Market failures occur when markets do not allocate resources efficiently. Examples of market failures include externalities, monopolies, and information asymmetry.

 

Externalities are costs or benefits that are not borne by the producers or consumers of a good or service. For example, the pollution created by a factory is an externality that is borne by society as a whole. Neoclassical economics suggests that the government should regulate markets to internalize externalities. This can be done by taxing producers of goods that create negative externalities, or by subsidizing producers of goods that create positive externalities.

 

Monopolies are firms that have market power. This means that they have the ability to set prices above the competitive level. Neoclassical economics suggests that the government should regulate monopolies to prevent them from charging excessive prices. This can be done by breaking up monopolies into smaller firms, or by regulating their prices.

 

Information asymmetry is a situation where one party to a transaction has more information than the other party. For example, a doctor may have more information about a patient’s health than the patient does. Neoclassical economics suggests that the government should regulate markets to reduce information asymmetry. This can be done by requiring firms to disclose information to consumers, or by providing consumers with information about products and services.

 

Neoclassical economics is a powerful tool for understanding how markets work and how the government can intervene in markets to improve social welfare. However, it is important to note that neoclassical economics is not without its critics. Some critics argue that neoclassical economics is too simplistic and that it does not take into account the real-world complexity of markets. Others argue that neoclassical economics is based on unrealistic assumptions about human behavior.

 

Despite its critics, neoclassical economics remains the dominant school of economic thought. It is the foundation of much of the economic research that is conducted today, and it continues to be used by policymakers around the world.

Neoclassical theory and public economics

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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