Economics for Public Administrators

Norwich University Economics for Public Administrators Essay

Economics for Public Administrators

The course book: The Principles of Micro-Economics N. Gregory Mankiw 8th Ed

Ten Principles; Supply & Demand; Elasticity; Government Policies; Efficiency of the Market; Firm Behavior; Labor Markets.

The unintended consequences of policy interventions often arise from failing to understand the principles of market behavior and the incentives that drive individual and collective behavior.Choose a public policy issue that relates to one of the topics below, and explain the unintended consequences, market incentives, and individual incentives that explain the costs and benefits of different approaches to addressing the issue.Conduct some web research too on a real world example of this type of policy and explain how it did or did not meet the expectations of the model.

Your paper should be 4-5 pages double-spaced maximum, and include at least one graph to illustrate core concepts from the class.The aim of this assignment is to: 1) review material from the class to demonstrate your expertise in the course material and 2) conduct web research on an economic issue of your choosing.

Please put your name on your work, include citations and a bibliography, title your paper, indicate the option that you selected from the list below, and include page numbers.

Potential policy topics could include the following (choose only one):

Rent control laws are controversial public policies that can have negative effects on economic welfare.Based on the course material, explain the potential economic consequences of rent control laws in a given city, including their impacts on incentives for both producers of rental housing (landlords) and renters.Conduct web research on an example of a rent control policy in a city of your choosing, and explain how the experience of the city aligned with or deviated from these expectations.In your web research, include some explanation of factors other those addressed in the market models we studied that influenced the city’s experience.What conclusions do you draw about rent control policies as a result of this research?

Minimum wage laws are controversial public policies that can have negative effects on economic welfare.Based on the course material, explain the potential economic consequences of minimum wage laws in a given city or state, including their impacts on incentives for both employers (the ones “demanding” laborers) and persons working for minimum wage themselves (the ones “supplying” labor).Conduct web research on an example of minimum wage laws in a city or state of your choosing, and explain how the experience of the city or state aligned with or deviated from these expectations.In your web research, include some explanation of factors other those addressed in the market models we studied that influenced the city’s experience. What conclusions do you draw about minimum wage laws as a result of this research?

Limiting the consumption of certain goods and services when consumers have price inelastic demand presents unique challenges to policy makers.A common policy option has been to prohibit the use of such goods or services.For this option, you could choose one of two options:

Industries that operate as monopolies can have negative effects on economic welfare.Based on the course material, explain the potential economic consequences of monopolists in a given city or state, including their impacts on incentives for producers and consumers, including those that demonstrate varying levels of market power. Conduct web research on an example of monopolist supplier in a city or state of your choosing, and explain how the experience of the city or state aligned with or deviated from these expectations.Ideally, your examination will also address how government entities regulate the work of this monopolist.Your web research on this economic issue should include some explanation of factors other those addressed in the market models we studied that influenced the city or state’s experience.What conclusions do you draw about industry monopolies as a result of this research?

conduct web research on an example of the prohibition of a specific good or

conduct web research on a policy proposal to prohibit something that people already have access to in the U.S. but which has been prohibited somewhere else (another country). For option b, please provide some evidence-based explanation that the good or service in question has price inelastic demand and explain the experience of another country that has prohibited that thing.

service within a city or state (or even country) of your choosing,

Based on the option that you choose above (a, or b), present an economic argument, with an accompanying graph, of how you would expect the market participants to act in this context and what some of the unintended consequences of the policy may be (this is where you demonstrate what you know about price elasticity of demand & prohibition from class).Then, conduct web research on the issue that you identified above.Explain how the experience of the jurisdiction aligned with or deviated from the market model.Why was this the case?Did incentives change in the ways that you expected?What were some of the unintended consequences of the policy? What conclusions do you draw about the prohibition of the good or service that you selected for this example?

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