Week 3 Discussion
Donte Rodgers
Full Title of Essay
Situation 2: Some states allow students to attend certain universities within the state tuition free if they are a resident of that state. As a result of this policy, the state’s population is more educated and more productive in the workplace than many other states.
A country’s economy becomes more productive as the proportion of educated workers increases since educated workers can more efficiently carry out tasks that require literacy and critical thinking. Countries with a higher portion of the population attending and graduating from schools see faster economic growth than countries with less-educated workers. An economy in which employers treat education as an asset is often referred to as a knowledge-based economy. The enrollment ratio differs as a metric from calculating education spending as a percentage of gross domestic product (GDP), which doesn’t always correlate strongly with the level of education in a country’s population. GDP represents the output of goods and services for a nation. Therefore, spending a high proportion of GDP on education doesn’t necessarily ensure that a country’s population is more educated.
Situation 4: The President of the United States has determined that the cost associated with national defense has become too expensive. In an effort to reduce costs and balance the budget, the President has asked the public to voluntarily pay for their fair share of the costs associated with national defense. One of his advisors insists that this would not work, another advisor thinks its good policy. Which advisor is correct?
The advisor that insist that this will not work is the correct advisor. The national defense is a valuable public good it nether excludable nor is it rival in consumption. The failure here would be a case of the free rider problem. This good is available without discrimination and everyone benefits from it which makes it a positive externality. People often disagree with the amount that should be spent on national defense but everyone knows it necessary. Private markets will fail to provide funds because most look at national defense as a public service, which should be paid for by the government.
References
How education and training affect the economy. (2020, July 19). Investopedia. Retrieved November 11, 2020, from https://www.investopedia.com/articles/economics/09/education-training-advantages.asp
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