What Determines the Level of our Life

Category: Economics
Date added
2021/10/16
Pages:  2
Words:  557
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LaQuita JohnsonMarch 2, 2018 Principle of EconomicAs a society, our standard of living depends on the ability to produce goods and services. Economic growth is measured based off the gross domestic product which is defined as the combined value of all goods and services produced. The government plays an important role in an economy’s growth rate, as well as many other forces. Unfortunately, no one is fully clear about how to put them into motion. Measures taken to induce economic growth includes: end the war of drugs, remove unnecessary and unclear laws, and cut health care costs. As a result of economic growth, cutting the cost of healthcare benefits would help everyone, adults and children. The cost of healthcare has been rising for decades, and American is still paying for it.

Many people struggle financially because of the cost of healthcare. For example, consider an 75 year- old woman hospitalized for a heart-failure exacerbation. After being restabilized, she needs an echocardiogram. Instead of letting the elder lady have the echocardiogram done they discharged her because it will cost less as a outpatient. Due to the type of insurance she had. Many health systems uses reimbursement policies to provide incentives for healthcare providers to reduce the intensity of inpatient care in order to reduce costs. However, this ignores the consequences that shifting her to outpatient setting may have for the patient such as: transportation cost, or higher copayments for ambulatory care appointments. Specifically, preventing admission to the hospital will reduce the cost for both patient and health system. Although it should not be an housel for anyone to go to the hospital, it is. Studies say, evidence shows that legalization does not add to drug use and can generate large revenues. “Economists have estimated that legalizing marijuana would save the government 7.7 billion dollars per year on enforcement.” However, there are many good things and bad things that comes with ending drug war. I would agree to marijuana being legalized rather than heroin and the other drugs. Although all drugs have an effect on the brain and body.

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All drugs are mind-altering.Legalizing drugs would increase economic growth, but then I worry about the effect on worker productivity,also.Removing unnecessary and unclear laws is very important yet , very risky. Shapiro stated, “there are industry standards for measuring energy usage in TVs and cable set-top boxes.” Additionally, the new laws can also be ambiguous, making it harder for businesses to know if they are violating the laws. Unfair yet unclear laws like these waste government resources and hurt the competitiveness of U.S. companies.Then overtime this will affect the future generation more. In conclusion not being financially stable should not determine whether or not you can go to the hospital or not. Sadly, it does. There should be an agreement for people who aren’t able, rather not getting sick and not being able to go to the doctor at all because of the cost. Legalizing marijuana specifically will cut down the prison rate. Other drugs such as heroin I do not feel should. Although a drug is a drug and they are all harmful to brain. Finally, removing unclear laws is very important. This is important because unclear laws wastes the government resources. Gross domestic produces a key government statistic and provides a measure of the UK’s total economic activity.

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What determines the level of our life. (2021, Oct 16). Retrieved from https://papersowl.com/examples/what-determines-the-level-of-our-life/