The theory of market economies emphasizes freedom of choice and limited government intervention. The classic argument for government intervention is market failure – the inability of the market economy to correct itself from a dysfunctional state (such as the Great Depression).
Students will examine articles from the University library to analyze real-world examples of U.S. government intervention programs and apply current week readings to make intelligent conclusions about the economic policies.
Assignment Steps
Resources: Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products.
Using the University Library, EBSCOhost, or ProQuest data bases, locate up to three different articles/publications and/or use The Economist Online from the University Library to examine one case of significant government intervention as it relates to your current industry of employment or an industry in which you are interested in working. You may access EBSCOhost, ProQuest or The Economist Online through the University Library homepage:
Click on the Library tab.
Click on the underlined University Library link.
Click on General Resources under Library Resources.
Click on either EBSCOhost or ProQuest.
Go back Library Resources list.
Click on View All Resources Alphabetically.
Click on Economist.com.
Examples of intervention programs you may select, but are not limited to:
US agriculture support programs
Low income support programs (Food Stamps, Earned Income Tax Credit, Child Tax Credit, and Temporary Assistance to Needy Families)
Medicaid, Children’s Health Insurance Program, The Affordable Care Act (Obamacare)
Low-income rent controls and housing vouchers
Government promotion of renewable energy sources to discourage use of fossil fuels such as coal and oil
Unemployment Insurance
Bailout of U.S. banks and other financial institutions during the Great Recession
Bailout of U.S. auto makers during the Great Recession
Social Security retirement benefits
Develop a minimum 11-15 slide Microsoft® PowerPoint® presentation including detailed speaker notes.
Discuss overall economy in the last 10 years: Retrieve statistics on Real Gross Domestic Product (GDP) and on Real Personal Consumption Expenditures (PCE) by year for the last ten years. You can retrieve those statistics from internet sources including, but not limited to, the Federal Reserve of St. Louis’s FRED web site, the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) web site, or another credible source of your choice. Post these statistics in a single worksheet of an Excel® workbook and submit your Excel® file with your report. In your presentation, discuss the latest 10-year trends in both GDP and PCE. Also discuss how the trends in GDP compare with trends in PCE. You MUST include graphs of these statistics in your presentation; you could create the graphs in Excel® and copy them into your report.
Describe the government intervention and detail its history.
Analyze the arguments for government intervention as opposed to arguments for market-based solutions. Hint: See the information in our course textbook on market failures.
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