Description
1. According Interland (2009) the art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists of tracing the consequences of that policy not merely for one group but for all groups. Discuss
Jeneen Interlandi, “Not Just Urban Leg- end,” Newsweek, January, 19, 2009
2. Children in poor neighborhoods have bleak outlooks on life and do not see much gain to studying. A recent experiment is paying children in poor neighborhoods $100 for each “A” they earn in a six-week grade reporting cycle. How does this affect the children’s behavior?
Explanation & Answer
View attached explanation and answer. Let me know if you have any questions.
View attached explanation and answer. Let me know if you have any questions.
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Running Head: RESPONSE
Response
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RESPONSE
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Question 1
As lauded by a renowned economist named Henry Hazlitt, the art of economics is
understood to be that the policies being formulated are the tools that drive economics from one
generation to the next. The immediate effects of an economic policy are minor, and it may
initially react to please the policymakers. However, the long-term effects of an economic policy
are felt. For example, the imposit...