This is a essay from Intro to Economics
PROMPT. A basic principle of social economics is that the economy is organized as a complex, embedded set of processes and institutions. This idea means that economic decisions shape and are shaped by cultural,political, and other non-economic processes and arrangements. While it is possible to treat economic decisions narrowly, separately, doing so is often associated with allocation inefficiencies (unwanted opportunities and resources.) Social economists argue for a broad approach to understanding the place and content of “the economy” so that more comprehensive understanding of individual and societal needs and desires are considered in policy making, and so that individual and group decisions are more reflective of preferred social ends.
In a similar vein, institutional economics places an emphasis on the development and effectiveness of formal and informal rules and forms of persuasion to regulate economic activity and achieve a maximum of freedoms and outcomes. Institutionalists insist that no person is an island; all of us have a need and derive satisfaction from a well-cultivated and active sense of belonging. When content-decisive belonging is threatened or does not exist, economic inefficiency, market instability and social harm or failure often result. Institutionalists insist that the primary importance of institutions in shaping people and groups- and in structuring individual and group decisions regarding the allocation and distribution of resources and opportunities – establishes them as the key object of analysis for economic theory and policies. By focusing on good governance of and operation in institutions, it is argued, decisions and policies that enhance and stabilize vital social and and economic life are more efficient and fair.
INSTRUCTIONS
Write an essay on embeddedness and the role of formal and informal institutional networks in the economy. What is meant by embeddedness? How does it work in practice? Using examples in your discussion, describe formal and informal institutional networks and the role they play in stabilizing the economy. In this essay on macroeconomics flows and the role of the state, explain in detail the advantages and disadvantages of the interconnections between the economic sphere and noneconomic spheres. Address:
1) The policy consequences of the state in stabilizing and promoting economic growth and fairness and in providing public and global goods and protecting common resources( Chapter 6,7,8)
2)The methodological consequences for decision-making of the fact that basic economic institutions like community, households, government, and firms are embedded in (shape and are shaped by) the larger society (Chapter 9,10)
3)A comment on economic stewardship of the planet’s natural resources and the challenges of sustainable growth.
I will attach mentioned chapters; they must be use as a source of information but do not quote them, this is NOT a research paper.
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