I have always had somewhat of an interest in the medical field, but I never wanted to become a physician or pediatrician. A pharmacist is the perfect in between of being in the medical field but not being an actual doctor. Also, dealing with drugs and medicine has always seemed interesting to me for as long as I could remember. As I previously mentioned, pharmacists have job mobility, stability, and flexibility. Pharmacists are employed everywhere in the country, so it’s very likely that I get a job anywhere.
It is true that all these factors are arises due to the existence of market failure which acts as an economic rationale for government intervention. One of the dominant factors that could motivate intervention in healthcare by the government is equity factor. This factor is being boosted through the implementation of user fee system. The user fee system tends to promote equity through price discrimination, that is, charge the poor less than the rich for a given health service or product. Obviously, price discrimination contributes to the market failure had been seen as an economic rationale to encourage
In his opinion, state should increase the aggregate demand by applying some fiscal and monetary policies. Decline in demand will naturally reduce the flow of resources to service and production of goods, which may damage employment and increase inflation. Natural changes in the prices, wages and interest rates cannot solve the problems in the short run, then the harms which is occurred in the short run can give a rise to bigger devastation in the long run. Keynes clarified his pessimism for the future with these sentence ‘’In the long run, we are all dead’’ According to Keynes, the reasons of recession and unemployment are occasionally the measures that people take to avoid them. If households want to save more than firms ' investment desires, output and employment levels in the economy will decrease.
He says that with the wealthy using their power to pay low taxes, shape monopolies, and obtain favorable treatment by the government it is not only causing inequality, but causing a divide between the the wealthy and the rest of the nation. He discusses how that with all these factors coming in to play, the end result is not only morally wrong but also hurts the productivity in the economy. A quote from the book essentially captures what Stiglitz is trying to promote, "The top 1 percent of Americans gained 93 percent of the additional income created in the country in 2010, as compared with 2009." The book does a fantastic job of laying out the facts. The Price of Inequality is basically divided into three
Those who take medicine are dependant on it, and absence of the drug can be disastrous, as lack of water is terrible for the body. Prices of prescription drugs are very high, and continuing to climb. As a result, many people cannot afford to take the medicine they depend on. Prescription drug prices should be lowered; drug companies are unfairly hiking up the prices, many people cannot afford their medicine, and high prices have a negative impact on patient health. Similar to how findiing safe water is beoming harder, hiking up the prices of drugs and overcharging customers.
Al, 2011). This strategy offers goods with low cost compare to competitors and gain comparative advantage rather than focusing on quality or differentiated functions. Especially, when maturing industries make price competition, the cost leading cooperation stands on a strong position. For applying cost leadership strategy, they could cut cost of the product input cost. Input costs are very important part factor when implementing the cost leadership strategy successfully.
In return, if companies do comply with the demands of higher wages, then they have to raise the prices of the product. However, this hurts the company because their consumers do not want to pay higher prices. In all, the company loses money because their profits have gone down because they raised prices and, on top of that, they have to pay their workers more for their higher wages. A company cannot survive long on these finances, which can cause the company to go broke in extreme cases. As summarized by James Sherk, a labor economist, “Companies pass on those higher wages to consumers through higher prices, and often they also earn lower profits.
At this point, the producer plus consumer surplus is at the peak and is : a+b+ c+d+e. At this point the Marginal Benefit is equal to the Marginal Cost (MB = MC) and as such there is allocative efficiency in the market. Now at this point, if the government goes for price ceiling, Pc, the consumer and producer surplus changes. The new consumer surplus is the area under a+c and the producer surplus is limited just to e. The total producer plus consumer surplus is now at just a+c+e. If this area is compared with the previous surplus area, (prior to imposition of price ceiling) it would be seen that the areas under the triangle b and d have been lost.
Thus, it will increase the cost of production since employers need to pay higher salary to their employees. When cost of production increase, suppliers will choose to reduce the supply of goods and services in the short run. Consequently, the aggregate supply will decrease in short run, therefore Short Run Aggregate Supply (SRAS) will shift leftward from SRAS1 to SRAS2 (Refer to Figure 2). Then, output will
This disease slowly reduces the capacity of workers infected. The workforce of a company decreases as the illness advances within the company’s workforce. This increase in the infection rate leads to an increase in health costs. Productivity is at a loss as ill workers cannot be as efficient as before. This illness costs the company workers thus making the company pay more for costs and make fewer profits.