Question

Write about how you would solve a particular social problem in your country, such as, Social Security, taking care of the poor, health insurance, and the list goes on. Pick the one that you wish to write about from an economic standpoint. Give me details about what you would do and think about the consequences of what you are doing. Again, 1 -2 pages in length.

Answer 1

Introduction

The existence of social problems, is true for most economies across the globe. However, some have been able to manage the same in a better manner, thanks to the correct measures they have taken and the timely delivery of help to the most vulnerable section of the society.

Over the years, countries have been able to fulfil their responsibility towards residents and provide a safer place for millions to stay.

For the purpose of this question, we have selected taking care of the poor and education as our topics.

Case Specifics: -

From an economic point of view, the quality of our labour force determines the average pay rate and the nature of work in the economy. Most developing and underdeveloped economies are those, which have not been able to grow due to the nature of the labour force. When the labour force is uneducated it is almost impossible to have a service-based economy. Most developing and underdeveloped are agriculture-based product economies, meaning that agriculture is their primary occupation.

The steps we propose are to promote education and taking care of the poor through the same. The poor remain highly underpaid because they lack skills required to earn more money. This translates into real time problem for generations. Lack of capital forces children into jobs at a relatively younger age. This in turn means that the capital availability shrinks in the real time.

To ease the same, we propose heavy investment in education to be the way forward. If governments can improve upon this critical element, it will make it possible to improve the quality of the labour force in the economy. All connecting problems of nutrition, healthcare etc can be handled in a much easier way if people have money in their hands.

Over the years, education translates into a better life style for people. At the older and middle level ages, this could be in the form of informal education through various centres which would allow them to have additional skills and bring in more money for the family.

If villages and cities have more educational facilities for the young children, to the extent that education is cost friendly and freely available, it would lead to a situation where in the country expands rapidly. We have seen examples of countries like China and India which have become the pioneers in manufacturing thanks to the model in which they have provided education to the masses.

Economically speaking, the quality of the labour force increases the viability of companies to come into your country and provide different manufacturing and service-based industry. As a result, the economy grows by collecting higher taxes and allowing for a lot more people to be employed in the formal sector. Most developed economies of the world have high standards of education which is the top reason for rapid development.

Please feel free to ask your doubts in the comments section if any.