Reflecting on Economics and Public Policy

Reflection

This reflection activity is comprised of two sections collectively totaling a minimum of 500 words. Complete your reflection by responding to all prompts. 

The Role of Economics in Shaping Public Policy 

Analyze how economics plays a vital role in shaping public discussion in the following policy areas:

• Household taxation
• Business taxation
• Import taxation (tariffs)

Provide 1 example of each of the discussions you analyzed above and how that example plays out in your life and career. 

Factors of Production

Innovation and physical capital are two of the four factors of production. Analyze specific ways that 1 of the following laws increased the productivity of innovation and physical capital:

• 1862 Pacific Railway Act
• 1956 Federal Aid Highway Act
• 1946 Federal Airport Act

Now that you have considered how a law can increase the productivity of innovation and physical capital, address the following:

• Describe 3 other examples of economic concentration.
• What are the risks and advantages to economic concentration?
• How has economic concentration influenced your industry?