Common Sense Economics Research

Document Type:Research Paper

Subject Area:Economics

Document 1

Political leadership has heavily been identified to be in the forefront in influencing the manner in which the public is affected by the economy of a country. Although this has been the case for a considerable time period, it is also essential to point out the fact that the task of assessing the role played by political leaders in the economic institutions may not be an easy task. Political institutions from different countries may possess significant influence on the economic wellbeing of respective nations. Additionally, difference registered in terms of the political dimensions of various countries could also play a significant role in pointing out respective changes economically (Gwartney 77). In most countries, key economic institutions such as regulatory institutions, institutions of social insurance, property rights, conflict management institutions, and macroeconomic institutions play crucial roles in determining the economic growth of a given country.

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This being the case, most nations have been able to prosper (economically) more than others depending on the know-how possessed by the people themselves. With the relevant allocation of resources aimed at equipping the public with adequate knowledge on what is expected from them may be a great start towards allowing a country to experience economic growth (Gwartney 56). A Personal Reflection on the Matter In order to properly ensure that a country is capable of meeting its various economic needs, it is essential to, first of all, ensure that the general public is educated on how to the various economic systems work. This is particularly essential as it may allow the people to always ensure that they are able to put various factors into perspective before they can be able to make any decision that may end up being irrational.

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As a result, the following could serve as some of the ways in which the economy of a country could be enhanced in order to benefit all people. By doing so, business organizations in the country are more likely to enjoy adequate opportunities for their sales hence increased demand for their products. Similarly, these organizations may find the need for expanding their markets hence the need for hiring more employees (Medie 37). According to Gwartney, the allocation of adequate job opportunities may work in the favor of the whole country. Gwartney argues that individuals who engage in economic activities to increase their income also play a crucial role in helping other people as well. This is often the case regardless of the motive of the individual.

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