In what areas is the market economy inefficient?

ECONOMICS

Case Study                Maximum Word Count 500 words

A screen shot of a computer  Description automatically generated

Grootbos Nature Reserve lies 160 km east of Cape Town, where the Southern Right Whale breeds each year. The views of the sea are breath-taking. Luxurious cottages provide tranquillity in a unique and beautiful setting.

The diagram above represents the monthly demand for (D) and short-run (S) and long- run (LRS) supplies of cottages in Grootbos. The market is in both short-run and long- run equilibrium with 0Q1 lodges being rented out monthly at a price of 0P1.

If a sudden wildfire destroyed exactly 50% of the cottages, what would happen to P and Q in the

  1. short run?
  2. long run?

Essay 1                      Maximum Word Count 2000 words

The new President was giving his first speech. He said

“Our society should be ashamed because while a few lucky ones earn more money than they could ever spend, many individuals do not have enough to live on. It is the inefficiency of the market economy which causes the enormous differences in incomes between the ‘haves’ and the ‘have nots’.”

A leading economist contradicted the President, stating that he knew nothing about the efficiency of the market.

  1. The President and the economist have differing views on the efficiency of the market. Who is correct?
  1. In what areas is the market economy inefficient?

Essay 2                      Maximum Word Count 2000 words

YearQYCIGXZTransfersU%INF%Budget
11001006020203030405.020
21031066222223131404.04-10
31061096518322834404.08-18
41091046216342834406.011-26

The economy was in ‘perfect shape’ in Year 1 as far as the government was concerned. There was low unemployment, low inflation, a good mix of consumption, investment and government expenditure, balanced trade and a balanced budget. However, the following three years were not so good.

Using the above data, hypothesis what fiscal and monetary policies were enacted each year.

If you were to assume control of the economy in Year 4, what policies would you advocate if your goals were to have low inflation, low unemployment and a balanced budget?

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