Assignment:
I. Today there are numerous discussions regarding a shortage in the organ-transplant market. More than 100,000 Americans are waiting for life-saving kidneys, livers, lungs, and other vital organs. The government doesn't permit organ sales to occur. In 1984, Congress forbade the purchase or sale of human organs in the United States (the National Organ Transplant Act).
Use the following sources to research this example of the price floor set at zero. Discuss your own conclusion regarding what should be done about organ shortage, including references to the sources you used.
Located in Richmond, Virginia, the United Network for Organ Sharing (UNOS) is a non-profit, scientific and educational organization that administers the nation's only Organ Procurement and Transplantation Network established by the U.S. Congress in 1984. https://www.unos.org/
The U.S. Congress established the Organ Procurement and Transplantation Network (OPTN) when it enacted the National Organ Transplant Act (NOTA) of 1984. The act called for a unified transplant network to be operated by a private, non-profit organization under federal contract. https://optn.transplant.hrsa.gov/
The Center for Organ Recovery & Education (CORE) is a non-profit organization dedicated to promoting donation, education and research for the purpose of saving and improving the quality of life through organ, tissue and corneal transplantation. https://www.core.org/
II.What is full employment?
Economists disagree about what full employment is and the best policies to achieve full employment.
For two opposing points-of-view see position papers from the liberal Economic Policy Institute at: https://www.sharedprosperity.org/bp191.html
and the conservative Heritage Foundation at: https://www.heritage.org/Research/Taxes/wm389.cfm
Should the US aim to achieve a low unemployment target?
List the arguments on each side of this debate.
What are the strongest two arguments on each side?
What policies are needed to achieve this target?
What do you recommend?
III.Imagine you come back to your economics class in the year 2050. How will the textbook describe money and banking? Based on trends you see today, make a prediction for the future of money. Explain why you think this trend will occur and how it will affect the US economy.
For information on the currency now in circulation go to:
https://www.treasury.gov/resource-center/faqs/Currency/Pages/edu_faq_currency_production.aspx
And:
https://www.federalreserve.gov/paymentsystems/default.htm
And the Bureau of Engraving and Printing's "fun facts about money" at: https://www.moneyfactory.gov/
IV.Manufacturers in the US want China to increase the value of the yuan. They say China undervalues their currency making their products cheap, thus undercutting American business. Some believe that this is why Americans are losing jobs. Wal-Mart and others believe it is a good thing though because it keeps prices low for the products they sell. Is low yuan value good for the US because of low prices or is it costing too many Americans their jobs? Use Google to search the subject of currency manipulation for additional information to debate this topic.
V.Driving a car has external costs. The health cost of pollution alone has been estimated between $0.40 and $6.00 per gallon of gasoline consumed. It is very difficult to measure the health costs. We are uncertain which health problems pollution causes and the cost of particular health problems are difficult to measure. Should the external costs of driving cars be paid through a tax on gasoline? Identify two strong arguments in favor of such a tax and two strong arguments against such a tax.
VI.Taxes are a primary tool for redistributing income from the wealthy to lower income earners. The economic impact of the redistribution of income is a highly debated topic and arguments are generally formed in the Tax Reduction/Increase debates.
The following two sites look at world income distribution and provide a comparison over time
https://www.globalpolicy.org/social-and-economic-policy/global-injustice-and-inequality/inequality-of-wealth-and-income-distribution.html
And:
https://www.imf.org/external/pubs/ft/weo/2007/02/
Data for the U.S. are also available from the Census Bureau at: https://www.census.gov Search for income distribution. From the Heritage Foundation, a conservative think tank, there are two articles that address the impact of tax changes:
https://www.heritage.org/Research/Budget/wm1639.cfm
https://www.heritage.org/Research/Budget/wm1648.cfm