Course Reflection

ECONOMICS 3

CourseReflection

Theprinciple that states that governments can influence the outcomes ofa market or markets is one of the most important economic principlesthat I learnt from the course. From the principle, I realized thatthere are two reasons that compel governments to intervene in aneconomy: the enhancement of equity and promotion of efficiency. Bothreasons target to either change the decisions of the economic pie orenlarge the economic pie thereby enabling consumers to accessadditional markets. Reduced government involvement into the economyand its market paves way for market failure since the distribution ofresources in uncontrolled markets is inefficient.

Theprinciple had a significant impact on my understanding of themacroeconomic environment with particular regard on the causes ofmarket failure. From the principle, I learnt that there are two majorcauses of market failure: externalities and market power. In themacroeconomic context, an example of an externality may include thefailure of a chemical company to regulate the emission of itspollutants into the environment. In such a case, the government playsthe role of imposing environmental regulations that compels suchcompanies to control their emissions. Monopolists enjoy market powerdue to the absence of market competition. In such a case, governmentintervention is imperative as a measure of controlling the marketprices thereby averting incidences of market failure.

Thetwo examples of the causes of market failure are some of theapplications of the principle to the macroeconomic context. From theexamples, it is evident that the failure of a market is imminent inthe event that the responsible government is unable to control theemissions or market prices(Bourchtein, 2011).

Reference

Bourchtein,V. (2011). ThePrinciples of Economics Textbook: An Analysis of Its Past, Present &ampFuture(Doctoral dissertation, Stern School of Business New York).

Coursereflection

Thiscourse has been an interesting learning experience especially for mywriting skills. One of the purposes of studying this course was to beable to gather important data or information when pursuing a certainproject and ultimately reporting the findings. This process is aningredient to one’s career and I believe that I have made a lot ofprogress as far as my writing is concerned. The course has indeedassisted my writing skills to be effective to rely the intendedmessage to the intended audience. There are important skills that Iwas able to learn before I could achieve that. The first importantskill that I have learnt is negotiating an effective writing stylewhich depends on the nature of information been communicated,audience, genre and the medium.

Itis important for a writer to clearly communicate his personal stancein regard to whatever information is communicated. In this regard, Ihave learnt an important skill of letting my audience understand mystance without necessarily forcing them to agree with me. Forinstance, I was able to article my stance in regards to Baidubusiness in my case study. I believe this is an important part ofwriting that gives a writer not only the opportunity to communicatebut also communicate one’s perspective. In addition, the coursegets more interesting as students are given a chance to review andrespond peer work. This in turns allows one to gain a better insighton important discussions or issues from alternative perspectives.

Moreover,I have achieved the skill of effectively exploring my experiences,ideas or perspectives on many important issues. This is throughextensive research from credible academic sources that are relevantto the topic of discussions and effectively citing the sources in mywork. This is important part of backing one’s perspectives or ideaswith evidence clearly cited for easy reference for the audience.There are many important discussions that we have had in class, withdiverse perspectives from many students. I would recommend theprofessor to use some class discussions that offer local or globalproblems that many people are facing.