Economics in the Real World Research Proposal

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Two alternative solutions are available. The first sees that the U.S. federal authority uses the budget allocated to support the development of the national industries, without raising barriers to imports. The second possible solution is for the United States to strive to increase its exports by focusing more on international operations.

Criteria / goals

The evaluation criteria for the proposed solutions revolve around the benefits they generate, as well as the costs they imply. Otherwise put, the decision will be made in accordance with the arguments in favour and against each of the two alternatives, and by the solution's ability to meet the established goals. These goals include the insurance of economic stability within the United States (for all population, corporations and the entire system), the maintenance or even development of international relations, as well as the sustained development of the domestic industries.

Evaluation of alternatives

Alternative 1:

Pro: does not negatively affect international relations; has the ability to improve them by investing in technology or other industries which have transcended the geographic boundaries; generates stability for the U.S. citizens and entrepreneurs

Con: does not produce immediate effects as it is more of a long-term strategy

Alternative 2:

Pro: potential economic growth through intensified exports

Con: the entire world is affected by the crisis and it is less likely for the U.S. To find new markets at this stage

Decision

Based on the previous stages of the PACED decision-making tool, the final decision revolves around the implementation of the second alternative.

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Aside the fact that it does not generate immediate results, it presents only benefits. It is also natural for the resolution to an economic crisis to not be achieved over night. In addition, to also help the population and the economic system on the short-term, other strategies could be developed and combined. They could refer to a reduction in the VAT for a limited period and for the subsistence products or the reduction in taxes when purchasing a new American car, also for a limited period of time, say one year.

5. Public Policy Implications

The public policy implications can be looked at with respect to the protectionist solution discussed by the article but also in relationship to the proposed solution. In terms of "buying American," the government would have to implement restrictions on foreign imports. In the case of the proposed alternative, the public policies would revolve around a sustained stimulation of the national and global industries, with focus on future benefits.

6. Predictions

At this stage, it is rather difficult to estimate the next steps of President Obama in addressing the economic crisis. It must however be remembered that economic challenges have also occurred in the past and that they have been overcome. My personal opinion is that the worst is over and that, if the current presidency plays its cards right, the United States will defeat the crisis without any other major casualties......

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