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Excerpt from Application Essay:

Economic growth

.... are many different schools of though on the issue, which is not unexpected or even detrimental given the complexities and uncertainties of the economic system, but it can make it difficult to engage in a fair yet comprehensive discussion of the topic. It has been claimed that central economic planning and extensive government intervention can best promote rapid economic growth, efficiency, and market stability, but this is at best and oversimplification and at worst is simply wrong, at least in part. Rapid growth is almost certainly not served by heavy government regulation, but the other two issuesefficiency and stabilityare more complex. Depending on how one defines these terms, this statement can be seen as far more or far less an accurate assessment of the national and global economies.
A simple application of certain microeconomic principles will help illuminate the validity of this assessment, and will demonstrate one of the reasons for the level of disparity in the conclusions drawn by different economic theorists and politicians when addressing the issue of government regulation. The very nature of many microeconomic theories and terms depends on the freedom of competitive markets, which is by definition limited by government intervention. This does not