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¶ … Drug Abuse Economically
Alcohol consumption causes injuries, deaths and other problems in the society. In order to reduce the problem economists must understand it, and know the economic burden or effects it causes. Economists approach the problem using costs and further put it in real numbers. Economists use assumptions to simplify their work, and focus on what that really matters. They make rational decisions based on reason, and encourage them to act using that reason and not based on facts. They think at the margin while isolating variables; thus the notion that economists can be said to act rationally based on in their own interest.
Economic Approach
Different factors should be considered when looking at alcohol consumption. Economists should use statistics to know the rate of alcohol consumption, and the increasing alcohol consumption rates. Many people tend to believe alcohol myths, which are unrealistic and misleading. Believing and acting on such misleading statements will not help to solve the problem of reducing alcohol consumption. It is observed that most college students drink heavily, resultantly from alcohol advertisements that lead to increase alcohol consumption as witnessed in the last few decades. In addition, drinking by college students has increased due to peer influence. Economists should rely on such statistics in attempting to solve the problem of alcohol consumption. An economist should approach the problem by looking at social and drug control policies available and their effectiveness
Research shows that the society's approach towards alcohol is based on faulty assumptions, leading to faulty public policies that lead to the problems they intend to solve. Policy implementers and other institutions should not rely on economists thoughts to solve problems, but rely on research statistics. Legal ban on alcohol advertising can help in solving the problem, or implementation of policies which prevent alcohol abuse (unacceptable drinking of alcohol) (Korgen et al., 2008).
Impact of Prescription Drugs
Prescription of drugs...
Economic factors like insurance coverage and earned income are important variables in demand for healthcare and pharmacy products. Prescription drugs solve many healthcare problems by prevention, care or effective management of some illnesses. It helps people in preventing the need for expensive healthcare solutions like surgery or hospitalization. Statistics in U.S. show that, prescription has increased from 2.8 billion to 4 billion between 1999- 2011. With so many people relying on prescriptions, the implications loom large for health insurers, government payers and the public.
The charges on drug prescriptions affect expenditure on drugs, and those willing to pay gain access to the products. Prescription drugs have increased due to many upcoming illnesses and diseases. Over the counter health practitioners cannot be adequately found due to the rising demand of prescribed drugs. This, in turn, makes demand for over -- the counter drugs less and fewer, while the demand is high due to man prescription drug carriers. Prescription drugs lower health status as patients forego the need for essential treatment this increases the likelihood of the need of intense care or dying, hence increase money spent on drugs. This leads to increased prices for the people who need the drugs. Insurance companies may lack clients because many people will prefer cheaper health care, and those having medical insurances may end up spending more insurance on better treatment. Government pay subdivides for prescription drugs so that consumers may acquire the drugs at cheap prices. Increased consumption of prescription drugs may increase demand on government subsidies, which reduce subsidies given to other goods. This will, therefore, increase the prices of other goods consumers might require (Korgen et al., 2008).
Importance of Elasticity of Demand
Quantity demanded is always portrayed as a decreasing function of the price. When prices increase, the more income is consumed, and the less people tend to purchase. Demand tends to be an addictive quantity, but…
References
Korgen, K.W., White, J.M. And White, S.K. (2008). Sociologists In Action. Atlanta: Pine Forge Press.
Lipsey, R.H. And Harbury, C. (1992). First Principles of Economics. New York: Oxford.
Managerial Economics. FK Publications.
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