market competition

Answer the following question with the questions that supports it in the attached document. Write with deep knowledge of the material. You answer each as asked in questions in the document.

1. Mainstream economics teaches us that market competition is the most efficient way to regulate the production and distribution of commodities. And yet, many who are critical of President Trump’s policies have argued for the government to command enterprises to produce what is needed for this public health emergency and then distribute the goods according to need.

2.Assume that China and the United States only produce two goods: Food and Medical supplies.

3.Economic policy has been described by some commentators as hyper-Keynesianism. On the other hand, others have argued this term is misplaced because the goal of the policy is not to expand aggregate demand but to maintain income.

4.Since the financial crisis of 2008, the world economy has grown steadily until March of this year. I began this semester by noting that we were in an era of unprecedented prosperity, even though we faced serious problems of economic inequality and global warming. We are now in what I would call a policy-induced global depression causing negative growth and rising unemployment. The ten years of growth were also associated with increased globalization which began to reverse before this crisis with the election of Donald Trump and the United Kingdom’s decision to leave the European Union.

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