Click here: BBC NEWS: Business
This website is BBC’s news page on economics. This website has an international reputation as an authentic news article page. This particular page is devoted for articles about economics.
The following link is my page for economics news articles: Sang’s Economics News Articles
Resources: Land, Labor, Capital, and Entrepreneurship.
a) The opportunity cost of treating the leukemia patient is that you cannot treat other patients who would have high chance of surviving.
b) The opportunity cost of not treating him would be you could treat other patients who have high chance of survive.
c) It can be justified in an economic point of view. The opportunity cost is way more beneficial than treating the patient.
d) This is a typical case in a sense that you have to make choices that has best utility.
Click Here: News Article
Just like U.K., Japan is recruiting foreign nurses to solve the problem of scarcity of nursing workforce. This is a typical problem for many developed countries with large old population.
In my opinion, Japanese government’s decision was somewhat hasty. Although there are influx of international population in Japan, Japan is still considered to be ‘xenophobic.’ The recruitment of foreign nurses would surely stir some problems such as discrimination. Even the response of Japan Nursing Association was somewhat xenophobic. This problem would not be apparent initially, however, it could be aggravated to diplomatic problem between Japan and the foreign country.
Other than problems of Japanese’ detest of foreign nurses, there is another problem with this decision. Most of the recruitment of foreign nurses were made in developing countries. If Japan recruits all these medical workforce, developing countries might have shortage of medical resource. It would be snatching away doctors and nurses from developing countries which would need the most medical support.
About developing robots to nurse the old population, I think that it is somewhat inhumane. I think that old people should be nursed through social interaction, not with mechanical interaction.
I have always thought of economics as a great study of how the world works. There is one and the most important reason why I chose this class.
The reason is that economics is easy compared to other social studies subjects such as history and geography. When some subject is ‘easy’ to study, it should not be recognized as bad or inferior subject. In fact, economics is comparably easy to study because of its feature of relevance to everyday life unlike history or geography.
In short, because economics is an easy and relevant study of our daily life, I enrolled for economics.