1. One of the topics that the Louisiana legislature has debated recently is occu
ID: 419825 • Letter: 1
Question
1. One of the topics that the Louisiana legislature has debated recently is occupational licensing. Numerous occupations such as florists and hair-stylists require a license in order to work. Supporters claim that this helps consumers. Critics claim that this creates an artificial and unnecessary barrier to the workplace. What is your position on occupational licensing? Explain. 2. Which approach do you believe is more effective: Keynesian theory or Neoclassical theory? Be sure to use the elements of the theory in your answer. Post your answer as a reply to these instructions. 20 Points for your answer to the above questions. Be sure to use some concepts from the text or powerpoints in your explanations/justifications for your answer. 200 words minimum. Due Thursday at 11:59PM.Explanation / Answer
1. Occupational licensing is essential because it protects the consumers' interests by allowing only the qualified and accredited individuals into the work. It stipulates minimum qualification and experience for the persons practicing different occupations, so that the users of their services can be assured that they will get a fair deal. The licensing eliminates unscrupulous elements from the market who might fleece or even harm the customers through substandard and dangerous services / products. A licensed individual can make for a good employee for an employer, creating value for him / her and preventing him from litigations and damages as a result of poor services.
2. Keynasian and neoclassicall theories differ in their approach to prediction and treatment of growth of the economy. Keynesian theorists focus on short term problems and want immediate measures to control them to ensure long term growth. Neoclassical theorists focus more on long term results and believe that short term problems will be automatically corrected by the free market.
In today's volatile economic scenario, the Keynasian theory is more relevant and realistic in comparison to the neoclassical theory which assumes a conservative and idealistic approach.
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