QUESTION 2: FEWER THAN THAN 40% OF AMERICANS ARE PLEASED WITH THE CURRENT ECONOMY. THERE APPEARS TO BE GREAT DIVIDE, CONCERN, AND DISSATISFACTION WITH OUR ECONOMY AND SOCIETY. DESCRIBE WHAT YOU CONSIDER TO BE THE “PERFECT” ECONOMY AND SOCIETY. WE HAVE STUDIED THE SOCIAL WELFARE FUNCTION, SCHOOLS OF THOUGHT (CLASSICAL, KEYNESIAN), ECONOMIC ISSUES, AND MANY ECONOMIC INDICATORS. WE ALSO HAVE MANY PROBLEMS AND CHALLENGES IN OUR SOCIETY. WE HAVE BEEN THROUGH THE PANDEMIC AND ARE EXPERIENCING SOME EXTERNAL SHOCKS TO OUR CURRENT ECONOMY.
THE BASIC QUESTION: WHAT KIND OF SOCIETY AND ECONOMY COULD WE HAVE THAT WOULD GIVE US THE BEST POSSIBLE WORLD? IN OTHER WORDS, IT WOULD OPTIMIZE OUR SOCIAL WELFARE FUNCTION AND GIVE US THE GREATEST WELL-BEING IN OUR COUNTRY. THIS IS YOUR OPINION AND VALUE JUDGEMENT BUT IT SHOULD BE BASED ON REALITY AND GOOD ECONOMIC REASONING. NOTE THAT MOODY’S ANALYTICS INDICATORS ARE OPTIONAL AND NOT REQUIRED. THIS QUESTION IS BROADER THAN JUST THE CURRENT ECONOMIC READINGS. SOCIAL VARIABLES ALSO MIGHT BE IMPORTANT IN YOUR ANSWER. ADDRESS 8 DIFFERENT POINTS IN YOUR ANSWER