Discuss your individual viewpoint about the tradeoffs between equity and efficiency while analyzing a particular transfer payment program.
analyze the pros and cons of the current Medicare system in the United States and how the system could be improved.
In writing the paper you must include the following areas:
Part 1: Use positive economics* to analyze the current situation.
Part 2: Use normative economics** to analyze the current situation. Do you believe the current situation comes down too much on the side of equity or efficiency? Explain.
Part 3: Come up with a plan for how you believe the situation could be improved. In this section, you will need to come up with at least one (1) specific policy that the government could implement and how you believe this policy will change the situation both domestically and potentially globally.
*Positive economics is an analysis of facts; what is.
**Normative economics uses economics to make value judgments about the situation.
Submit a report that is 4-5 pages long, typed double-spaced. This report should be well written with an introduction and conclusion and use an appropriate citation.
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