Question
Please answer the following question:
How might the collection of rent impede the ‘socially optimal’ allocation of economic surplus? Compare David Ricardo and Henry George’s suggestions for rectifying this problem. In your opinion, is one approach preferable to the other? Explain.
Criteria
A satisfactory answer to this question will, of course, have at least three aspects. First, you must draw upon the course materials (i.e. readings and material presented and discussed in lecture and the tutorial) to explain how the channelling of economic surplus to rent might compromise social well-being, broadly understood. Second, you must identify how two prominent political economists, David Ricardo and Henry George, proposed to correct for these undesirable outcomes. Finally, you should identify which of these solutions you think is preferable and provide a reasoned explanation for your preference. Please note, that by expressing a preference for one approach over the other, you do not have to fully endorse that position. Indeed, if you have any reservations, you are welcome to share those as well. In addition to satisfying the three criteria noted above, your essay should also include an introduction and conclusion.
While there is not a specific grading rubric for this essay, your grade will be based upon the following criteria:
Analysis and DiscussionDoes the essay demonstrate an understanding of the relevant theory and concepts?
Are concepts clearly defined and deployed correctly?
Does the essay clearly and effectively answer all aspects of the question?
Does the student clearly articulate their thoughts?
Are key points supported with sufficient data and/or sound logic?
Writing qualityIs the essay logically organized?
Does the essay have a clear introduction and conclusion, including a thesis statement?
Is the writing clear and concise?
Are paragraphs coherently constructed?
Do sentences flow?
Are there spelling and gramatical errors?
References and FormatAre references appropriately cited
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