When talking about economy in the general sense, we have an idea how it works and what should be done to maintain its equilibrium. But as easily as you get details over the internet while searching for steady state homework answers, writing down that info can be way difficult than what it looks like.
So where would you go?
Whom will you approach for guidance?
Questions are simple to ask, but their answers are difficult to attain.
However, achieving them is not impossible. There are certain reference manuals that quality homework help sites offer to students from where one can easily learn the art of writing assignments or homework in the correct manner. So, without wasting any more time, let us begin the journey of writing steady state homework answers with perfection.
Detailed steps to write answers for your steady state homework
Defining the concept of steady state
This particular topic explains the growth of economy at a steady state, maintaining the integrity of environment. In order to find stability between population growth and production growth, the aspect of steady state economy is introduced.
To provide clarity on this topic, you should express its objective. State how the focus of steady state economy is on wealth generation and its fair and equal distribution. This monetary generation is from resource development as well as usage of natural resources in an effective manner.
It could be considered as a plus point if you highlight the fact that contraction or growth in economies is extremely natural. However, it is also to be remembered that whatever may be the situation, at some point in time, it will come to a balanced state.
State the rules regarding steady state economy acquisition
After explaining the concept in your steady state homework answers, your next step should be stating the rules with respect to attaining steady state economy. There are basically 4 rules associated with it.
- It is to be kept in consideration that only that amount of wastes should be deposited in the environment and at a certain rate that can be absorbed completely by nature.
- It is essential that consumption of minerals, fossil fuels as well as non-renewable resources should be at a controlled rate so that it does not come to extinction. The usage should be in a balanced format so that those can either be replenished or used in a controlled manner until renewable substitutes are discovered.
- A measured rate should be maintained so that renewable resources like timber and fishes can take time to regenerate.
- Maintenance of ecosystem health should be taken care so that they can be healthy enough to provide life support services.
Throw light on some important topic aspects
The next step here would be to explain some important facts regarding steady state economy. Addition of such pointers with detailed explanation ensures that your homework can acquire more marks. You can include some of the essential factors like:
- Effectual Allocation
If you consider about conventional economic thought, it is imperative to consider more on scarce resources and how allocation of those can be done efficiently. Competitive markets have free and dominant thinking which talks about demand and supply and the monetary aspect that drives both these important factors.
The result of efficacious allocation regarding services and merchandises are only possible if market imperfections and ever-present externalities are absent. This aspect is also an important yardstick that explains the requirement of resource utilisation and its effective management.
You can break down this aspect by relaying about the market strategies that are supported by ecological economists. These can help with the accomplishment of resource distribution in an effective manner. However, don’t forget to add the fact that steady state economy can only be attained after the acquisition of fair distribution and sustainable scale.
- Fair Distribution
Incompatibility is a common facet that is seen in between sustainable scale and constant growth. Reduction in poverty level cannot be considered as a depending factor when economic growth is in question. This can be explained with the help of an example.
Consider that you have a pizza and there are 8 people. Your made pizza won’t grow in size if more people join. The best way where everyone can enjoy it would be to cut it as per the number of people who will consume it. This can be one of the good ways to explain the concept of fair distribution.
With such a simple example you can showcase and explain the surplus consumption of resources of unsustainable quantities that is utilised by the richer section. Added to this info, you can also express the uncaring attitude by the people of poorer section what they have regarding sustainability. This calls to attention the necessity of fair wealth allotment and how it is a vital aspect regarding steady state economy and sustainability.
Highlight the mounting ecological issues of the world
Where you have highlighted all the important aspects of this topic in your steady state homework answers, you should not forget or skip the problematic sections. Highlighting the major issues act as a plus point for your homework. It ensures higher chances of attaining top grades.
Start with the problem of human overpopulation where you can input an estimated statistics of world population that will reach by the end of 2050. As per the speculated number, the number will reach somewhere near 9.3 billion. Also, highlight how this human population spur can put a strain on economic policies and economic growth.
Next, you can highlight the equilibrium state and explain how it affects production rate, consumption rate, and the outlook regarding resource allocation. It is imperative that the basis of your answer is related to economic growth and its present neoclassical state.
Another of the issues or economic policy goals that you should state is regarding the proper functioning of economy in a balanced state. Your answer should be focused more on cultural and personal decision. Again you also need to highlight that is such steady state really helping in the economic growth of a state and ensuring its prosperity or is it only taking care of certain individuals.
It is one of the basic formats of presenting steady state homework answers that I had learned with the help of excellent homework help manual. There are selected professional homework help websites from where you can find more information on this topic and meticulous ways of expressing those in your homework.
All I can say that it did help me a lot. So, you too can give these steps as well as the option of help manuals a try. You can be assured that it won’t fail you.