Question;CASE STUDY 1;Economist Joseph Schumpeter, who;taught at Harvard from 1932 until his death in 1950, popularized the term;?creative destruction? to describe the capitalist process in which;entrepreneurs introduce new goods and services to economic markets that;displace existing goods and services. Though this innovative process results in;increased wealth and better standards of living overall, not everybody benefits;equally. The opportunity cost of buying a newly available product is the use of;the old one that has been given up, so those in the camp of the new, different;and desirable do very well, while those camped out with the old and no longer;desirable products see their prospects decline.;Provide an example of creative destruction you have;witnessed during your lifetime and describe what the benefits and costs to the;economy have been. Who was enriched and whose fortunes declined?;For your main (initial) response, construct thoughtful and;detailed responses to the Discussion.After your;initial response, post at least two substantial responses to your classmates;and instructor?s posts in order to earn full credit.Case Study 2;Read;the Last Word piece, ?Government Failure? in the News, in Chapter 5 in your;textbook. Investigate the use of special-interest lobbyists for some of these;articles. The process of lobbying legislatures is itself a big business. State;legislatures are under the same kind of pressure from interest groups as the;Senate and the House of Representatives. Provide an example to discuss how;special interests can succeed in perpetuating policies that are opposed by the;majority of voters because the costs of organizing and motivating groups to;take political action increase with group?s size.;For your main (initial) response, construct thoughtful and;detailed responses to the Discussion.After your initial response, post at least two;substantial responses to your classmates and instructor?s posts in order to;earn full credit.
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