Microeconomic Principles Answer 2022
Added on 2022-10-11
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Running head: MICROECONOMICS
Microeconomic Principles
Name of the student:
Name of the university:
Author note:
Microeconomic Principles
Name of the student:
Name of the university:
Author note:
MICROECONOMICS
1
Answer 1
Economic incentives are those benefits which inspire individuals in behaving in a
particular way over their preferences to meet their wants, needs and desires. As stated by
Macauley, Bowes and Palmer (2017), economic incentives represent the elements that persuade
people to chase their needs and preferences. These incentives also include several policies, which
inspire the individuals to increase their performance and productivity and earn greater income. In
almost every economy, different types of economic incentives are provided by the government,
such as, loan support, subsidies and tax benefits and exemptions, to motivate the people for
increasing the total productivity level of the economy (Considine, Nguyen and O’Sullivan 2018).
Similarly, the previous government of West Bengal provided economic incentives in the form of
a legal decree to the Bargadars, which empowered them to keep 75% of the entire production of
crops. In the earlier system of Barga, the Bargadars were exploited as they had to pay a greater
amount of the crop production to the landowners as rent for the lands (Sen 2018). However,
under the new rule, the Bargadars could earn more revenue by selling almost 75% of their entire
crop production. Hence, they got incentives for increasing their crop production. Along with that,
the new legislation restricted the landowners from eradicating the Bargadars from the lands if the
Bargadars could pay them 25% of the total crop production as a rental payment. Thus, the new
rule, known as Operation Barga, acted a motivation to the Bargadars to increase the total crop
production. This resulted in an increase of 28% in the regional crop production in West Bengal
and brought success to Operation Barga.
Answer 2
Consequentialism is referred to the normative ethics theories, which explain the impact of
a behaviour or conduct of an individual as the ultimate foundation for any verdict in regards to
the right or wrongness of that particular behaviour. Hence, Consequentialism presents an ethical
theory that assesses any action of an individual or a group of people and presents the judgment
on if that is morally right or wrong based on the outcomes (Hurley 2018). For instance, a
company might move away from their corporate policies and give an employee his salaries on an
urgent basis, who needed money for some emergency. This represents a violation of ethics for
1
Answer 1
Economic incentives are those benefits which inspire individuals in behaving in a
particular way over their preferences to meet their wants, needs and desires. As stated by
Macauley, Bowes and Palmer (2017), economic incentives represent the elements that persuade
people to chase their needs and preferences. These incentives also include several policies, which
inspire the individuals to increase their performance and productivity and earn greater income. In
almost every economy, different types of economic incentives are provided by the government,
such as, loan support, subsidies and tax benefits and exemptions, to motivate the people for
increasing the total productivity level of the economy (Considine, Nguyen and O’Sullivan 2018).
Similarly, the previous government of West Bengal provided economic incentives in the form of
a legal decree to the Bargadars, which empowered them to keep 75% of the entire production of
crops. In the earlier system of Barga, the Bargadars were exploited as they had to pay a greater
amount of the crop production to the landowners as rent for the lands (Sen 2018). However,
under the new rule, the Bargadars could earn more revenue by selling almost 75% of their entire
crop production. Hence, they got incentives for increasing their crop production. Along with that,
the new legislation restricted the landowners from eradicating the Bargadars from the lands if the
Bargadars could pay them 25% of the total crop production as a rental payment. Thus, the new
rule, known as Operation Barga, acted a motivation to the Bargadars to increase the total crop
production. This resulted in an increase of 28% in the regional crop production in West Bengal
and brought success to Operation Barga.
Answer 2
Consequentialism is referred to the normative ethics theories, which explain the impact of
a behaviour or conduct of an individual as the ultimate foundation for any verdict in regards to
the right or wrongness of that particular behaviour. Hence, Consequentialism presents an ethical
theory that assesses any action of an individual or a group of people and presents the judgment
on if that is morally right or wrong based on the outcomes (Hurley 2018). For instance, a
company might move away from their corporate policies and give an employee his salaries on an
urgent basis, who needed money for some emergency. This represents a violation of ethics for
MICROECONOMICS
2
the corporate house, according to the deontology theory of ethics (Quong 2018). However, by
this initiative, the company generates welfare for the employee and therefore, the outcome is
positive and satisfies the idea of the consequentialism theory of deontology. Critical inspection
of the deontological theory of ethics and consequentialism is required for justifying the
implementation of the law of Operation Barga. This law was established for improving the
economic situation of the Bargadars, who did farming on rented land, and for reducing their level
of exploitation by the landowners. This policy aimed at limiting the power of the landowners
from eradicating the Bargadars from their land, if they paid the 25% crops as rents from the total
production. Hence, this new law restricted the rights of the land owners on their own lands and
also caused violation of the ethics of deontology (Wheeler and Laham 2016). On the other hand,
Operation Barga created positive or ethically right outcomes for the Bargadars as they could
enjoy more crops and increased income. It also prevented their removal from the lands if they
could give only 25% crops from the total production as rents to the land owners. Hence, though
the new law had some costs, the benefits were greater in terms of positive outcome. Thus, it can
be inferred that the consequentialism theory of ethics is satisfied in case of Operation Barga.
Answer 3
Deontological ethical framework is defined as the concept or idea of normative ethics
that explains that the principles of an action must be determined by the way of conducting the
action is ethically or morally right or wrong according to certain standards rather than its final
consequence (Burgess 2019). Thus, it can be stated that as per the deontological ethics, the action
undertaken by an individual or group of people must be ethically right in relation to certain
standards, while the outcome of the action is considered to be insignificant. A person will be
considered to be ethically or morally right if he follows the rules that are morally right,
irrespective of the consequences (Holyoak and Powell 2016). In the matter of Operation Barga, it
can be inferred that the actions undertaken by the then government of West Bengal were not
right as per the principles of deontology. The law of the Operation Barga put restrictions on the
landowners from exercising their rights on their lands and also stopped them from eradicating the
Bargadars who did farming on their lands. The landowners were also not entitled to negotiate on
their crops share from the volume of total production. Thus, it is evident that the laws of
2
the corporate house, according to the deontology theory of ethics (Quong 2018). However, by
this initiative, the company generates welfare for the employee and therefore, the outcome is
positive and satisfies the idea of the consequentialism theory of deontology. Critical inspection
of the deontological theory of ethics and consequentialism is required for justifying the
implementation of the law of Operation Barga. This law was established for improving the
economic situation of the Bargadars, who did farming on rented land, and for reducing their level
of exploitation by the landowners. This policy aimed at limiting the power of the landowners
from eradicating the Bargadars from their land, if they paid the 25% crops as rents from the total
production. Hence, this new law restricted the rights of the land owners on their own lands and
also caused violation of the ethics of deontology (Wheeler and Laham 2016). On the other hand,
Operation Barga created positive or ethically right outcomes for the Bargadars as they could
enjoy more crops and increased income. It also prevented their removal from the lands if they
could give only 25% crops from the total production as rents to the land owners. Hence, though
the new law had some costs, the benefits were greater in terms of positive outcome. Thus, it can
be inferred that the consequentialism theory of ethics is satisfied in case of Operation Barga.
Answer 3
Deontological ethical framework is defined as the concept or idea of normative ethics
that explains that the principles of an action must be determined by the way of conducting the
action is ethically or morally right or wrong according to certain standards rather than its final
consequence (Burgess 2019). Thus, it can be stated that as per the deontological ethics, the action
undertaken by an individual or group of people must be ethically right in relation to certain
standards, while the outcome of the action is considered to be insignificant. A person will be
considered to be ethically or morally right if he follows the rules that are morally right,
irrespective of the consequences (Holyoak and Powell 2016). In the matter of Operation Barga, it
can be inferred that the actions undertaken by the then government of West Bengal were not
right as per the principles of deontology. The law of the Operation Barga put restrictions on the
landowners from exercising their rights on their lands and also stopped them from eradicating the
Bargadars who did farming on their lands. The landowners were also not entitled to negotiate on
their crops share from the volume of total production. Thus, it is evident that the laws of
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