Social Sciences Essay: Economics and Social Policy

Economics and Social Policy
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Institution Affiliation
Economics and Social Policy
Summary
Economics and social policy are two vital components for any region or country keen on development and prosperity. They allow and foster an extensive examination of economic, social, political, and geographical theories concerning contemporary policy issues. Through the economic and social policy, the differences in levels of prosperity between the different states around the globe are understood. Several informative and learned economists have highlighted the two concepts in different articles. One notable individual is Seagal (2015). The significance of social policy is echoed by Seagal (2015), who shares, "Social policy is concerned with the ways societies across the world meet human needs for security, education, work, health, and wellbeing". From the aforementioned perspective, it is sufficient to construe that social policy is inclined to look in-depth at how societies and countries in general respond and attend to global challenges such as unemployment, poverty, and globalization. Social policy examines how different institutions such as civil societies and national governments provide and offer services that support individuals from young and tender ages to old age (Becker, 1993). For example, social policy mandates and dictates that national governments should reduce poverty levels and offer unemployment support. This example is vividly exemplified by Schelling (1981) through the article on government spending. The article highlighted that government spending covers services provided and offered by both federal and local entities. It also expounded that there are moments when governments can overspend, leading to budget deficits.
Similarly, budget surplus usually occurs whenever national governments collect more taxes compared to their expenditures. The article was very informative and offered vivid details and facts, including the trends in US budget deficits and surplus over one year. Remarkably, the article highlighted how the US government incurred its largest budget deficit in 2009 when it spent $1.4 trillion more than the funds collected as taxes. The information echoed the benefits of having stringent social policies. This is because despite the US being one of the superpowers and most developed nations globally, lack of concrete social policies proved to be detrimental in 2009.
Additionally, Levine's (1983) article denoted that US federal spending mainly covers four distinct areas. These include national defense, interest payments, social security, and health care. These are all key areas whose expenditures will go a long way in improving US citizens' livelihoods. Overall, the above articles from the different authors proficient in matters economics helped inculcate and increase my understanding of social policy.
The first article by Seagal (2015) introduced an essential aspect of economics and social policy in government spending. National governments, for instance, the US government, are mandated to improve and better the lives of all citizens without favoritism and discrimination. They regularly spend in various sectors of the economy, such as health care and education (Becker, 1993). For insta...