Good Essay About Economics:

Question 1

Corruption is bad for economic growth as it results to inefficient allocation of the resources through contradiction in the rules of fair competition and setting up of wrong incentives. Common forms of corruption are patronage and bribery that leads to inefficiencies associated with corruption. In most cases people do not acknowledge the fact that there are counter arguments that can contradict the negative effects of corruption and ignore that corruption can beneficial because they have been brainwashed with politics. Research conducted has shown that corruption can be beneficial or harmful to economic growth depending on the institutional environment. In the case of governments burdened, corruption has a positive effect on economic growth. In my own opinion corruption should not be allowed because only fewer members of the society benefit at the expense of the others.

Question 2

Corruption should be seen as "sand in the wheel of prosperity" in that it reduces the total amount of money that is set aside for public purposes. Corrupt government officials cut the money set aside for the development projects and misappropriates the funds to less important projects. It results to a setback in economic growth in that, instead of investing in projects that are the pillars of the economy the funds end up in useless projects that benefits the politicians. In a corrupt government, the sale of government contracts through bribery always end up with the highest bidder and in turn leading to low quality of public infrastructure and services. From my own opinion corruption is a setback in economic growth because the project are not given on basis of merit to those who deserve it hence the project are not done according to standards.

Question 3

Corruption is more of a cultural/moral issues in that it deprives other individuals the right of accessing the necessary services by benefiting a few people who are in power. In most cases, those individual who require certain services such as health care and improve infrastructure are denied this opportunity, and they end up suffering. It is not morally upright to deny an individual an opportunity to prove their worth because they do not have people in positions of power. In my own opinion corruption is a moral issue as those who engage in corruption are considered not to be morally upright.

Question 4

Corruption can be alleviated through education, people will have knowledge of how they can get justice without bribing individuals in position. Most people in developing country fail to claim their rights because they lack knowledge. Before an individual holds a public office, he/she must have no record of corruption only those who are morally upright should hold public office. Transparency through the anticorruption body should be established to ensure that government officials do not participate in the act of corruption. The above policies are very effective in controlling corruption, government official will fear to engage in corruption because they are sure some consequence will follow their action. Corruption is reduced when there are no corrupt officials in governance positions.

Question 5

It is important for foreign donors to care about corruption in the developing countries. Most of the fund donated in developing countries ends up being misappropriated as most of this government officials use the funds to enrich themselves instead of concentrating on developmental projects. Foreign donors should ensure the money they donate to developing country benefits all the citizen by ensuring there is accountability on how the donated funds are used. In my opinion when donors ensure there is accountability in the fund they donate corruption will reduce.

References

Bardhan, P. (1997). Summary of “Corruption and Development: A Review of Issues”. Journal of Economic Literature, Vol. 35(No. 3), Pp. 1320-1346.
Bardhan, P. (1997). Corruption and Development: A Review of Issues. Journal of Economic Literature, Vol. 35(No. 3), Pp. 1320-1346.
Bardhan, P. (1997). Corruption and Development: A Review of Issues. Journal of Economic Literature, Vol. 35(No. 3), Pp. 1320-1346.
Bardhan, P. (1997). Corruption and Development: A Review of Issues. Journal of Economic Literature, Vol. 35(No. 3), Pp. 1320-1346.
Drury, C., Krieckhaus, J., & Lusztig, M. (2006). Corruption, Democracy, and Economic Growth. International Political Science Review, Vol.27,(No. 2), Pp. 121-136.