Alcohol Consumption An Economic Problem - 1166 Words

Economic way of Thinking Alcohol Consumption an Economic Problem Economists assume consumers of alcohol are rational beings capable of responding to incentives and disincentives on decisions about its consumption ADDIN EN.CITE Gwartney2008465(Gwartney, Stroup, Sobel, Macpherson, 2008)4654656Gwartney, J.D.Stroup, R.L.Sobel, R.S.Macpherson, D.A.Economics: Private and Public Choice2008United StatesSouth-Western Cengage Learning9780324580181http://books.google.co.ke/books?id=yIbH4R77OtMC( HYPERLINK l _ENREF_2 o Gwartney, 2008 #465 Gwartney, Stroup, Sobel, Macpherson, 2008). An economist will formulate policy to guide in solving the problem of alcohol abuse reducing the benefits associated with alcohol consumption. The assumption of ceteris paribus (all things remaining constant) will be used to determine and influence individual choices surrounding consumption of alcohol. Marginal changes in the levels of alcohol consumption are evaluated against marginal changes in the factors influencing consumption of alcohol. An individuals choice to consume a u nit of alcohol is evaluated against price and the income earned. Economists make their conclusion and decision on the correct measure to take by assuming that, all things remaining constant, a rational individual will make an assessment of the benefits and losses associated with unit consumption of alcohol ADDIN EN.CITE Gwartney2008465(Gwartney et al., 2008)4654656Gwartney, J.D.Stroup, R.L.Sobel, R.S.Macpherson,Show MoreRelatedThe Current Economic Arguments And Concerns Around Binge Drinking1090 Words   |  5 Pagespurpose of the following report is to illustrate the current economic arguments and concerns around binge drinking in Australia. This is then followed by looking at the method of introducing an ‘alcopop’ tax aimed at reducing the amount of binge drinking in Australia. 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