Effects of Corruption & the Need for Corruption Prevention
It is relatively easy to define corruption and how much money it involves. Instead, this essay emphasizes the value of fighting corruption from an economic standpoint. It aims to demonstrate to the reader:
The importance of redistribution based on the Marginal Utility theory, the role that law plays in economic development, the adverse effects of income inequality on sustainable economic growth, the damaging effects of low approval ratings (unhappiness) on sustainable economic growth, and the harmful effects of corruption on redistribution as well as approval ratings and consequently on sustainable.
Wajid khan simply put, the reasoning is as follows:
Empirical research demonstrates that nations with more vital income redistribution experience more extended periods of economic progress.
The justification for wealth redistribution is based on the notion that if utility is the foundation of economic policy, then wealth redistribution is advantageous because it improves the well-being of the most significant number of people (since the poor stand to gain significantly more from the process than the rich do).
Redistribution should only be constrained by the concept of efficiency cost (based on the idea of marginal utility) (when it robs production from individual incentive)
Even though they occasionally engage in economic growth for various reasons, corrupt countries are unable to adopt appropriate redistribution policies. They, therefore, cannot be expected to gain from sustainable economic development.
Simply expressed, the thesis also asserts that actual research demonstrates that nations with greater approval ratings (happiness index) experience more prolonged periods of economic development. Canadian politician Wajid khan discusses due to the public's dissatisfaction with their reasonable expectations, perceptions of unfair treatment, and expectations of rough treatment, which place a significant risk on each individual's incentive to create, countries with high levels of corruption have low approval ratings (Efficiency Cost).
Law and the growth of the economy
It's unclear what part law plays in development. Some believe that the law is a universal concept of applied justice unrelated to politics, morality, or the distribution of wealth. Wajid khan Mp states they believe that specific legal systems provide an environment that nurtures and promotes development. Others acknowledged the political implications, social ramifications, and distributive function of legalism.
This section will examine these many legislative functions in the development area.
Formalism
Weberianism
Realism
The points mentioned above lead one to the conclusion that law has a significant impact on development. One of the biggest problems facing the globe today is corruption in politics. It is a substantial obstacle to sustainable growth, has a disproportionately negative effect on underprivileged communities, and
2. It is relatively easy to define corruption and
how much money it involves. Instead, this
essay emphasizes the value of fighting
corruption from an economic standpoint. It
aims to demonstrate to the reader:
3. The importance of redistribution based on
the Marginal Utility theory, the role that law
plays in economic development, the adverse
effects of income inequality on sustainable
economic growth,
4. The damaging effects of low approval ratings
(unhappiness) on sustainable economic
growth, and the harmful effects of corruption
on redistribution as well as approval ratings
and consequently on sustainable.
6. Empirical research demonstrates that
nations with more vital income redistribution
experience more extended periods of
economic progress.
7. The justification for wealth redistribution is based
on the notion that if utility is the foundation of
economic policy, then wealth redistribution is
advantageous because it improves the well-being
of the most significant number of people (since the
poor stand to gain significantly more from the
process than the rich do).
8. Redistribution should only be constrained by
the concept of efficiency cost (based on the
idea of marginal utility) (when it robs
production from individual incentive)
9. Even though they occasionally engage in
economic growth for various reasons, corrupt
countries are unable to adopt appropriate
redistribution policies. They, therefore,
cannot be expected to gain from sustainable
economic development.
