Economics Essay

8978 WordsMar 15, 201436 Pages
Luke Thometz Micro Economics 201 Mid Term Essay ------------------------------------------------- Agricultural Subsidies in the US what is its future? We need to understand on where we began to have a better build a road map on the future of Agriculture subsidies. In order to think and develop a better solution the mere definition another strategy to offer more rationale we need to understand the definition on what is a subsidy? According to Wikipedia “A subsidy is a form of financial or in kind support extended to an economic sector (or institution, business, or individual) generally with the aim of promoting beneficial economic and social outcomes”. This essay is focused on the micro applications. I tend to stray away from the macro side of the issue. There is a strong hold on history when it comes to main staples of survival. Food, water and careful planning are what will determine a future for any given society to survive. Looking into the origins of Agriculture subsidies a time line is important to better understand on why the recent Farm Bill of 2008 is being continued and stalled for the next five years of the debates cited this year on the September 30th deadline. The federal government shut down beginning October 1 thru the 16th was no help as well. How will we put the very definition to good use here domestically and protect our domestic economy/ Lets look into the foundation our nation has created. Historically, we need to review the rational on why subsidies existed. Failed societies do reflect on what went wrong? Historically, we need to review the rational on why subsidies existed. I would like to point out some dates and the rest of the dates are at the bottom of the thesis under appendix 1. Recorded history shows our country youth began the First tariff act in 1789. Next was a progressive era of Abraham Lincoln from 1862 thru 1886

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