Utilize the Knowledge You Have Gained to Respond to the Following

question 44

Essay

Utilize the knowledge you have gained to respond to the following essay questions.Your answers should state your position and use logical arguments and content from this and other chapters in the textbook to support it.
The textbook notes that Rep.Billy Tauzin of Louisiana,chief architect of the new Medicare prescription drug law,has received a lucrative job offer to lobby for the pharmaceutical industry.News commentators suggest that if he takes the job he will have already earned his salary because the Medicare bill is expected to provide windfall profits for the drug companies.Chapter 10 said that one of the reasons government regulates business is to control excess profits.Are "windfall" profits for the pharmaceutical industry "excessive?" If so,how can we reconcile government's efforts to regulate against excess profits with Tauzin's ability to draft legislation that provides windfall profits?

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Definitions:

Integration

The process of bringing together diverse groups into a cohesive whole, often used in the context of social, cultural, or racial groups within a community or organization.

Generalization of Values

The process by which certain values become widely accepted and integrated into the social fabric, guiding norms and practices across diverse communities.

Social System

An organized collection of parts that are highly integrated to accomplish an overall goal, describing the structured society in which we live.

Status

The relative social, professional, or other standing of someone or something within a society or organization.