Briefly Define the Three Theories-Logic of Industrialism,neo-Marxist Theory,and State-Centered Approaches-That

question 47

Essay

Briefly define the three theories-logic of industrialism,neo-Marxist theory,and state-centered approaches-that explain how and why the welfare state developed.Which theory do you find most persuasive,and why?

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Definitions:

Marginal Social Benefit

The additional benefit to society from consuming one more unit of a good.

Marginal Cost

The financial outlay required to produce an additional product unit.

Socially Optimal

The socially optimal point is where the societal benefits of consuming a good or service equal the societal costs of producing it, leading to an efficient allocation of resources.

Marginal Benefit

The increase in utility or enjoyment an individual gets by consuming an additional unit of a good or service.