Bystander effect

Economic Essay on Canada Macroeconomic Insights

Canada Macroeconomic Insights

Innis Lecture: A Canadian policy for broad-based prosperity by Daniel Trefler is an article providing a clear picture of prevailing macroeconomic state in Canada. The aim of this article is to explore different factors contributing to the economic situation in Canada that worsens by the day and the measures that might be taken for purposes of improving the situation.

Article Summary

As a country, Canada dreams of improving its citizens’ lives by using economic resources that are available. Despite the fact this dream is good, the existing economic conditions in the country are deteriorating fast, as the per capita income has become unfavorable not only to the needy but the poor as well.

“Numerous factors have proven to inhibit the prosperity of Canada and these include massive underinvestment in major sectors that range from workers, children as well as innovative capacity” (1163).

Therefore, this has contributed to a major wealth reduction in various Canadian cities when compared to other states that are in the US. Equally, this has led to negligence that is related to welfare of the Canadian poor as well as overall performance of the economy. So as to overcome these challenges, Canada needs to improve its competiveness level through formulation of policies that are scientific based that will make it possible to attain measurable results that can contribute to its growth positively. The country as well will have to equally use the labor available in order to undertake ventures that are more productive and well-paying which will ensure that their needs are well taken care of. Canada also needs to heavily invest in IT, development, education and research in order to ensure it devices the most effective and efficient means of production. Equally, it will have to invest on children as well as needy populations for purposes of ensuring wealth created within the country is proportionately shared with the most deserving people.

Conclusion

Canada, a nation of the world aims to improve the lives of citizens in order to ensure the welfare of the deserving and needy is well taken care of. Though the Canadian economy has deteriorated, it should invest heavily on IT, education development and research in order to ensure effective production means are put into place.

 

Works cited

Trefler, Daniel. Innis Lecture: Canadian Policies for Broad-Based Prosperity, Canadian Journal of Economics, 41.4. (2008): 1157-1184.

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