The Theories Of Neo Classical Economics - 1608 Words

4.1 Positive outcomes Based on the theories of neo-classical economics, Greener (2008) proposed two main types of benefits of the promotion of markets in welfare service delivery: 1) empowering purchasing power of service users; 2) improve competition and efficiency of providers. These benefits of marketization represent in the field of care for older people. First, the market provision empowers service users to ‘exercise consumer sovereignty’ (Greener, 2008) through greater opportunities of choices (Daly and Lewis, 2000; Drakeford, 2007). In respect of this, the market could improve quality of services and push the older care move from producer-driven to consumer-driven provision. Second, market mechanism emphasizes the improvement of quality and reduction of costs through competition among providers, which inherently promotes efficiency (Brennan et al., 2012). Yet, there is no agreement of all these benefits has been taken place in practice or not. For example, Lewis and West (2014) argue t hat changes in ‘greater choice’, ‘flexibility’, and ‘responsiveness’ is very little, but the cost has been saved indeed. The benefits of ideal market have certain conditions: enough information to both buyers and sellers; duly influence on price per unit; and no sunk costs for entering and exiting the market (Greener, 2008). In the field of social care, it’s difficult to reach these conditions (Land and Himmelweit, 2010). As Brennan and his colleagues (2012) argued, an ideal care marketShow MoreRelatedThe United States Of Inequality Essay1153 Words   |  5 Pagesrealities we face in our country today, with regards to income inequality. Income inequality in the United States is at a rise. And the sobering factor is that so little is being done to address this issue. According to a new study by researchers at the Economic Policy Institute, forces of rising inequality are operating at an all-time high throughout the United States. 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