Threat of Economic Development in Ireland Essay Example | Topics and Well Written Essays - 500 words - 1

Threat of Economic Development in Ireland - Essay Example omic theory tells us to examine costs and benefits in order to determine whether resources are allocated in a manner that increases or decreases economic growth,† Adding further down in his commentary that, â€Å"Other forms of government spending have a less desirable impact on economic activity. If a program does not facilitate or encourage economic activity, or has only a small positive effect, then the aggregate impact on the economy will be negative because there are limited benefits – if any – to outweigh the costs. And if the program actually undermines work, saving, and investment or encourages misallocation of resources, then the overall adverse impact on economic growth will be particularly pronounced. A good example from recent events is federal flood insurance. Not only does the program require resources to be taxed or borrowed from the productive sector of the economy – with all the associated economic costs, but it also encourages over-buildi ng in flood zones, which leads to the destruction of wealth during natural disasters,† (Mitchell 10/25/2005). As it pertains to Irish environment, it can be determined that first a sense of which in environment is key in understanding the implications, positive or negative, that economic development will have on the said environment. When it comes to the political environment of a nation, economic development is important as it comes to progressive advancement. Any other environment can find itself hampered in one way or another by economic advancement because as was seen with the Industrial Revolution, which had great economic benefits even presently, the environment itself has suffered through greenhouse gases that have left the environment in continuously deteriorating health. According to the brief description provided within the article, Ireland is described as being the second richest nation within the European Union. As such, logical deduction would state that for a country to have reached that