Your assignment is to prepare and submit a paper on tobacco, alcohol, drugs and prostitution. Tobacco, Alcohol, Drugs and Prostitution Tom: Alcohol, Tobacco, Drugs and Prostitution have a direct effect on the economy. Drinking among employees threatens public safety, weakens job performance, and leads to costly medical and economic problems that affect employers, employees, and the nation at large. Working at the lowest capacity, alcohol abusers at the workplace increase their colleagues’ workloads, cause lower productivity, affect product and service delivery qualities, and in overall view, the employer’s image is tarnished while their health care demands and absence from work raise costs. Several other drugs like cocaine affect work performance, particularly in decision-making, which directly affect production.
Mike: Addressing the negative impacts of alcohol, Tobacco, drugs, and prostitution may not be a satisfying step because these aspects too have a role in improving the economy. Guell Robert argues in his book that despite the critics, the fundamentals of the world economy evolve very gradually. Currently, employment in the whole world goes on rising. Thus, the investment inferences of this are to seek for some secure, high yield investment opportunities. When the economy bottoms out, people can invest in food, energy, drinks, drugs, in entertainment elements, and emerging market countries as they bet against the dollar.
John sides with Mike that regardless of the status of prostitution, whether legal or illegal, or where it is physically located, that is massage parlor, home, hotel, strip pub, or street, prostitution is probably similar to alcohol and other drugs since it will continue being in existance, be it legal or illegal. In fact, some research indicates that legalizing and standardizing prostitution can help to reduce HIV/AIDS infections. Guel argues that though it may not sound realistic to argue that prostitution somehow relates to the economy of a nation, it is true according to studies.
Peter: From the four mentioned aspects, prostitution is the largest element of the entertainment industry worldwide. In 1994, this industry made over $30 billion in Southeast Asian states alone. Thailand, Malaysia, Indonesia, and Philippines. The International Labor Organization study shows that Thailand alone generated $22-24 billion incomes. Surprisingly, these four nations only make 6.1% of the world population (Guell 176). If prostitution was practiced at a similar rate per capita in the entire globe, revenues would add up to 360%billion from the year 1994, and most likely, they could have grown since then.
Jack agreed with Peter’s observation, but added that Tobacco is a big win for the economy as well. Tobacco Atlas reads that 5.6 trillion cigarettes, approximately 17%, or 1.3billion people in the world smoke cigarettes. As popularly known, smoking is one of the most addictive acts of human behavior. However, 5.4 million people were estimated to die in 2005. Data on cigarettes sold and incomes realized by the four leading Tobacco companies worldly. Phillip Morris British American Tobacco, China National Tobacco Company, as well as Japan Tobacco International Company, is astonishing. From such information, it is logical to approximate the average universal price for Tobacco to be US$0.06, meaning that annual Tobacco sales at $336 billion.
I think that all of your rationales for how Tobacco, alcohol, drugs, and prostitution relate to the economy are logical. On the other hand, Guel does not encourage the vices associated with them, but agrees that if regulated, they can positively improve the economy. Regardless of their negative impacts, these aspects have an established relationship with the economy of any given nation. They are the leading entertainment elements that will obviously form part of human undertakings. Much of what entertains people or makes life tasty may cost little but leaves an impact on the economy.
Guell, Robert. Issues in Economics Today. New York: McGraw-Hill/Irwin, 2006. Print.
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