This Is for My Bus Class

In: Business and Management

Submitted By lanathegreat
Words 2096
Pages 9
Economic question and considerations (Wesley Simmons) There is immense belief among many medical experts that stem cell research will lead to significant improvements in the quality of human life as a result of the potential it has to reduce the high and sometimes unaffordable costs of treatments for a wide range of illnesses such as stroke, heart attack, diabetes, Parkinson’s Disease, spinal cord injury, and Alzheimer’s Disease. Since stem cell research is in the infant stage, there is still uncertainty regarding its potential, therefore, any estimates regarding financial impact are really just educated projections. It would not be presumptuous to assume that stem cell research will ultimately yield favorable economic results as it relates to income, new industries, jobs, and other economic activities. Basic research is the main catalyst for the success of the pharmaceutical industry. In fact, basic research has transformed the way we live in the positive ways. Many of the technological industries began with basic research. The microchip and the internet are great examples of the enormous economical impact of basic research. Some areas of economic benefit include: the potential reduction in overall healthcare cost, in particular, the reduction in spending on Medicaid because of new stem cell therapies, potential increased revenues and jobs created by new industries as a result of breakthroughs, and state and local tax receipts. In economics, the input-output analysis is a model in which the interdependence of any economy’s various productive sectors is observed in terms of consumption and production. For example, if a new corporation was created and it had twenty branches across the country, that required 75 copiers in each building, an outsourced cafeteria service, outsourced building maintenance, FedEx/UPS delivery, various vendors, etc, this…...

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