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In the initial lectures on the economic way of thinking we considered the description of cost-benefit analysis in macroeconomics offered by Henry Hazlitt. Some years back policy makers in the Kingdom of Bahrain were faced with rising inflation caused by the fall in the international value of the US dollar. You know from your economics class that inflation over time can be caused by putting too much money into the economy and that a sudden rise in prices of necessities can hurt consumers, especially low-income citizens. The government agreed at the time to give each low-income Bahraini household (but not non-Bahraini residents, who represent 52.7% of the Kingdom’s population as of the 2010 census) BD50 (fifty Bahraini Dinars, equal to $133) monthly to make it easier to buy what food they needed. First, please explain in your own words Hazlitt’s lesson, and second, explain how the lesson would assist an analyst in organizing an evaluation this policy. You should also draw upon any other relevant ideas contained in the economic way of thinking to explain how someone should approach the analysis of this policy. (1.5 to 2.0 pages, double spaced)
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