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The Economics of Ireland

In: Business and Management

Submitted By tasly
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The Economics of Ireland
Teresa Sly
Rasmussen College

Author Note This paper is being submitted on April 10th 2015, for Lisa Reed’s Introduction to Business Course.

The Economics of Ireland The economic system of Ireland is regulated Capitalism. Its means of production are privately owned and operated, but the government exercises a level of control over what a person can do with his or her property and how they run a business. The goals of regulated capitalism are to improve product quality, improve working conditions, and to reduce or limit harm done by potentially dangerous substances such as alcohol. State sponsored bodies operate rail and road transport, electricity, and some television and radio stations. The United Nations rated Ireland as the fourth best country in which to live. Ireland is the second wealthiest nation in the world with more than 30,000 millionaires in residence. Irish workers enjoy low taxes on wages. Irish citizens are offered a rebate for eco-friendly cars. The Irish government offers a free education and often pays students to take FAS (Foras Aiseanna Saothair) classes from the National Training and Employment Authority. The Average cost of a 4 year degree in the United States in $26,600.00. Irish citizens enjoy a free prescription drug plan. In the Irish National Health System private medical insurance costs per year, what the average American pays per month. The Irish Economy is not without its challenges. The average house in Ireland costs 350,000 pounds. That is about $519,000 in American dollars. Irish grocery prices are amongst the highest in Europe. Nine percent of the Irish population is classified as consistently poor, and one of five children leave school with inadequate literacy. Irish hospitals have a myriad of problems, including long waiting lists. As many as 29,000 people could be on waiting...

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