Aspects of drinking and economy

Write a 5 pages paper on key aspects of drinking and economy. Besides productivity, past drinking is detrimental to health status. The psychological and physical dependence on alcohol causes impairment while at home or work. Likewise, Alcohol abuse triggers risky behaviour. Mullahy and Sindelar established a direct correlation between alcohol abusers and dependents with a lower rate of employment and earnings (Mullahy & Sindelar, 1993). Another empirical research conducted by Mullahy and Sindelar exposed alcoholic consumption amongst teenagers to be a chief contributory factor in terminating school, and consequently future income (Mullahy & Sindelar, Life cycle effects of alcoholism on education, earnings, and occupation, 1989). Alcoholic dependence hampers academic performance, reducing future human capital. thus, funds that are more public have to be diverted to provide the incentive to continue (Cook & Moore, 1993). Another imperative factor to be borne in mind is that studies have found per capita alcohol consumption to have an immense influence over rape, homicide, criminal, heart disease, cancers, cirrhosis, and myriad other personal and social plights. Hence, the state is compelled to invest larger funds in providing medical care and public safety. This has an opportunity cost as those funds could have been spent to grow the economic potential. hence, accelerate economic growth. Overall, it affects both, the micro and macro-economic systems.Although most individuals resolve to abandon alcoholic dependence, yet time inconsistency hinders them in executing this decision. This procrastinating behaviour is further promoted due to peer pressure that significantly influences erroneous decisions. In particular, alcoholic consumption accelerates amongst individuals when social milieu deludes the individual into thinking of it as a small change, but over time developing it into a dominating behavioural pattern (Akerlof, 1991). Another hypothesis by Becker and Murphy advocates that forward-looking&nbsp.consumers may indulge in the addiction of a good to maximize the utility derived&nbsp.(G.S. & Murphy, 1988).