Suppose You Were To Build A Model That Would Forecast The Na
Suppose You Were To Build A Model That Would Forecast The Nationwide D
Suppose you were to build a model that would forecast the nationwide demand for nurses 20 years from now. As a start, you must make assumptions about population growth and the effects of new drugs. What else? Do you think the list of variables is endless? Support your answer. (250 words) Use the concept of opportunity cost to explain why lawyers are more likely than physicians to get involved in politics. (250 words) APA format cite references.
Paper For Above instruction
Introduction
Forecasting the demand for nurses over the next two decades involves complex modeling that extends beyond initial assumptions about population growth and drug innovations. Various additional factors influence demand, and understanding these can improve the accuracy and utility of such models. Moreover, the choice of variables reflects broader economic and social considerations, particularly when analyzed through the lens of opportunity cost, which might explain why certain professions, such as lawyers, tend to engage more actively in politics than physicians.
Additional Variables in Forecasting Nurse Demand
Besides population growth and pharmaceutical developments, several other variables are critical in projecting future nurse demand. Healthcare policy changes are paramount, as regulations and funding models directly impact healthcare services and staffing requirements (Buchan & Aiken, 2018). Advances in technology, including telemedicine and electronic health records, can alter the need for traditional nursing roles and skill sets (Kacker et al., 2018). Demographic shifts, such as aging populations and increasing chronic disease prevalence, will also significantly influence demand levels (World Health Organization, 2020). Economic factors, like healthcare financing and insurance coverage, may affect access to care and, consequently, staffing needs (Baron et al., 2017). Additionally, the globalization of healthcare and potential pandemics could introduce unpredictable variables that reshape demand on a global scale.
While these variables expand the forecast model's complexity, they do not render the list endless. Models are constrained by available data and the practical limits of variable interactions. Over-inclusion risks overfitting, reducing the model's predictive power. Therefore, a balance must be struck between comprehensiveness and parsimony—though the number of variables can be extensive, it is inherently finite and manageable with robust statistical techniques (Cohen & Cohen, 2020).
Opportunity Cost and Political Engagement
Opportunity cost, defined as the value of the next best alternative foregone, provides a compelling explanation for why lawyers may be more inclined than physicians to participate in politics (Mankiw, 2020). Lawyers traditionally possess skills in advocacy, negotiation, and understanding complex legal frameworks, which are directly applicable to policymaking and legislative processes. Their profession often involves engaging with government agencies and influencing regulatory environments, positioning political involvement as a natural extension of their career (Hamm & Rusk, 2015).
In contrast, physicians typically focus their efforts on patient care, research, and medical advancements, areas demanding significant time and specialized expertise. Their opportunity cost of engaging in politics is high, as diverting time and resources from clinical responsibilities may reduce their ability to provide patient care and advance medical practice. Moreover, physicians might perceive political involvement as less aligned with their core professional identity and less beneficial for their immediate career progression (Crampton et al., 2017).
Furthermore, the financial incentives for lawyers to engage in politics are often greater, given the potential for policy influence to benefit their legal practices and clients. Conversely, physicians might prioritize clinical work, where immediate health outcomes are direct and tangible. Consequently, the opportunity costs associated with political engagement are generally lower for lawyers, encouraging their increased participation in political processes.
Conclusion
Forecasting nursing demand involves considering a broad and complex set of variables, though these are inherently finite and manageable with appropriate modeling techniques. The application of opportunity cost explains divergent political engagement patterns among professionals, with lawyers more likely than physicians to participate due to differences in skill sets, professional priorities, and associated opportunity costs. Understanding these dynamics enhances policymakers' ability to craft strategies that balance workforce planning and professional involvement in governance.
References
Baron, S., et al. (2017). Healthcare financing and access: Implications for workforce demand. Health Economics Review, 7(1), 12-25.
Buchan, J., & Aiken, L. (2018). Solving global nurse shortages. OECD Health Working Papers, No. 103. OECD Publishing.
Cohen, J., & Cohen, P. (2020). Applied multiple regression/correlation analysis for the behavioral sciences. Routledge.
Crampton, P., et al. (2017). Physicians’ perspectives on political involvement: A qualitative study. Medical Journal of Australia, 206(1), 37-41.
Hamm, R., & Rusk, R. (2015). Lawyers and policy advocacy: A strategic approach. Law & Policy, 37(2), 127-149.
Kacker, S., et al. (2018). Technology in healthcare: Emerging trends and implications for nursing. Journal of Nursing Science, 6(4), 62-69.
Mankiw, N. G. (2020). Principles of Economics. Cengage Learning.
World Health Organization. (2020). State of the world's nursing 2020: Investing in Education, Jobs, and Leadership. WHO Press.