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Case for the Market
With the objective of maximising total value of output focused on observing real factors of production, through the logical 'tool of marginal product, and the awareness of obstacles to movement and divergences of private and social product, Pigou set about judging how well a market system performs. He considered the market allocation mechanism as the default scheme and was interested in comparing the optimal resource configuration to that yielded by the market system.
Pigou thought it a settled matter that the market system often generated an optimal solution and, thus, did not spend much time or effort explaining this result. Self-interested resource owners, unhampered by ignorance, seeking to maximise their private returns, will allocate resources so that marginal private net products will everywhere deviate by less than the costs of movement and, thus, the sum total of returns will attain a maximum. If private and social products are equivalent, the free play of self-interest yields a socially optimal allocation.
Question 1: (a) Describe and distinguish between the Linear Stages Theory and the Structural Change Models. (b) What are the limitations of each of the above two models.
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The other type is called ex-post heterogeneity which refer to the conflict (of interests) arising due to distributional implications of the public policy. Thus when a public polic
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Discuss whether high indirect taxes are the best way to discourage smoking.
what is volume of production and the factors influencing them
A dam is proposed on a stretch of wild river, a river that is currently used for recreation. The dam will generate electricity. The dam will have a useful life of 50 years, after w
What makes a public opinion poll scientific 1. To what extent do we really think about political issues as individuals, or are we more influenced by our environment -family, t
Since complexity theory as a tool, has not been included in the standard tool kits of our economics courses, it is pertinent to have a basic idea of before proceeding to apply to t
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