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A change in the legal statute may be able to force an equilibrium if it leads to a new equilibrium which implies some revised belief which sustains the equilibrium. Tirole (1996) developed a model to study group reputation and demonstrated that an anticorruption programme of sufficient duration and severity can play in switching an economy from high corruption with sustained belief it to one with low corruption and sustained belief for it. This shift has wide spread impact on all most all the sectors of the economy.
WHAT ARE THE PRINCIPLES OF MULTI-UNIT FINANCE?
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how wage increase of fixed income groups'' will affect the overall economy? what are effects exactly?
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Explain the stages and various coordination mechanisms involved in policy processes. Discuss various factors that influenced the agenda setting in policy processes.
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