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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.
Case for Improving upon the Market System Unlike the "optimistic followers" of the "classical school" who believed that markets would "natural!yn or "automatically" prod
Q. Who will participate and how decision will be made are issues concerned with Public Choice. Whether participants are guided by social concerns or they harbour their private
As we know now that in policy process, policy outcome may differ from the social planner outcome not only because different policies may be chosen but because a given policies may
Read the titled book 2010 State of the World: Transforming Cultures from Consumerism to Sustainability written by the Worldwatch Institute.Learn through their findings valuable inf
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Types of production function
Question: (a) Jeffrey Sachs, Columbia University's Earth Institute Development Guru, opines that the humble mobile phone is "the single most transformative tool for developmen
In economic literature policy instrumentation has usually been discussed from normative point of view. In particular, the analytical apparatus of welfare theory is well equipped t
Q. Relationship between individual preference and social choice? Social Choice is a very kindred area. Some people don't make any distinction between the two while others make.
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