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The coordination problem relates us to not only the levels of activities like research and developments (R&D) and investments but also to the behaviour of institutions that characterize the economy. Externalities can determine the ranking of alternative course of behaviour. In the evolutionary settings, the equilibrium on which the economy converges depends on its history. Thus, opening of a country to international competition that differentially ‘hurts' beaureaucratic firms in the economy may move the economy from one equilibrium to another thereby affecting the language technological progress.
“In the presence of institutional constraints, the Theory of Second Best tells us to perform the welfare maximization problem to solve the Pareto Optimal conditions and then apply
classical and modern theories of burden of public debt
Mr. X enters into a contract with Mr. Z under which Z agreed to build a customized telescope for X for $500. The value of the completed telescope to X will be $600. Expecting that
Q. Is Heterogeneity the sole cause of conflict of interests? Explain heterogeneity as a cause of variation of aspirations of agents leading to formation of various special inte
Types of production function
explain the stages and various coordination mechanisms involved in policy process?
Are there any current subsidy or welfare issues that are being discussed or addressed in parliament or municipalities?
Q. Who permits government whatever it does? The simple answer can be: people in a democracy and the monarch/dictator in a monarchy/dictatorship. But neither monarchy exists in
Question 1: Briefly (three or four paragraphs) give reasons for your answer. (a) In studying the public sector, economists should use either positive or normative economics
Q. Define Heterogeneity? We know that breaking of the assumptions of homogeneity of agents, in welfare economics, makes it difficult to define social welfare function. Breakin
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