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One shortcoming of neoclassical welfare economics is that it does not take into account the institutional structure of collective decision making. To draw normative conclusions about policies one needs to understand the process through which government decision making might influence the allocation of resources and then compare market allocations with real world government interventions; rather that comparing real world allocations with some unattainable Pareto ideal. Moreover, when there are conflicts of interests over economic policies, because different groups have different preferred policies and self-interests; some mechanism must be used for choosing a policy. ‘This is what is meant by a collective choice mechanism.' It leads to, in political sense, investing a decision with authority, so that it becomes acceptable policy. Clearly, it is different from the notion of collective choice, mechanism involving aggregation coordination of diverse preferences into a single collective preference to represent a policy. It is the subject matter of the next Unit. Other building block is an economic model which we use to study both the positive and normative sides of policy process. A number of economic tools have been in use, and you must be familiar to at least some of those you have already studied in earlier blocks. One such model is the Principal-Agent Model. The Principal-AgentModel is highly relevant to the policy process. The others are overlapping generationmodel and the continuous time dynamic process analysis. We will not go into technicaldetails of the techniques involved but have a policy applications view only.
What are your thoughts on Putman’s “Bowling Alone,” the idea that there has been a decline in social capital in North America? Do you agree or disagree with the assertion? Support
what id the definition of public debt burden?
Types of production function
There has been a long history of research on ‘the policy process' which is ‘closely connected to efforts to examine the nature of power in society and to specify the necessary cond
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what is volume of production and the factors influencing them
1.Suppose you are interested in assessing the value of a statistical life for individuals. You ?nd a dataset on risk and wages. You consider running the following OLS regression.
Graphthe market for water park business, labeling the demand curve, the social-value curve, the market equilibrium level of output, and the efficient level of output. What is the p
Question: You are the Head of the Public Relations Department of an airline company. Your Chief Executive has asked you to make a presentation on crisis management to senior s
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