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Only limited progress has been made in modeling of dynamic process of institutional change, therefore, limiting the concerned policy options. It has been identified that innovation, honesty, investment, labour training and saving can lead to externalities mediated by
- change in beliefs information
- effects on technology of the individual agents
- changes in the set of markets that exists
- changes in the size of markets and
- changes in search costs
There externalities affect the rewards to activities and can lead to existence or multiple equilibria - each with different reward structure. In fact, with a view to policy decision, analyzing problems relating to markets, market models are more relevant than usual game theoretic analysis.
PIGOVIAN APPROACH Pigou assumed that the aim of social policy is to 'promote welfare'. But in order to simplifL this, he chose to restrict the range of his inquiry to
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 abo
Are there any welfare or subsidy payments that should be renewed or added? 2.What are the costs and consequences of providing the subsidies and welfare? 3.Are there any current sub
Suppose there is certain social norm. Its enactment into statutory law lowers people's private cost of its enforcement because it creates the possibility that violation of norm wi
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Probelm 1: (a) What are the main roles of Government in the economic development of a country? (b) What are some of the emerging issues affecting the role of Government?
three basic economics difference between them and definations
We live in a globalized world economy. Our policy agenda, as we have discussed earlier have changed enormously to include environment, humanity in general as well as the conventio
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
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)
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