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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 conventional economic factors. We have also seen earlier the interdependence of different actors and agents which transcends the natural boundaries. Political governance and democracy are associated so closely with the modern nation states that it is difficult to imagine them in any other political setting. As a consequence of globalization, the alleged passing or ‘unbundling of nation-state, therefore, poses a severe challenge to these two founding concepts. In the complex system of world economy no policy maker can confine himself to a closed world. Interdependence are so strong that success of such closed policy view is bound to defeat it self. Further, problems relating to governance also spillover and transcend conventional national boundaries. Note that problem of governance not only is confined to the governments but to corporate and business organizations as well. Look at the governance problems of Microsoft in different countries. For Microsoft, ‘non- traditional' space is shaped by the need for ‘neutral and standardized' forms, permitting worldwide scale. Borders and regions thus find their point of entry in this ‘perception of space' through geopolitical lens of global thought process. Therefore, those problems which involve externalities, and cross border interests have emerged as spark to policy market.
The essence of a national boundary is separate the ‘self' from the ‘other'. Thus natural boundaries, like all institutions have their own set of internal rules which govern their
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
Question 1: i. Explain the likely effects of a recession on a government's budget? ii. How is the operation of fiscal policy supposed to affect the level of economic activ
what is the definition of public debt burden?
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Pigovian Analysis The starting point of the Pigovian welfare analysis is the notion that there is a resource allocation problem that can be optimally solved. Through hi
examine the efficiency of quantitative credit control instruments.
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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.
Jack and Jill live alone on an island. Their labour supply schedules are identical and given by L = (1 - t)w, where t is the income tax rate and w denotes the wage. Jill's wage i
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