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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 have different effects so leading to time inconsistency. Here, the key point is the reaction time. In a dynamic setting, optimal choice of a policy may depend not only on the current state but also on the expectations made for the future. Expectation, both psychologically and technically plays a significant role in determining the forward looking behaviour. When we pose a question, ‘how will forward looking agents behave when, a policy expected in future is crucial for determining current behaviour', we use current information to predict the future.
Public Finance was always dealing with intervention through fiscal instruments, including federal relationships between different tiers of governments and later on it subsumed Publ
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Theory of optimal tax system is relevant for tax policy issue
describe and illustrate the lm-schedule
Our economic systems are of this type and share for general properties. a) Dissipative systems transform energy and process information to maintain a state of organization that
how to produce
The meaning of a market economy is in which the decision and production are prepared. The consumption of goods services are based on voluntary swap in markets.
why is public finance important?
Advantages of frequency distribution
why is it important to consider the complex nature of health and health care when examining economic principles related to health care delivery?
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