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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.
Read the titled book 2010 State of the World: Transforming Cultures from Consumerism to Sustainability written by the Worldwatch Institute.Learn through their findings valuable inf
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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 charact
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Question 1: Examine the essential elements of modern democratic societies. Question 2: State the various ways in which the participation of people is achieved in a demo
You can choose any one from the four topics listed in the following: I. Health economic theory and practice 1. Based on your work experience, expertise, or the field
what are the costs and consequences of providing the subsidies and welfare?
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.
concept of indifference curve
Why and how the State should intervene through government apparatusin the economic sphere of the country, has been a significant discourse in economicsfor long. According to one th
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