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Q. Who permits government whatever it does?
The simple answer can be: people in a democracy and the monarch/dictator in a monarchy/dictatorship. But neither monarchy exists in its original form nor does a dictator/despot/autocrat work without a coterie around. Some people always participate in the decision-making process, deliberate on the issues and implications, and clinch the matter following certain rules given from outside (say, by the constitution) or decided in the process itself, which is itself a decision-making process. How individual preferences get translated in public choice over a public issue is broadly the area of Public Choice.
Since complexity theory as a tool, has not been included in the standard tool kits of our economics courses, it is pertinent to have a basic idea of before proceeding to apply to t
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critically examine the statement that privatization can always decentralize economic power
Metals and Melting Practices - Charging,Coke,Flux,Hearth Charging : An operation in which raw materials are added up to a furnace. Coke : An impure form of carbon that is
How burden of public debt is transferred to future generations through reduced capital formation?
Sustainability, more recently referred to as ‘sustainable development', came from the idea of integrating economic development and environmental protection. The concept is based on
For a very large part of 20 th century, we may recall, there existed capitalist market-oriented economies and socialist planning-oriented economies. 21stcentury is however witness
explain how under the WTO differential treatment in reverse is different from the special and differential treatment
Q. Relationship between individual preference and social choice? Social Choice is a very kindred area. Some people don't make any distinction between the two while others make.
Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produce Y units of output according to the following production functio
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