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This document defines key economic concepts such as the two-sector model, Pareto optimality, market equilibrium, allocative efficiency, and types of market failures. It also distinguishes between direct and indirect government intervention and explains the allocative, distributive, and stabilization functions of government.
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Pareto optimal
Pareto optimality refers to an allocation of resources where it is not possible to make one person better off without making another person worse off. A perfectly competitive market can achieve a Pareto optimal allocation of resources. In game theory, a Pareto optimal outcome is one where no player can be better off without making another player worse off. Multi-objective optimization involves simultaneously optimizing two or more conflicting objectives subject to constraints. Evolutionary algorithms are commonly used to approximate the entire Pareto front of optimal solutions in a single run.
Economic efficiency
There are two types of economic efficiency: static and dynamic. Static efficiency looks at how efficiently a firm/economy uses its resources at a given point in time, while dynamic efficiency examines improvements in efficiency over time due to factors like technology and competition. Allocative efficiency occurs when the value consumers place on goods equals the cost of producing them, maximizing total welfare. It requires that price equals marginal cost. Productive efficiency means producing at minimum average total cost to minimize waste. Pareto efficiency is reached when resources cannot be reallocated to improve one person's situation without harming another's.
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This document discusses the tradeoff between efficiency and equality in markets and the economy. It explains that while competitive markets allocate resources efficiently according to consumer preferences, they do not necessarily produce equal outcomes. There are two main views on fairness - that results should be fair, requiring redistribution, and that rules should be fair allowing for unequal results from equal opportunity. Redistribution aims to make the poorest better off but reduces the overall size of the economic pie due to reduced incentives and higher costs of redistribution programs.
Externalities
This document discusses externalities and how they can lead to market inefficiencies. It defines externalities as uncompensated impacts of one person's actions on another. Negative externalities like pollution lead to overproduction, while positive externalities like education benefits lead to underproduction. Government policies like Pigouvian taxes or tradable permits can help internalize these externalities and achieve socially optimal production levels. Private solutions via bargaining are also possible using the Coase theorem, but transaction costs may prevent private solutions in some cases.
Welfare economics
Welfare economics deals with topics related to economic growth and development, such as justice, equity, freedom, and individual welfare. It assumes individuals are the best judges of their own welfare. Economic growth refers to an increase in per capita income, while economic development is a process whereby real per capita income increases over time. Development theories include the Harrod-Domar model, exogenous growth model, surplus labor model, and Rostow's stages of growth model. Measuring national income can be done via the product, expenditure, and income methods. The expenditure method defines national income as the total of consumption, investment, government spending, and net exports.
Perfect competition
Perfect competition is a market structure with many small firms, homogeneous products, perfect information and free entry and exit. In the short run, firms maximize profits where marginal cost (MC) equals marginal revenue (MR). Abnormal profits attract new firms, lowering prices to normal profits when MC equals average cost (AC). Allocative efficiency occurs where MC equals average revenue (AR). In the long run, productive, allocative and profit maximizing efficiencies are achieved at the same output level.
Public,private and merit goods
This document discusses different categories of goods: public goods, private goods, and merit goods. Public goods are non-rival and non-excludable, meaning one person's consumption does not reduce availability to others and suppliers cannot deny access to non-payers. Private goods are excludable and rival. Merit goods are goods like education that governments encourage consumption of through subsidies to promote social welfare, even though they are rival and excludable like private goods. The document provides examples and characteristics of each type of good.
Welfare economics
1. Welfare economics analyzes how economic policies affect overall social welfare. Classical welfare economics assumed welfare was additive and could be quantitatively measured and compared between individuals.
2. New welfare economics is normative rather than positive and recognizes welfare cannot be cardinally measured, only ordinally. It compares the relative social welfare of different economic states. Scholars like Hicks, Pigou, Kaldor and Scitovsky contributed to developing new welfare economics.
3. The Hicks-Kaldor compensation principle states that if one group gains from a policy change while another loses, but the gainers could potentially compensate the losers and still be better off, then the change increases social welfare. Scitovsky
Pareto optimality 2
This document discusses equilibrium in consumption and production using an Edgeworth box model. It explains that equilibrium occurs where the indifference curves of two consumers are tangent, known as the contract curve. General equilibrium is achieved when the contract curve touches the production possibility frontier in the Edgeworth box, establishing equilibrium in both markets simultaneously. However, general equilibrium is not unique and depends on given prices; the model assumes perfect competition and does not explain price determination.
The Social welfare function
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Pareto optimality
The document discusses general equilibrium theory and its key assumptions and implications. It addresses the following points in 3 sentences:
General equilibrium theory posits that all markets, including both product and factor markets, will reach equilibrium simultaneously. This equilibrium will be Pareto optimal, meaning no individual can be made better off without making another worse off due to optimal resource allocation. The model assumes perfect competition, constant returns to scale, and that equilibrium is determined by price adjustments across interconnected markets.
Public Goods and Private Goods
Public goods are characterized by non-excludability and non-rivalry. They cause market failure because the private sector cannot exclude non-payers or protect property rights. Examples include national defense, flood control, and street lighting. Quasi-public goods share some characteristics but can be made semi-excludable or semi-rival through congestion. While the private sector does not normally provide pure public goods, governments must determine optimal provision levels, though new technologies are blurring distinctions with private goods.
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Handout economics 2018-edition
The document provides an overview of key concepts in economics including:
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A mixed economy combines characteristics of market, command, and traditional economies. It benefits from the advantages of all three while suffering from few disadvantages. A mixed economy protects private property and allows market forces to determine prices but also allows government intervention to care for vulnerable groups and prioritize certain industries. Successful mixed economies can experience the benefits of efficiency and innovation as well as social protections. However, too much emphasis on any one system can lead to imbalances.
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This document provides an overview of key economic concepts including:
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This document provides an overview of key economic concepts including:
1) It distinguishes between microeconomics, which studies small economic units like consumers and businesses, and macroeconomics, which studies a country's overall economic issues.
2) It describes the four types of market structures in private enterprise systems and the three major types of economic systems.
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This document provides an introduction to macroeconomics. It defines macroeconomics as the study of national economies and the policies that governments use to affect economic performance. It discusses key issues macroeconomists address such as economic growth, business cycles, unemployment, inflation, international trade, and macroeconomic policies. It also outlines different macroeconomic theories including classical, Keynesian, and unified approaches.
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Week 9_Lec 2 The Economic Rationale of the Modern State.pptx
This document discusses the distributive, regulatory, and stabilization roles of government in the economy. It explains that the distribution of wealth and income resulting from free markets may not be considered just by society. Government can redistribute income more comprehensively using taxes and subsidies. The document also discusses government regulation to address issues like imperfect information, consumer protection and externalities. Finally, it describes how governments pursue stabilization policies to help coordinate economic activity and restore equilibrium when markets fail to do so on their own.
Economic problems 2
The document discusses key economic concepts related to scarcity, production, and systems. It addresses that human wants are unlimited but resources are scarce, so economies must answer basic questions about what, how, and for whom to produce. Production requires inputs of land, labor, and capital to transform into goods and services. The production possibility frontier model illustrates the tradeoffs between different goods that can be produced based on available resources. Economic systems differ in how they coordinate production and allocation of goods through mechanisms like markets, prices, and central planning.
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This document defines key concepts in microeconomics and differentiates it from macroeconomics. It explains that microeconomics examines small economic units like individuals, households and firms, and deals with how they make choices. Macroeconomics looks at aggregates like overall output and unemployment. It also outlines the three basic economic problems of what to produce, how to produce and who gets what is produced. Opportunity cost and positive and normative economic analysis are defined.
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The document provides an overview of basic economic concepts. It defines economics as the study of how scarce resources are used to satisfy unlimited wants. Key concepts discussed include:
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Saifuddin Khan is an associate professor in the Department of Accounting and Information Systems at the University of Rajshahi. The document provides an overview of key concepts in macroeconomics, including:
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Solving Basic Economic Problems
The document discusses how the basic economic problems of what to produce, how to produce, and for whom to produce are solved differently in capitalist, socialist, and mixed economies.
In a capitalist economy, the price mechanism determines solutions through market forces of supply and demand. In a socialist economy, a central planning authority makes production and distribution decisions. In a mixed economy, the price mechanism and private sector interact with government intervention through fiscal and monetary policies to influence economic outcomes.
Microeconomics .pptx
Microeconomics examines individual decision-making units like business firms and households, while macroeconomics analyzes the economy as a whole by looking at aggregates like total income, consumption, investment and prices. Macroeconomists observe that some important prices tend to be "sticky" and do not always quickly adjust supply and demand, unlike what microeconomists conclude about markets. The major concerns of macroeconomics are inflation, output growth, and unemployment, and governments can influence the macroeconomy through fiscal, monetary, and growth policies.
Economic system
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Economic systems and economic goals
Economic systems evolved to deal with scarcity by answering key economic questions about production, distribution, and consumption. They also determine ownership and coordination of production factors. Main economic systems goals include economic freedom, equity, efficiency, security, stability, and growth. Freedom concerns a free marketplace with limited government intervention. Equity is fair outcomes for all parties. Efficiency means fulfilling needs with maximized resources. Security is stable income and resources to support living standards now and in the future. Stability refers to absence of fluctuations while growth is increased capacity to produce over time.
Introduction to Managerial Economics
Managerial economics deals with scarcity and resource allocation to maximize satisfaction. It involves decision making including defining targets, analyzing alternatives, and choosing the best option. An example shows that US healthcare spending has increased faster than GDP since 1990 due to rising costs measured as a percentage of GDP. Managerial economics examines the production, demand, and distribution of goods and services in an economy.
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Pe5e chapter 16 v1.0
This document discusses public debt in South Africa. It defines public debt and describes the size and composition of South Africa's public debt over time. It explains different theories of public debt and costs associated with public debt management. It identifies the goals of public debt management in South Africa as minimizing debt costs, maintaining macroeconomic stability, and developing domestic financial markets.
Pe5e chapter 15 v1.0
This document discusses fiscal policy, including its goals, instruments, and evolution of views over time. It distinguishes between cyclical and structural budget deficits, and active versus passive fiscal policy. The document also examines the fiscal consequences of the 2007-2009 financial crisis, describes features of fiscal policy in South Africa and sub-Saharan Africa, and discusses transparency, rules-based approaches, and budgeting concepts.
Pe5e chapter 14 v1.0
This document discusses various types of indirect taxes such as VAT, excise duties, and customs duties. It examines the merits of indirect taxation including that it is practical and achieves multiple objectives. The document also describes VAT and a personal consumption tax, and discusses the rationale and shortcomings of each. Additionally, it contrasts tax systems between industrialized and developing countries and reviews international tax reforms and South Africa's tax reforms since the 1960s.
Pe5e chapter 13 v1.0
This document discusses different types of wealth and property taxes. It defines wealth as accumulated savings, investments, gifts and inheritances. It discusses defining the tax base for a wealth tax and property tax. It also examines the merits and shortcomings of taxing personal net wealth, and analyzes the effects of property taxes using benefit and incidence analyses.
Pe5e chapter 12 v1.0
This document discusses various topics related to personal and corporate income taxation including:
- Defining comprehensive and taxable income bases for individuals and corporations.
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Pe5e chapter 11 v1.0
This document outlines key concepts in taxation including tax efficiency, excess burden, indifference curves, consumer surplus, tax evasion, tax flexibility, administrative efficiency, and factors that influence a tax system such as simplicity, literacy rates, enforcement, and transparency. It compares taxes and explores how to reduce excess burden and evasion while improving administrative efficiency.
Pe5e chapter 10 v1.0
The document discusses key concepts related to government taxation including:
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- Distinguishing between broad-based and narrow-based taxes, as well as direct and indirect taxes
- Explaining the properties of a good tax including generating sufficient revenue, being equitable and efficient to administer
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Pe5e chapter 09 v1.0
This document discusses several key concepts for evaluating public projects using cost-benefit analysis. It explains that cost-benefit analysis differs from private sector evaluation by striving to maximize consumer and producer surplus rather than profits. The document outlines methods for project evaluation including net present value, internal rate of return, and benefit-cost ratio. It also covers important factors to consider such as shadow prices, social discount rates, externalities, and risk.
Pe5e chapter 08 v1.0
The document discusses key concepts related to income distribution and social policy, including distinguishing primary from secondary income distribution, calculating Gini coefficients to measure inequality, understanding the redistributive impact of subsidies and transfers, and major trends in social spending in South Africa. It also defines primary income, secondary income, and fiscal incidence and identifies the government's roles as rule maker, market operator, and provider of public services and welfare.
Pe5e chapter 07 v1.0
This document discusses government expenditure patterns in South Africa and compares them to other countries. It examines the implications of the South African Constitution on government spending and identifies trends in the size, growth and composition of expenditures. The document also analyzes the shift from infrastructure and education spending in low-income countries to transfer payments in high-income countries. Finally, it considers several economic theories that explain the growth of government spending and their relevance for South Africa.
Pe5e chapter 06 v1.0
This document discusses several theories related to voting systems and collective decision making, including:
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- Optimal voting rule theory and whether it provides an optimal majority rule
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It also discusses unanimity voting, majority voting, voter preferences, and incentives in bureaucracy.
Pe5e chapter 05 v1.1
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Pe5e chapter 04 v1.0
This document discusses key concepts related to competition policy and regulation in South Africa including: the social costs of monopoly and relevance for deregulation; defining natural monopolies; arguments for and against regulating natural monopolies; the structure-conduct-performance hypothesis and its relevance for competition policy; and Demsetz's efficiency hypothesis and its relevance for competition policy generally.
Pe5e chapter 03 v1.0
This document discusses key economic concepts related to market failures from externalities and public goods. It covers the characteristics and efficient provision of private, public, and mixed goods, as well as the types and policy approaches to dealing with externalities, including market-based and regulatory options. The document also defines global and regional public goods and considers relevant policy implications for dealing with issues that require cooperation between countries.
Pe5e chapter 01 v1.0
This document discusses different views on the role of government in the economy, key issues facing Southern African governments, categories of the public sector, and trends in the size and composition of South Africa's public sector. It explores the relationship between the public sector and private economy, focusing on resource allocation, distribution, and market vs. political systems. The document also examines taxation, public expenditure, financing, and regulatory actions of non-profit governments and how they impact economies.
Pe5e chapter 17 v1.0
Sub-national governments exist to allocate public goods and services at a local level. The document discusses fiscal decentralization versus centralization and describes the Tiebout model of jurisdictional competition. It outlines South Africa's assignment of expenditures and revenues across national, provincial, and local governments. The types and purposes of intergovernmental grants are reviewed along with sub-national borrowing powers and the role of the FFC. Trends in provincial and local financing in South Africa are also discussed.
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みなさんこんにちはこれ何文字まで入るの？40文字以下不可とか本当に意味わからないけどこれ限界文字数書いてないからマジでやばい文字数いけるんじゃないの？えこ...
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Pe5e chapter 02 v1.0
- 2. • Identify the critical assumptions of the two-sector model • Define what is meant by a Pareto-optimal allocation of resources • Articulate the three conditions for a general equilibrium • Distinguish between allocative efficiency, X-efficiency, and ‘dynamic’ efficiency (or economic growth) • Discuss the broad categories of market failure • Explain the allocative, distributive, and stabilisation functions of government • Distinguish between direct and indirect forms of government intervention.
- 3. • Individual consumer or producer is: – Fully informed about the economy – Unaffected by the actions of other consumers or producers – Completely mobile – Always striving to maximise his/her own utility of profit • Disturbances will cause instantaneous adjustments to return the system to a stable equilibrium.
- 4. • Optimal mix of commodities • Interaction between: – Consumption activities of consumers – Production activities of producers • Simultaneous concurrence of 3 conditions: – Pareto optimality – Maximising utility subject to budget constraints – Producers and consumers achieve equilibrium simultaneously. Allocative efficiency refers to a situation in which the limited resources of a country are allocated in accordance with the wishes of its consumers.
- 9. Technical efficiency or X-efficiency refers to a situation in which existing resources are utilised in the most efficient manner.
- 11. • Lack of information • Friction and lags in adjustments • Incomplete markets • Non-competitive markets • Macroeconomic instability • Distribution of income.
- 12. • Market failures distort the allocation of resources in the economy • Incomplete markets – Characteristics of goods and services prevent efficient supply – Existence of externalities.
- 13. • Fairness • Inequality in income distribution • Criteria for evaluation.
- 14. • Macro-economic objectives • 3 premises of stabilisation (Keynes): – The market economy is inherently unstable – Macroeconomic instability is a form of market failure that is highly costly to an economy – Governments are able to stabilise the economy by means of appropriate macroeconomic policies. • New Classical Macroeconomics • Neo-Keynsian theory.
- 15. Direct government intervention refers to the actual participation of government in the economy. Indirect government intervention to the regulatory function of government.
- 16. • Actual participation in the economy • Tax individuals and companies • Borrow on financial markets • Execute budgeted spending • Examples: – National defence – Electricity – Infrastructure – Provision of school text books • Regulatory function • Enacting law or proclaiming legally binding rule • Indirect taxes and subsidies • Examples: – Labour laws – Anti-tobacco laws