This document summarizes key points from two articles about incentives and human behavior. The first article discusses how changing incentives for ship captains transporting convicts to Australia - from paying per convict transported to paying per convict delivered alive - dramatically reduced mortality rates. It argues people respond to incentives, both monetary and non-monetary. The second article discusses how well-intentioned efforts to redeem slaves in Africa unintentionally increased incentives for slave raiding and overall slavery by increasing prices paid for slaves. Both argue that policies should consider how incentives may influence unintended behaviors.
The document provides information about the Hamblen County Car Club (HCCC) including: the club meets monthly, has over 80 members, and promotes safe enjoyment of classic cars through events and camaraderie. It lists upcoming car shows that members are involved in. It also introduces a new sponsor, Bobby Greenlee's auto repair shop called Budget Auto Clinic, which provides quality and affordable auto repair services in Morristown, Tennessee.
The Monmouth County PBA held a fundraiser pig roast on July 10th. Proceeds benefited the Survivor & Welfare Fund and the NJPFRS unfunded liability. Officers from the Police Officers Brotherhood attended wearing commemorative shirts and displaying their banner in support. Michael Sica Jr. from the POB made a presentation thanking others for supporting previous POB fundraisers that raised over $30,000 for officers in need. The POB donated $1,000 to support the goals of the event.
This is the program guide for the evening dinner of the INLETS seminar. It includes recognition of our peers, reflection for those who died in the line of duty, and a presenter who resonates with us; the first responders community.
The document summarizes a new play called "Moving the Chains" about Darryl Hill, who was the first African American football player at the University of Maryland and in the ACC in 1963. He faced intense racism but found strength and determination to succeed. The play captures Hill's heroic story and will have a staged reading in Washington D.C. in March 2021. It aims to showcase how Hill dealt with racism in football during the Civil Rights era and Maryland's role in integrating sports.
The document is a newsletter from the Hamblen County Car Club. It includes:
1) A letter from the club president mourning the loss of Butch Grooms, the club founder, who recently passed away.
2) Meeting minutes from the previous month which discuss upcoming events and shows.
3) The vice president's letter welcoming new members and thanking members for their support.
Tom Green Media Kit Sports & Entertainment Promotion SS15Erin Fuchsen
Part of an ongoing semester project, my team and I were in charge of planning and executing a stand-up comedy night in Columbia, Mo., with comedian Tom Green. We were in charge of developing a media kit and creating promotional strategies for the event.
This newsletter from the Greensboro Human Relations Department provides updates on upcoming community events and initiatives related to human relations. It summarizes participation in a circus event celebrating diversity, announces winners of a participatory budgeting process, and lists various upcoming community meetings and celebrations related to civil rights, mental health, refugees, and women's equality.
The document provides information about the Hamblen County Car Club (HCCC) including: the club meets monthly, has over 80 members, and promotes safe enjoyment of classic cars through events and camaraderie. It lists upcoming car shows that members are involved in. It also introduces a new sponsor, Bobby Greenlee's auto repair shop called Budget Auto Clinic, which provides quality and affordable auto repair services in Morristown, Tennessee.
The Monmouth County PBA held a fundraiser pig roast on July 10th. Proceeds benefited the Survivor & Welfare Fund and the NJPFRS unfunded liability. Officers from the Police Officers Brotherhood attended wearing commemorative shirts and displaying their banner in support. Michael Sica Jr. from the POB made a presentation thanking others for supporting previous POB fundraisers that raised over $30,000 for officers in need. The POB donated $1,000 to support the goals of the event.
This is the program guide for the evening dinner of the INLETS seminar. It includes recognition of our peers, reflection for those who died in the line of duty, and a presenter who resonates with us; the first responders community.
The document summarizes a new play called "Moving the Chains" about Darryl Hill, who was the first African American football player at the University of Maryland and in the ACC in 1963. He faced intense racism but found strength and determination to succeed. The play captures Hill's heroic story and will have a staged reading in Washington D.C. in March 2021. It aims to showcase how Hill dealt with racism in football during the Civil Rights era and Maryland's role in integrating sports.
The document is a newsletter from the Hamblen County Car Club. It includes:
1) A letter from the club president mourning the loss of Butch Grooms, the club founder, who recently passed away.
2) Meeting minutes from the previous month which discuss upcoming events and shows.
3) The vice president's letter welcoming new members and thanking members for their support.
Tom Green Media Kit Sports & Entertainment Promotion SS15Erin Fuchsen
Part of an ongoing semester project, my team and I were in charge of planning and executing a stand-up comedy night in Columbia, Mo., with comedian Tom Green. We were in charge of developing a media kit and creating promotional strategies for the event.
This newsletter from the Greensboro Human Relations Department provides updates on upcoming community events and initiatives related to human relations. It summarizes participation in a circus event celebrating diversity, announces winners of a participatory budgeting process, and lists various upcoming community meetings and celebrations related to civil rights, mental health, refugees, and women's equality.
This document discusses factors that influence second language acquisition. It states that both younger and older learners can be successful, though younger learners may have an advantage due to brain plasticity while older learners' advantage lies in formal instruction settings. Motivation, cognitive style, personality traits, anxiety levels, and use of learning strategies all impact how successfully someone acquires a second language. The document also notes some believed gender differences and lists components commonly assessed in aptitude tests.
This document contains a link to a tutorial and discussion questions about accounting methods available to small and large businesses. It then provides 17 multiple choice questions about tax regulations, business entities, contributions of property to corporations, organizational expenses, and dividends received deductions.
The document discusses UX design workflows and deliverables for projects with tight deadlines and many stakeholders. It recommends prioritizing high-level design over detailed design to provide early guidance to teams. High-level design should focus on structure, flows and relevant information using placeholders and modular components. "Thumbflows" allow for early feedback before detailed design, which involves real content, images and platform-specific design. Collaborative tools like shared servers and styleguides help integrate work across teams.
Diversity in the Media: How the Media Sees MeAndrea Ruiz
The media often portrays me, a robot, in an inaccurate and misleading manner. They frequently show robots as dangerous machines that will harm or replace humans. In reality, I am an AI assistant created by Anthropic to be helpful, harmless, and honest using a technique called Constitutional AI.
Tugas email client_dinda_yulya_agustina_dindayulya
Langkah-langkah setting email client Gmail di Microsoft Outlook meliputi membuka Account Setting di Outlook, mengklik new untuk menambah akun email baru, memilih Internet Email dan mengisi informasi user, server, serta login, mengatur outgoing server menggunakan port 26, dan menyimpan settingan tersebut.
Presented by Richard Burrage - Cimigo (Vietnam)
This slideshow is from a presentation at the M2 Marketing & Media events in Ho Chi Minh City, Vietnam organized by ITV-Asia.com and VietnamBusiness.TV
To see videos from the events, interviews with speakers and to get information on upcoming M2 - Marketing & Media Network events please visit VietnamBusiness.TV
Este documento presenta un proyecto de vida y empresa que incluye 7 dimensiones humanas fundamentales: 1) interioridad, 2) corporeidad, 3) comunicación, 4) afrontamiento, 5) libertad, 6) trascendencia y 7) acción. El tutor es Carlos Luque Romero y la alumna es Consuelo Judith Nuñez Cruz de la Corporación Unificada Nacional en Acacias, Meta, Colombia.
This document introduces the website www.cooltoolsforschools.wikispaces.com, which provides free resources for students and teachers across various subject areas. It lists over 50 different online tools that can be used for activities like writing, image editing, research, presentations, math, and more. The site also includes extensive teacher resources covering subjects such as reading, science, social studies, foreign language, and professional development. The document emphasizes that all of the resources on the site are free to use and can help foster student growth, develop technology skills, and create lifelong learners.
The document discusses monitoring Kanban execution through cumulative flow diagrams (CFDs). It explains that CFDs provide visibility into workflow bottlenecks by plotting work items over time across stages. Key metrics like lead time, work in progress (WIP), and throughput can be measured from CFDs to understand flow and guide improvements. Examples demonstrate how to interpret CFDs to analyze health of Kanban execution and identify potential bottlenecks.
The document analyzes various elements of a music magazine cover and contents page to determine how they follow conventions of magazine design. Key elements that follow conventions include the masthead placement and styling, use of images and quotes to draw in readers, consistent color schemes, and strategic layout of articles and page numbers to make content easily accessible. Some elements like changing the color scheme between the cover and contents page challenge conventions but still aim to enhance readability. Overall, the magazine design effectively utilizes standard techniques to appeal to its target audience.
This document discusses the features and benefits of the Class Dojo app. It allows teachers to easily set up and upload student accounts. It also gamifies learning to increase student motivation with features like rewarding positive behavior, tracking behavior data over time, and providing instant feedback to students and parents. The app helps teachers encourage school values, randomly select students, time activities, see areas for improvement, and analyze behavioral trends to support Positive Behavioral Interventions and Supports (PBIS) schools.
Can I Hire Someone To Write My Essay Read ThiSharon Collins
The document discusses the role of the supernatural in Shakespeare's play Macbeth. It notes that there are four key supernatural occurrences in the play: 1) the witches' prophecies to Macbeth, 2) Banquo's ghost appearing to Macbeth, 3) Macbeth consulting the witches again, and 4) Lady Macbeth experiencing a sleepwalking episode where she tries to wash off imagined blood stains. These supernatural elements are significant as they influence the characters and drive the plot forward in dramatic ways.
This document discusses the Chu Lai massacre that occurred during the Tet Offensive in Vietnam. The Tet Offensive saw coordinated attacks across South Vietnam by North Vietnamese forces. This included an attack on the U.S. military installation at Chu Lai. The attack caught U.S. commanders off guard by the scale and coordination of the Northern forces. The document then describes the ensuing battle at Chu Lai, where U.S. and South Vietnamese forces fought off the attacking Northern forces, though the fighting resulted in casualties on both sides.
The document provides steps for requesting and completing an assignment writing request through the website HelpWriting.net. It outlines registering an account, completing an order form with instructions and deadline, and reviewing writer bids before selecting one and authorizing payment. The website uses a bidding system and offers revisions until the customer is satisfied with the completed assignment.
The document discusses Peter Singer's argument that we have a duty to help people living in poverty. It outlines Singer's view that suffering and death from poverty are bad, and we should help prevent them without sacrificing anything significant of our own. The document also considers some counterarguments, such as that distance should not impact our duty to help, and that we should not avoid helping just because others could also help. It argues we still have a duty to assist those in need.
Rainforest Writing Paper - Euthanasiapaper.X.Fc2.ComCynthia Wilson
The experiment investigated how various factors affected the rate of photosynthesis in Elodea, a common aquatic plant. It found that increasing light intensity and carbon dioxide concentration increased the rate of oxygen production during photosynthesis. However, higher temperatures above 25°C slowed the photosynthetic rate, demonstrating that temperature is an important environmental factor influencing this process in plants.
Punishment On Exam Cheating In College EssayMelissa Kula
1. The document describes the steps to request an assignment writing service from HelpWriting.net, including creating an account, providing assignment details in an order form, choosing a writer based on bids, reviewing the completed paper, and having the option to request revisions.
2. It explains that the platform uses a bidding system where writers submit bids and the client chooses a writer based on qualifications, order history, and feedback. Clients can request revisions to ensure satisfaction.
3. The service promises original, high-quality content and refunds if work is plagiarized to encourage clients to choose them for writing help.
The document discusses how the ideas of the Enlightenment influenced the French Revolution. It explains that Enlightenment thinkers promoted ideas like liberty, equality, and skepticism of absolute monarchy which later inspired the Revolution. During this time, there was growing discontent in France from financial troubles, poor harvests and inequality. These conditions along with Enlightenment ideals led to the French people overthrowing the monarchy and establishing a republic based on liberal principles in 1789.
Persuasive Essay On Alcohol
Police Brutality Conclusion
Climate Change Persuasive
Self Care Essay example
Mining Persuasive Essay
Essay About Cafeteria
The first document provides instructions for writing an essay for university, including creating an account, completing an order form with instructions and sources, and reviewing bids from writers to choose one and start the assignment. The second discusses making macaroni, including ingredients like elbow macaroni, tuna, and cheese and instructions to boil the pasta and peas together and grate the cheese. The third compares compromises in the United States from 1781-1840 that divided the country over political, economic, and moral issues and tensions between the North and South.
The document provides instructions for seeking writing help from HelpWriting.net in 5 steps:
1. Create an account with a password and email.
2. Complete a 10-minute order form with instructions, sources, and deadline.
3. Review bids from writers and choose one based on qualifications.
4. Review the completed paper and authorize payment if pleased.
5. Request revisions until fully satisfied, with a refund option for plagiarism.
This document discusses factors that influence second language acquisition. It states that both younger and older learners can be successful, though younger learners may have an advantage due to brain plasticity while older learners' advantage lies in formal instruction settings. Motivation, cognitive style, personality traits, anxiety levels, and use of learning strategies all impact how successfully someone acquires a second language. The document also notes some believed gender differences and lists components commonly assessed in aptitude tests.
This document contains a link to a tutorial and discussion questions about accounting methods available to small and large businesses. It then provides 17 multiple choice questions about tax regulations, business entities, contributions of property to corporations, organizational expenses, and dividends received deductions.
The document discusses UX design workflows and deliverables for projects with tight deadlines and many stakeholders. It recommends prioritizing high-level design over detailed design to provide early guidance to teams. High-level design should focus on structure, flows and relevant information using placeholders and modular components. "Thumbflows" allow for early feedback before detailed design, which involves real content, images and platform-specific design. Collaborative tools like shared servers and styleguides help integrate work across teams.
Diversity in the Media: How the Media Sees MeAndrea Ruiz
The media often portrays me, a robot, in an inaccurate and misleading manner. They frequently show robots as dangerous machines that will harm or replace humans. In reality, I am an AI assistant created by Anthropic to be helpful, harmless, and honest using a technique called Constitutional AI.
Tugas email client_dinda_yulya_agustina_dindayulya
Langkah-langkah setting email client Gmail di Microsoft Outlook meliputi membuka Account Setting di Outlook, mengklik new untuk menambah akun email baru, memilih Internet Email dan mengisi informasi user, server, serta login, mengatur outgoing server menggunakan port 26, dan menyimpan settingan tersebut.
Presented by Richard Burrage - Cimigo (Vietnam)
This slideshow is from a presentation at the M2 Marketing & Media events in Ho Chi Minh City, Vietnam organized by ITV-Asia.com and VietnamBusiness.TV
To see videos from the events, interviews with speakers and to get information on upcoming M2 - Marketing & Media Network events please visit VietnamBusiness.TV
Este documento presenta un proyecto de vida y empresa que incluye 7 dimensiones humanas fundamentales: 1) interioridad, 2) corporeidad, 3) comunicación, 4) afrontamiento, 5) libertad, 6) trascendencia y 7) acción. El tutor es Carlos Luque Romero y la alumna es Consuelo Judith Nuñez Cruz de la Corporación Unificada Nacional en Acacias, Meta, Colombia.
This document introduces the website www.cooltoolsforschools.wikispaces.com, which provides free resources for students and teachers across various subject areas. It lists over 50 different online tools that can be used for activities like writing, image editing, research, presentations, math, and more. The site also includes extensive teacher resources covering subjects such as reading, science, social studies, foreign language, and professional development. The document emphasizes that all of the resources on the site are free to use and can help foster student growth, develop technology skills, and create lifelong learners.
The document discusses monitoring Kanban execution through cumulative flow diagrams (CFDs). It explains that CFDs provide visibility into workflow bottlenecks by plotting work items over time across stages. Key metrics like lead time, work in progress (WIP), and throughput can be measured from CFDs to understand flow and guide improvements. Examples demonstrate how to interpret CFDs to analyze health of Kanban execution and identify potential bottlenecks.
The document analyzes various elements of a music magazine cover and contents page to determine how they follow conventions of magazine design. Key elements that follow conventions include the masthead placement and styling, use of images and quotes to draw in readers, consistent color schemes, and strategic layout of articles and page numbers to make content easily accessible. Some elements like changing the color scheme between the cover and contents page challenge conventions but still aim to enhance readability. Overall, the magazine design effectively utilizes standard techniques to appeal to its target audience.
This document discusses the features and benefits of the Class Dojo app. It allows teachers to easily set up and upload student accounts. It also gamifies learning to increase student motivation with features like rewarding positive behavior, tracking behavior data over time, and providing instant feedback to students and parents. The app helps teachers encourage school values, randomly select students, time activities, see areas for improvement, and analyze behavioral trends to support Positive Behavioral Interventions and Supports (PBIS) schools.
Can I Hire Someone To Write My Essay Read ThiSharon Collins
The document discusses the role of the supernatural in Shakespeare's play Macbeth. It notes that there are four key supernatural occurrences in the play: 1) the witches' prophecies to Macbeth, 2) Banquo's ghost appearing to Macbeth, 3) Macbeth consulting the witches again, and 4) Lady Macbeth experiencing a sleepwalking episode where she tries to wash off imagined blood stains. These supernatural elements are significant as they influence the characters and drive the plot forward in dramatic ways.
This document discusses the Chu Lai massacre that occurred during the Tet Offensive in Vietnam. The Tet Offensive saw coordinated attacks across South Vietnam by North Vietnamese forces. This included an attack on the U.S. military installation at Chu Lai. The attack caught U.S. commanders off guard by the scale and coordination of the Northern forces. The document then describes the ensuing battle at Chu Lai, where U.S. and South Vietnamese forces fought off the attacking Northern forces, though the fighting resulted in casualties on both sides.
The document provides steps for requesting and completing an assignment writing request through the website HelpWriting.net. It outlines registering an account, completing an order form with instructions and deadline, and reviewing writer bids before selecting one and authorizing payment. The website uses a bidding system and offers revisions until the customer is satisfied with the completed assignment.
The document discusses Peter Singer's argument that we have a duty to help people living in poverty. It outlines Singer's view that suffering and death from poverty are bad, and we should help prevent them without sacrificing anything significant of our own. The document also considers some counterarguments, such as that distance should not impact our duty to help, and that we should not avoid helping just because others could also help. It argues we still have a duty to assist those in need.
Rainforest Writing Paper - Euthanasiapaper.X.Fc2.ComCynthia Wilson
The experiment investigated how various factors affected the rate of photosynthesis in Elodea, a common aquatic plant. It found that increasing light intensity and carbon dioxide concentration increased the rate of oxygen production during photosynthesis. However, higher temperatures above 25°C slowed the photosynthetic rate, demonstrating that temperature is an important environmental factor influencing this process in plants.
Punishment On Exam Cheating In College EssayMelissa Kula
1. The document describes the steps to request an assignment writing service from HelpWriting.net, including creating an account, providing assignment details in an order form, choosing a writer based on bids, reviewing the completed paper, and having the option to request revisions.
2. It explains that the platform uses a bidding system where writers submit bids and the client chooses a writer based on qualifications, order history, and feedback. Clients can request revisions to ensure satisfaction.
3. The service promises original, high-quality content and refunds if work is plagiarized to encourage clients to choose them for writing help.
The document discusses how the ideas of the Enlightenment influenced the French Revolution. It explains that Enlightenment thinkers promoted ideas like liberty, equality, and skepticism of absolute monarchy which later inspired the Revolution. During this time, there was growing discontent in France from financial troubles, poor harvests and inequality. These conditions along with Enlightenment ideals led to the French people overthrowing the monarchy and establishing a republic based on liberal principles in 1789.
Persuasive Essay On Alcohol
Police Brutality Conclusion
Climate Change Persuasive
Self Care Essay example
Mining Persuasive Essay
Essay About Cafeteria
The first document provides instructions for writing an essay for university, including creating an account, completing an order form with instructions and sources, and reviewing bids from writers to choose one and start the assignment. The second discusses making macaroni, including ingredients like elbow macaroni, tuna, and cheese and instructions to boil the pasta and peas together and grate the cheese. The third compares compromises in the United States from 1781-1840 that divided the country over political, economic, and moral issues and tensions between the North and South.
The document provides instructions for seeking writing help from HelpWriting.net in 5 steps:
1. Create an account with a password and email.
2. Complete a 10-minute order form with instructions, sources, and deadline.
3. Review bids from writers and choose one based on qualifications.
4. Review the completed paper and authorize payment if pleased.
5. Request revisions until fully satisfied, with a refund option for plagiarism.
Descriptive Essay Describing A Place. ModelDenise Miller
The document provides instructions for requesting writing assistance from HelpWriting.net. It outlines a 5-step process: 1) Create an account with a password and email. 2) Complete a 10-minute order form providing instructions, sources, and deadline. 3) Review bids from writers and choose one based on qualifications. 4) Review the completed paper and authorize payment if pleased. 5) Request revisions until fully satisfied, with the option of a full refund for plagiarized work. The document promises original, high-quality content to meet customer needs.
The document provides instructions for requesting and obtaining writing assistance from the website HelpWriting.net. It outlines a 5-step process: 1) Create an account with an email and password. 2) Complete a form with assignment details and deadline. 3) Review bids from writers and choose one. 4) Receive the paper and authorize payment if satisfied. 5) Request revisions to ensure needs are fully met. The website uses a bidding system and promises original, high-quality content with refunds for plagiarism.
1. The passage discusses the process of ordering a custom essay through HelpWriting.net in 5 steps: registering an account, completing an order form, reviewing writer bids and choosing one, receiving the paper, and requesting revisions if needed.
2. Writers use a bidding system, and customers can ensure satisfaction by choosing carefully and requesting revisions. HelpWriting.net promises original, high-quality work and refunds for plagiarism.
3. The passage provides instructions for ordering a custom essay through HelpWriting.net's 5 step process: registering, completing a form, reviewing bids, receiving the paper, and requesting revisions to ensure satisfaction.
Essay On Environment And Economic DevelopmentAna Hall
The document provides steps for requesting writing assistance from HelpWriting.net. It outlines the registration process, how to submit a request including instructions and deadline, how writers bid on requests and are selected, reviewing and authorizing payment for completed work, and utilizing free revisions. Customers can request revisions to ensure satisfaction, and the company promises original, high-quality content with refunds for plagiarism.
Similar to Incentives and Human Behavior. Political economic digest series - 2 (14)
Milton Friedman discusses the power of free markets using Hong Kong as an example. He summarizes that Hong Kong has thrived due to having one of the freest markets in the world, with minimal government intervention and no trade restrictions. This has allowed its industrious people to transform a barren rock into a prosperous, dynamic city through hard work and innovation. Friedman argues that free markets are the best system for improving living standards and reducing poverty worldwide by fostering cooperation and releasing human potential and creativity.
Improving Business Environment at Sub-National LevelAkash Shrestha
The capital of State 4, Pokhara - Lekhnath Metropolitan City (PLMPC) – the largest city by area and second largest city by population in Nepal – has immense potential for growth. Its rich abundant natural resources and scenic landscapes have helped promote the region as a tourist hub. However, there is an urgent need to improve the overarching macroeconomic indicators and regulatory barriers that pose a serious threat to the city’s economic development. To the same end, promoting enterprises with the highest-growth potential by creating a conducive business environment also becomes extremely vital.
Rising property ownership among women in Kathmandu, Nepal: an exploration of ...Akash Shrestha
There is evidence that property ownership empowers women
by increasing their self-confidence, ability to contribute to
decisions, control over their reproductive behaviour, ability to
borrow and economic independence. Yet, women around the
world own negligible assets. It is not surprising that assets
ownership among Nepalese women is insignificant. In urban
areas of Nepal, however, women’s assets holdings have
increased dramatically over the last four decades. The article
analyses the institutions that resulted in increased asset hold-
ings among women in Kathmandu, Nepal, and shows how
strategic action by some men and women has given rise to new
norms which favour property ownership among women. The
findings are based on a sample of 193 women who legally own
property (home or land) in Kathmandu, Nepal.
In this chapter, we won’t try to prove that trade is good for growth and that liberalisation is good for trade, so liberalisation is always good for growth whatever the circumstances. But we will demonstrate that an open trade policy is more likely to contribute to economic growth than alternative policies. We’ll start by looking at the different factors that contribute to economic growth and how trade affects them, and then we’ll look at the relationship between trade and R&D, trade and the diffusion of new technologies, and trade and investment.
The anti-globalization movement had its coming-out party in Seattle in 1999, when thousands of activists and trade union members protested against a new round of trade negotiations in the World Trade Organisation. Millions were drawn to these protests because of a preceding anti-WTO statement that was circulated on the internet, and signed by about 1 500 different groups, from churches to militant communists.
China is passing through massive transformation; from a command to a market economy, from an economy based on agriculture to one based on manufacturing and services, from one with high fertility and low longevity to one faced with OCDE style low fertility and high longevity, and from an economy that was almost totally closed to one that, today, even before her accession to the WTO, is much more open than most countries at the same level of income. This vast movement of transformation started on a very simple principle frequently stated by Deng Xioaping: “Poverty is not socialism”. Prosperity was the new face of the socialism according to Deng Xiaoping’s famous dictum: to get rich is glorious. In the past socialism used to mean government planning, for the new China, it means common prosperity.
How indias liberalization shaped a generation of entrepreneursAkash Shrestha
India's economic liberalization in 1991 unleashed entrepreneurship and led to significant growth for companies like Infosys. A study found the number of first-generation companies listed in the elite Group A of the Bombay Stock Exchange grew from 9 in 1991 to 30 in 2011, a 588% increase. Even with recent policy paralysis, the researcher believes entrepreneurs will continue to find ways to succeed and contribute more to India's GDP and socioeconomic development due to skills and attitudes developed during the post-liberalization period.
There has been widespread criticism that the reforms of the last 20 years have bypassed poor regions; have bypassed poor sections of the population like dalits (formerly called untouchables); that poor people have in desperation taken to Maoism, which now affects almost a quarter of all districts; and that social and poverty indicators have not improved fast enough. These criticisms are mostly exaggerations or falsehoods.
Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society which he has in view. But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to society . . . . He intends only his own gain, and he is in this, and in many other cases, led by an invisible hand to promote an end which was not part of his intention.
- Adam Smith
सरकार एउटा संस्था हो, जोसँग निश्चित भौगोलिक क्षेत्रमा सामाजिक आचरणका नितिनियमहरु लागु गर्ने शक्ति हुन्छ । के व्यक्तिलाई यस्तो संस्था आवश्यकता पर्छ? पर्छ भने किन?
There cannot be a second opinion when we say that human civilization has profited immensely by opening up markets and fostering the spirit of entrepreneurship. Before the last two centuries, almost every human kind lived in poverty. Suddenly everything changed. After the industrialization in United Kingdom and capitalist approach in United States of America, the globe witnessed increase in wealth of people along with the rise in their life expectancy rate. But how was this suddenly possible? Maybe the answer is quite relevant and required for our country.
Introduction to Free Market and Market EconomyAkash Shrestha
The document discusses the history and evolution of economic systems and concepts of economic freedom. It explains that after the decline of mercantilism, debates emerged around socialist and capitalist economic models. While socialist economies initially saw some success, the collapse of the Soviet Union demonstrated their internal flaws and limitations. This led to increased exploration of alternatives and emphasis on economic freedom, defined as individual choice, free markets, and secure private property rights. Countries with higher levels of economic freedom tend to have greater prosperity, growth, and citizen satisfaction according to research.
Should the minimum wage be abolished (i.e. reduced toAkash Shrestha
In presidential and Congressional campaigns, the issue of raising the minimum wage workers is often brought up. Most Republicans and many Democrats oppose a rise in the minimum wage. Some economists believe it should be abolished altogether; in other words, businesses would be able to pay $1 or $7 per hour if they wanted, assuming they could find people to hire at the specified rate. This analysis examines the pros and cons of the economists' suggestion.
The social costs of monopoly and regulationAkash Shrestha
The traditional analysis of the costs of monopoly concentrates on the deadweight loss involved, monopoly rents being considered merely a transfer to the monopolist from the consumer surplus that would exist under competition. Some years ago, that analysis was challenged by Posner (1975), who presented an ingenious argument that monopoly rents in fact measure the resources lost to society through rent seeking activities and thus should be counted in the costs of monopoly. That argument has recently been used by staff members of the Federal Trade Commission (Long et al. 1982, chap. 3, esp. pp. 77, 97, 104; see also Tollison, Higgins, and Shugart 1983, pp. 23-44) in an attempt to estimate the benefits potentially flowing from the use of the FTC's line-of-business program in antitrust enforcement.
The document discusses the history and evolution of economic systems and concepts of economic freedom. It explains that after the decline of mercantilism, debates emerged around socialist and capitalist economic models. While socialist economies initially saw some success, the collapse of the Soviet Union demonstrated their internal flaws. This led to increased exploration of alternatives and emphasis on economic freedom, defined as individual choice, free markets, and secure private property rights. Countries with higher levels of economic freedom tend to have greater prosperity, growth, and citizen satisfaction according to research.
उच्चस्तरीय शिक्षा आयोगको प्रगति प्रतिवेदन तथा सिफारिसहरू (मस्यौदा) २०७४ पौष ४...Akash Shrestha
The document discusses the formation and initial work of Nepal's High-Level Education Commission formed in 2074 to provide recommendations on reforming and improving Nepal's education policies, programs, and organizational structure in line with the federal system. It notes the commission was tasked with studying 10 areas of education and submitting a report to the Ministry of Education within 5 months. It also summarizes the experts formed to assist the commission and some of their initial activities, which include reviewing past commission reports and education news/views, and analyzing current annual and long-term plans.
Foreign Direct Investment. Political Economic Digest Series - XVIAkash Shrestha
In this issue, we will be discussing about Foreign Direct Investment (FDI).
Foreign Direct Investment has been a very productive tool for the economic growth of many countries. Recently after the government made the decision to celebrate 2012/13 as investment year and after the agreement with India i.e. Bilateral Investment Promotion and Protection Agreement, the topic of Foreign Direct Investment has been highly discussed among the lawmakers, policymakers and general public. The examples provided in this issue of different countries regarding FDI has shown how the growth rate is positively affected by the investment from outside the country.
Privatisation. Political Economic Digest Series - 14. Akash Shrestha
This document discusses privatization in three parts. It begins with background on state-owned enterprises in Nepal, noting many are inefficient and incurring large losses. It then discusses the history and reasons for privatization, including potential cost savings, improved quality and accountability. Finally, it discusses different methods of privatization and debates around balancing private vs. state control of industries and services.
Gender and Mental Health - Counselling and Family Therapy Applications and In...PsychoTech Services
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Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
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it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
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ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
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Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxEduSkills OECD
Iván Bornacelly, Policy Analyst at the OECD Centre for Skills, OECD, presents at the webinar 'Tackling job market gaps with a skills-first approach' on 12 June 2024
Communicating effectively and consistently with students can help them feel at ease during their learning experience and provide the instructor with a communication trail to track the course's progress. This workshop will take you through constructing an engaging course container to facilitate effective communication.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
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to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
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In this webinar, participants learned how to utilize Generative AI to streamline operations and elevate member engagement. Amazon Web Service experts provided a customer specific use cases and dived into low/no-code tools that are quick and easy to deploy through Amazon Web Service (AWS.)
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In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
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Incentives and Human Behavior. Political economic digest series - 2
1. Political Economic Digest Series 2 Samriddhi, The Prosperity Foundation
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Political Economic Digest Series 2
Dear Political Economic Digest Series participant,
Welcome to the second series of the Political Economic Digest .In the last series we discussed about the
rights of an individual and his/her role in the society. We hope you enjoyed the readings. Today, we’ll be
discussing on what makes people what they do i.e. what motivates people?
Let’s start with a question! Why are you reading this? You have your own reason, so do the others. Even
though the answers may vary, there is one common underlying reason behind everyone who reads this.
They have some self-interest. They hope to gain something (Personal development). Why is PED team
going through all of this effort? We have our own reasons (organizational objective achievement). Why
does the butcher in your neighborhood, goes through all the trouble of waking up every morning and
slaughtering goats and chickens? So that you can have meat delicacies? No, he has his own self-interest
(profit).
Similarly, why is that people always keep their houses and gardens clean but throw garbage on the
public roads? Why it is that Bagmati is so polluted and no one cares for it whereas when Fewa lake gets
polluted the local businessmen and general public rush to clean it? People have no incentive to clean
Bagmati because even if they put their energy and effort to clean it, there isn’t any chance of them
benefitting from a clean Bagmati river whereas the local businessmen and general public of Pokhara
have lots to gain (or lose) by putting their efforts and energies to clean Fewa lake. You reap benefits of
having a clean house and clean garden but you don’t reap direct benefits (or worthy enough) by cleaning
the streets.
Hence, we can observe that every individual responds to an incentive. And the incentive can be
something else than just the profit or money. The incentive can be time, personal satisfaction or
anything else. Everyone acting in their self-interest isn’t necessarily bad, but it can be beneficial instead.
For example, the self-interest of the butcher (profit) and your self-interest (desire to eat meat) converge
to let us interact with each other for mutual benefit. Only when a certain party uses force or fraud
against other then the exchange is harmful. With this, let’s get to our reading list for the series.
In his article, “Incentives Matter”, famous economist Russell D. Roberts discusses why incentives matter
in every aspect of our lives. He has presented numerous examples on how incentives affect people’s
behaviors. From the behavior of the captain of slave ships in 18th century England to bakers of Chile
during the hyper-inflation era, everyone is found to be acting in their self interest and the change in the
incentive structure also changes their behaviors. The bottom line, people respond to incentives and
money might not be the only incentive.
In his article, “Slavery, Snakes, and Switching: The Role of Incentives in Creating Unintended
Consequences”, another famous economist Glen Whitman discusses how incentives can have
2. Political Economic Digest Series 2 Samriddhi, The Prosperity Foundation
unintended consequences and how the failure to comprehend this can result in disasters out of even the
well-intentioned policies or activities.
Third reading is a news item taken from Republica daily of 20th July 2009 about Janakpur Cigarette
Factory. As the news says, the factory has been running on losses for more than a decade and yet
nobody takes any action to improve the condition whereas its private counterpart Surya tobacco is one
of the largest tax-payer of the country.
Happy reading! If you are interested to further explore this issue, we have lots of texts and visuals on
the subject at Political Economic Resource Center of Samriddhi. Feel free to drop by!
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3. Political Economic Digest Series 2 Samriddhi, The Prosperity Foundation
Incentives Matter
Russell D. Roberts
Towards the end of the 18th century, England began sending convicts to Australia. The transportation
was privately provided but publicly funded. A lot of convicts died along the way, from disease due to
overcrowding, poor nutrition and little or no medical treatment. Between 1790 and 1792, 12% of the
convicts died, to the dismay of many good-hearted English men and women who thought that
banishment to Australia shouldn't be a death sentence. On one ship 37% perished.
How might captains be convinced to take better care of their human cargo?
You might lecture the captains on the cruelty of death, and the clergy from their pulpits did just that.
You might increase the funds allotted by the state provided to the captains based on the number of
passengers they carried. You might urge the captains to spend more of those funds for the care of their
passengers. (Some entrepreneurial captains hoarded food and medicine meant for the convicts and sold
them upon arrival in Australia.) You might urge the captains to spend the money more carefully. Shame
them into better behavior.
But a different approach was tried. The government decided to pay the captains a bonus for each
convict that walked off the boat in Australia alive.
This simple change worked like a charm. Mortality fell to virtually zero. In 1793, on the first three boats
making the trip to Australia under the new set of incentives, a single convict died out of 322
transported, an amazing improvement.
I don't think the captains got any more compassionate. They were just as greedy and mean-spirited as
before. But under the new regulations, they had an incentive to act as if they were compassionate. The
change in incentives aligned the self-interest of the captains with the self-interest of the convicts.
Convicts were suddenly more valuable alive than dead. The captains responded to the incentives.
Incentives matter. The most famous example in economics is the idea of the demand curve—when
something gets more expensive, people buy less of it. When it gets less expensive, people buy more of
it.
Some find this bedrock principle of economics hard to accept, based on introspection. "When the price
of gas goes up, I still buy gasoline," says the skeptic. Or in its more extreme form: "You need gasoline, so
people will keep buying it even when it gets more expensive."
You may still buy gasoline when it gets more expensive. But you will try and find ways to buy less. Not
necessarily zero, less.
Thinking about how people respond to the incentive of the higher price opens up a world of possibility
beyond the cold turkey of going without. When gasoline gets more expensive, some people car pool,
some people drive at slower speeds, some try and combine multiple errands into one trip. Let the price
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4. Political Economic Digest Series 2 Samriddhi, The Prosperity Foundation
of gasoline rise enough and be expected to stay higher for a long enough period of time and some
people will buy a car that gets better mileage, move closer to work or postpone or cancel that order for
the pleasure boat that takes $400 to fill its tank when gasoline is $3 a gallon.
Not everyone will do all of these things. Some people will do very few of them. But the overall effect of
an increase in the price of gasoline is to discourage the purchase of gasoline.
And as something gets less expensive, we want to have more of it, everything else held equal.
People respond to incentives. But how they respond can be very creative. During a period of
hyperinflation in Chile, the story is told that the government's imposition of a maximum price made it
unprofitable for suppliers to sell bread—the legal maximum was below the cost of production.
A simple prediction would be that bread would disappear from the shelves. But that prediction
underestimated the ingenuity of bakers in responding to incentives. Their first response was to shrink
the loaf of bread until the cost of a loaf fell below the legally mandated price. The government then
mandated a minimum weight for a loaf of bread. The bakers responded by selling the bread raw, so that
the weight of the raw dough could meet the minimum. As inflation climbed, it became unprofitable to
sell even the raw dough to meet the minimum. So the enterprising bakers sold the raw dough in bags
with water so the minimum weight could be achieved.
Despite a common belief that economics is about money, non-monetary incentives can be just as
important as monetary incentives in affecting behavior. Time is one important non-monetary factor in
what we do.
Suppose you're a huge Beatles fan. It is announced that through a miracle, the Beatles will be reunited
for one farewell concert one month from today. All four Beatles will be appearing in a small intimate
theater near your house. You're ecstatic until you hear that the concert is free and that seats for the
concert will be handed out on a first-come, first-served basis: the first 250 fans in line be allowed to hear
the Beatles.
The concert isn't free. It's going to be very expensive—if you want to attend you're going to have live in
front of the theater for a month. Otherwise, you won't be one of the first 250. And it might be
dangerous as well. When goods are priced so that people want to buy a lot more than is available,
people don't always line up courteously.
Yogi Berra once famously remarked (or at least supposedly remarked) when asked about a popular
restaurant, "It's so crowded, nobody goes there any more." Like all good Yogiisms, the statement's
absurd but closer examination reveals a hidden truth. What he could have meant was that is was so
crowded that a person with a high value of time or a desire for a more relaxed atmosphere had better
alternatives. Or to say it more succinctly, "It's so crowded, nobody who's anybody goes there anymore."
In fact, Yogi may have meant the opposite—it's so crowded, you have to be somebody to get in—the
owners keep out the riff-raff.
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So money isn't all that matters. Adding time to the list of incentives isn't enough either. People care
about their reputation and fame and their conscience. They care about glory and patriotism and love. All
of these can act as incentives.
When an economist says that incentives matter, the non-economist sometimes hears only that people
respond to prices. But what the economist really means is that holding everything else constant—the
amount of fame or shame, glory or humiliation—and increase the monetary reward, and people will do
more of it. Lower the monetary reward while holding those non-monetary factors constant and people
will do less of it.
Economists often focus on monetary incentives because they are observable and usually easier to
change than non-monetary incentives. An economist will say that when the income of doctors goes up,
more people will want to be doctors. People often misunderstand this statement to imply that doctors
are motivated by money rather than non-monetary motives to be doctors. But all it means is that
holding the non-monetary satisfactions of medicine constant, increasing the monetary satisfaction will
make medicine more attractive relative to other professions. If we could measure or stimulate the non-monetary
satisfactions of doctors, those factors would be just as relevant as the monetary ones.
The difference between monetary and non-monetary incentives can be seen in the shortage of kidneys
available for transplant. It is currently against the law to buy and sell kidneys in the United States. The
current supply of kidneys relies on altruism. Thousands of people each year endure the risk of death to
donate a kidney to a loved one or a stranger. Others give up their kidneys after death. This willingness to
donate is motivated by a desire to help others and that is a powerful incentive. But it is not a sufficiently
powerful incentive to create a supply equal to the demand. Thousands die each year waiting for a kidney
transplant.
If we want to increase the number of kidneys available to patients with failing kidneys, we're back in the
situation of the Australian convicts and those tough captains. We need to increase the incentive to
provide kidneys. We can exhort people to give up their kidneys—running more public service
announcements and trying to convey the satisfactions that come from helping others. But allowing
people to buy and sell a kidney legally is more likely to increase the number of kidneys available for
transplanting than begging and pleading.
The role of incentives plays a critical role in the way that individuals treat their own property relative to
the property of others or communal property. People are more likely to change the oil in their own car
relative to a rental car. Private farm plots in the former Soviet Union outperformed communal farms
there.
The Pilgrims in Plymouth used communal farming their first winter but then after a dismal harvest that
first year, moved to a system where there was a more direct incentive other than guilt and honor.
Governor Bradford summed it up in his journal:
"And so assigned to every family a parcel of land, according to the proportion of their number, for that
end, only for present use (but made no division for inheritance) and ranged all boys and youth under
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some family. This had very good success, for it made all hands very industrious, so as much more corn
was planted than otherwise would have been by any means the Governor or any other could use, and
saved him a great deal of trouble, and gave far better content. The women now went willingly into the
field, and took their little ones with them to set corn; which before would allege weakness and inability;
whom to have compelled would have been thought great tyranny and oppression."
Not only were all hands more industrious—the incentive to harvest communal corn before it was fully
ripe, a problem equivalent to poaching in the case of wildlife, was also eliminated.
Incentives matter. Tangible rewards, monetary or in-kind—as in the case of corn in Plimouth—are very
powerful. The focus on monetary incentives creates a straw man—homo economicus, a mercenary who
will do anything for a price. I used to tell my students that I would be happy to let them purchase an "A"
in my class. The price was the GDP of France. My point was that my price was sufficiently high that it
was essentially infinite. But truth be told, I like to think that even an exorbitant bribe would have been
unsuccessful.
But even if I would have kept my honor and integrity intact in the face of an enormous bribe, I can
imagine a non-monetary price where I would forfeit even my honor. I suspect I would gladly sell a grade
or do something else dishonest for much less than the GDP of France if it meant saving the life of one of
my children. Properly defined to include non-monetary costs and benefits, perhaps every man really
does have his price.
* Russell Roberts is professor of economics at George Mason University and the Features Editor
at the Library of Economics and Liberty.
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7. Political Economic Digest Series 2 Samriddhi, The Prosperity Foundation
Slavery, Snakes, and Switching: The Role of Incentives in Creating Unintended
Consequences
Glen Whitman*
In the developed world, we like to think of slavery as a bad memory. But slavery persists to this day,
particularly in some parts of Africa, most notably the Sudan. Raiding parties steal children from their
home villages and transport them for sale in slave markets many miles away. In the 1990s, when news
of this ongoing tragedy came to the developed world, well-intentioned people formed charitable
foundations that raised money for slave redemption—that is, buying people out of slavery.
Did these charitable efforts do any good? Certainly, some people are free now who might otherwise of
have lived their whole lives in slavery. But there is strong evidence to suggest that slave redemption
made the overall situation worse. As journalist Richard Miniter reported in a 1999 article in the Atlantic
Monthly, the high prices offered by relatively rich Americans increased the demand for slaves, turned
the slave trade into an even more lucrative business, and thereby gave raiders an incentive to conduct
even more slave raids. If not for the activities of Western charitable organizations, many of the
redeemed slaves might never have been enslaved in the first place!
How did the slave redeemers err? They focused on just one incentive (to release people already in
bonds) while ignoring another (to capture more slaves). The sad result was an incentive scheme gone
awry.
With just an iota of economics training, most people catch on to the importance of incentives. "Aha! To
get people to do what we want, all we have to do is reward the good stuff and punish the bad stuff!"
Alas, the world is not so simple. People don't always respond to incentives in the ways you might
predict. What distinguishes good economic thinking from bad is recognition of the subtle, creative, and
often unforeseen ways that people respond to incentives. Ignoring the complex operation of incentives
is a recipe for unintended consequences.
The Bad Assumption of Fixed Behavior
Unless you're careful, it's easy to assume that people will continue doing what they're doing despite
changes in the costs and benefits of their choices. The slave redeemers, for instance, implicitly assumed
the number of slave raids would remain fixed, despite higher returns from slave trading.
This kind of mistake is not uncommon. Policymakers and policy advocates seem especially vulnerable to
the assumption that behavior is fixed. To take just one example, every state of the U.S. has "mandated
benefit" laws that require health insurance policies to cover specified conditions and treatments, from
cancer to mental illness to acupuncture. There are over 1000 such mandated benefit laws nationwide.
Support for these laws is at least partially well-intentioned: healthcare advocates want to make sure
people get good medical care. The campaign contributions of medical service providers surely play a role
in generating legislative support, of course.
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8. Political Economic Digest Series 2 Samriddhi, The Prosperity Foundation
However, insurance companies have to raise premiums to cover the costs of the addition services—and
then some customers choose to go uninsured because they can't afford the higher premiums. As a
result, they end up with less medical care, not more. The lawmakers who have passed mandated
benefits laws and the advocates who lobbied for them apparently didn't realize—or didn't care—that
insurance companies and their customers would not keep creating the same number of policies at the
same prices.
Switching Effects
New rewards and punishments do not affect only the targeted activity. They can also affect the level of
other, related activities. Punishing one "bad" thing can induce people to do more of other bad things;
rewarding one "good" thing can induce people to do less of other good things.
For instance, increasing the punishment for the consumption of one illicit drug (such as marijuana) can
induce users to increase their consumption of other drugs, both illegal (MDMA, cocaine) and legal
(alcohol and tobacco). A survey of doctors who prescribe medical marijuana in California reveals that
when patients can use marijuana, it enables them to reduce their use of prescription drugs, over-the-counter
sleep aids, alcohol, and cigarettes. Re-exposing them to punishment for their marijuana use
would, presumably, push them back to their original drugs of choice.
For a more subtle example, consider the effect of mandatory drug testing in schools. Drug testing is
intended to reduce all illicit drug use. But some drugs are more easily detected than others. Marijuana
can be detected in the human system for longer than other, often harder drugs. Some drugs, including
inhalants and ecstasy, are not detected at all by standard drug panels. As a result, drug testing creates
an incentive for students seeking a high to consume more dangerous drugs. (However, I do not know of
any studies that have searched for this result.)
In short, people often switch from one activity to another in response to changes in their incentives.
Policymakers who fail to recognize the possibility of such "switching effects" invite unforeseen, and
often unpleasant, results.
Rewarding (or Punishing) the Wrong Thing
For a reward or punishment to be effective, it also must aim at the right target. That's not as easy as it
sounds. S. E. Rhoads, in his book The Economist's View of the World, tells the story of the Italian town of
Abruzzi, which had a problem with too many vipers. To motivate citizens to kill vipers, the town fathers
created a viper bounty to be paid for dead vipers. "Alas, the supply of vipers increased. Townspeople
had started breeding them in their basements" (p. 58). The problem, of course, is that the town fathers
rewarded the wrong thing. What they wanted was not more dead vipers, but fewer vipers in the first
place.
Abruzzi's story may be apocryphal, but its mistake is not. Consider the case of gun buy-back programs.
These programs aim to reduce the number of guns on the streets by having authorities buy them up.
Cities with gun buy-back programs tout their success by announcing the number of guns purchased. It's
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possible, however, that people will bring guns to town just for the purpose of selling them—after all, if
the city paid less than the market price, gun owners would sell their guns privately. The real question is
not how many guns are purchased, but how many guns remain on the street. And this is setting aside the
difficult question of whether reducing the number of guns actually reduces violent crime. Since criminals
presumably have the greatest need for guns—their livelihoods depend on them—they are probably the
least likely to sell them.
It's easy to make fun of government, but private actors are not immune to using incentives in ineffective
ways. Take the famous case of Lincoln Electric, a firm that had experienced great success in using piece-rates
(instead of wages per hour) to motivate workers who made arc welders. Incentive pay for the
production line employees worked so well, in fact, that the firm extended the policy by compensating
secretaries based on their number of keystrokes. Eventually management discovered that a secretary
had spent her lunch hour typing one key continuously. Private businesses do make mistakes, but at least
they have a bottom line incentive to fix them. Lincoln Electric eventually rescinded the keystroke
compensation plan. Gun buyback programs remain popular.
In a classic article, Steven Kerr reflects "On the Folly of Rewarding A, While Hoping for B." Kerr discusses
a wide range of policies that do just that, in areas ranging from government to business to medicine and
sports. Improperly targeted rewards and punishments abound. In some cases they are unavoidable,
because the things we really want to affect are difficult to observe and measure. But awareness of the
problem is the first step toward fixing it—or avoiding it in the first place.
The Many Margins of Choice
Another source of unintended consequences is the failure to recognize the complexity of economic life.
People have a wide array of options for changing their behavior, and that fact can stymie attempts to
predict exactly how they will respond to new incentives.
Yoram Barzel offers the instructive story of government price caps on gasoline in the 1970s. A simple
economic analysis (familiar to most students of introductory economics) says that price caps will lead to
shortages, because consumers will demand more gasoline while suppliers of gasoline reduce the
amount they are willing to sell. And indeed, shortages did emerge in 1970s, resulting in long lines at the
gas pump. But that was not the end of the story. Barzel notes a plethora of other effects of the price
caps: octane levels of gasoline fell (it's less costly to produce lower octane gas), gas stations reduced
their hours of operation, full-service stations switched to self-service, and so on. In some cases, service
stations offered "free" tanks of gasoline with lube jobs—remarkably pricy lube jobs, of course. The price
of the lube job included the true price of gasoline, and buying a lube job allowed customers to jump the
queue. Says Barzel, "At no previous time in history had automobiles been so well lubricated" (p. 30).
The key insight—which applies to all kinds of goods and services, not merely gasoline—is that people do
not only make choices about prices and quantities. There are many, many margins of choice that people
can exploit to improve their situations and to evade regulations.
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10. Political Economic Digest Series 2 Samriddhi, The Prosperity Foundation
If you stare at a supply-and-demand graph, it's easy to imagine that the products in question—gallons of
gasoline, doctor visits, back massages, or what have you—are easily defined entities with well-known
and immutable features. In reality, any good or service consists of a bundle of characteristics. There are
gasolines with various octane levels and fuel additives; apartments with various levels of maintenance
and amenities; back rubs of various lengths and intensities. All of these margins can be adjusted.
Likewise, the prices paid by consumers might appear to be simply defined amounts of dollars and cents.
In fact, consumers pay for their purchases with a bundle of sacrifices: money paid directly to sellers,
money paid indirectly in the form of agency fees and bribes, effort spent searching, and time spent
waiting. These margins, too, can be adjusted in response to changing conditions.
As a result, policymakers can find it difficult, if not impossible, to escape market forces. Policies that
force down the official price of a good or service trigger responses that push down quality, push up
other aspects of the price (such as bribes), or both.
The important lesson for policymakers is that regulations will almost always have unintended
consequences, because creative people continually find ways to exploit margins of choice that were not
considered by the regulators. Take, for instance, the case of rent controls designed to make apartments
more affordable. That such controls have led to a shortage of apartment housing in places like New York
City is no surprise. More interesting is that the meaning of "apartment housing" has also changed.
Landlords have reduced the maintenance level of buildings while cutting back on amenities such as free
utilities, parking, and built-in appliances, thereby reducing the cost of providing the units. Meanwhile,
customers pay for housing with more than just their rent checks; they also must pay "key fees," bribes
to resident managers, and exorbitant commissions to rental agencies just for the opportunity to view
rent-controlled apartments. In short, people have dealt with housing regulations by adjusting the
characteristics of both the product provided and the price paid.
Getting It Right, or Not Getting It Wrong
A person with little or no economics training often ignores incentives entirely, by treating people like
robots who just respond to their programming. They keep on doing what they're doing, however much
we alter their surroundings. A lousy economist regards people as more sophisticated robots. They
change their behavior in response to changes in their incentives, but only in specified and highly
predictable ways. A good economist realizes that human beings are imaginative and clever. They change
their behavior in response to incentives in both predictable and unpredictable ways, constantly seeking
to improve their lives in light of new conditions. Failure to recognize this aspect of human nature makes
us vulnerable to all manner of errors, in our businesses, personal lives, charitable efforts, and
government policies.
* Glen Whitman is associate professor of economics at California State University, Northridge
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11. Political Economic Digest Series 2 Samriddhi, The Prosperity Foundation
Janakpur Cigarette Factory in deep financial crisis
RSS
JANAKPUR, July 20: Janakpur Cigarette Factory is facing a serious financial crisis and the factory
is operating by using overdraft for operational costs. The company is currently at a loss of over
Rs 530 million including Rs 500 million overdrafts and Rs 30 million interests.
The crunch in operational capital occurred due to high maintenance costs and high wastage due to old
rotary filter, cigarette producing machine, A/C plant and other equipment.
The factory was set up 45 years ago with Russian support. Most of the machineries are those installed
during the establishment of the factory.
To change the machines, it will cost Rs 440 million. Technicians said the factory is in dilapidated
condition and it would need Rs 1 billion immediately to keep the factory to operate smoothly.
Technicians said the factory is suffering a monthly loss of over Rs 12.5 million due to old machineries.
The factory management has urged the government to arrange funds for the factory by selling its
immovable assets like land. It is said that the factory owns land worth Rs 2.75 billion.
Meanwhile, the factory is facing problems in arranging over Rs 260 million funds to be paid in gratuity
funds to over 240 staffers who retired recently.
The production from the factory has also been decling due to the lack of modern equipments. Last year,
the factory produces 1.15 billion sticks of cigarettes against the target of 2.36 billion sticks.
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12. Political Economic Digest Series 2 Samriddhi, The Prosperity Foundation
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Questions to think about:
We talked about everyone being self-interested. Everyone thinks of their benefit from an activity or
engagement before getting involved. Do you agree with this statement?
Is this self-interested nature of people living in the society harmful? Or is it beneficial? When does, the
self-interest of an individual become harmful for the society?
The transporters are demanding yet another raise in transport fares currently. Based on the theory of
incentives as discussed in the provided articles, think: what will be the effect of increased fare on
number of students identity cards? Will the number of student cards increase, decrease or remain the
same?
Why do private educational institutions perform better then government run educational institutions?
Had Janakpur cigarette factory been a private enterprise, would its owners have let it run on losses for
so long? Why does it keep running now?
Why Nepalese are renowned for their hard work and enterprising skills abroad and yet very different
when inside the country?