Week 9_Lec 1 The Economic Rationale of the Modern State.pptx
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This document discusses the economic rationale for government intervention in markets. It outlines several types of market failures like public goods, externalities, and natural monopolies that can lead to inefficient market outcomes. The document argues that in the presence of market failures, governments have an allocative role to play in correcting these inefficiencies. It also discusses other roles of governments, including stabilization of the economy and regulation to ensure orderly private exchanges. The document provides examples of how governments pursue allocative objectives in areas like water supplies and broadcasting spectrum. Finally, it briefly touches on the distributive and regulatory roles of governments.
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2. Externalities occur when the actions of one economic unit unintentionally impact another in an uncompensated way, such as pollution from factories. This leads to a divergence between private and social costs/benefits.
3. For goods with public goods characteristics of non-rivalry and non-excludability, like national defense, there is no market mechanism to efficiently allocate resources, as they cannot be priced. This results in underprovision of public goods.
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This document summarizes Ronald Coase's theorem on the allocation of resources between parties when transaction costs are zero. It discusses that Coase believed private negotiations between parties could lead to an efficient allocation of resources to address externalities, rather than relying on government intervention. It provides an example of how a factory and fishermen could negotiate an efficient solution to pollution without government regulation if transaction costs were zero. The document also outlines the assumptions of the theorem and provides analysis of an example case related to Coase's work.
Public provision of social goods
In the market economy Consumer must be bid for what they wish to buy and must thus reveal their preferences to produce. Producer, in trying to maximize their profits, will produce what consumer want to by and will do so at least cost.
In reality, various difficulties arise. imperfect competition, production may be decreasing cost, Consumer may lack of information.
Market faliure
The document discusses market failure, its causes and consequences. It identifies several causes of market failure including incomplete markets, indivisibilities, common property resources, imperfect markets, asymmetric information, externalities, public goods, and public bads. The consequences of market failure are an inefficient allocation of resources and a failure to achieve social goals like equitable income distribution and price stability. Market failure occurs when the free market produces outcomes that are less than optimal from an economic perspective.
Topic 4 externalities and public goods
This document discusses public goods and externalities. It defines public goods as non-rival and non-excludable, and explains that their efficient provision requires the vertical summation of individual demand curves. It also describes the free-rider problem as an incentive for underprovision of public goods. Externalities are defined as activities that affect another's welfare outside of market mechanisms, like pollution. The efficient solution is for property rights to be assigned, allowing bargaining. Government can also intervene through taxes/subsidies or regulations.
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The document discusses the three major functions of government in economics according to Professor Musgrave:
1) Allocation function - The government provides goods and services called "social goods" that satisfy collective wants when the market cannot.
2) Distribution function - The government adjusts the distribution of wealth and income to ensure a "fair" state through taxes and transfer payments policies.
3) Stabilization function - The government uses fiscal and monetary policies to maintain high employment, price stability, and economic growth while considering trade and balance of payments effects. This is also called compensatory finance.
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Market failures occur when the free market does not allocate goods and services efficiently. Some common causes of market failure are incomplete markets, indivisibilities, public goods, externalities, and asymmetric information. A prominent example is the free rider problem with public goods, where individuals can benefit from the good without paying for it, leading to underprovision. This occurs because with public goods, one person's consumption does not reduce availability to others and people cannot be excluded from consuming it. The free rider problem demonstrates how market failure can arise from public goods.
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Supply-side economics believes that high tax rates in the 1970s slowed economic growth. Supply-siders argue that lowering tax rates will increase incentives to work, save, and invest, leading to higher output and tax revenues in the long run. However, the relationship between tax rates and revenues depicted by the Laffer curve is uncertain, as it is difficult to know the precise tax rate that maximizes revenue. Additionally, the impact of tax changes depends on the time horizon considered, as adjustments to incentives take time.
Unit 2 government response to market failure
This document discusses market failure and the government's response. It defines market failure as when the free market mechanism fails to efficiently allocate resources. Sources of market failure include market imperfections, public goods, externalities, immobility of factors of production, and inequalities. In response, governments implement regulations to address structural failures and incentive failures in the market. They provide subsidies, impose controls, offer incentives to regulated firms, and implement tax policies to correct for market failures.
Public economics
The document discusses four key functions of public finance: allocation, distribution, stabilization, and growth. It also discusses principles for evaluating a good tax system, including revenue adequacy, stability, simplicity, tax neutrality, economic efficiency, and low administration and compliance costs. The document compares tax systems before and after reforms, noting the need to tailor reforms to a country's existing economic system and administrative capabilities.
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- Public goods are provided by the government due to their non-rival and non-excludable nature.
- While public and private finance share similarities like balancing income/expenditure, they differ in how expenditure is determined relative to income. The government estimates expenditure needs first before determining revenue sources.
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2) It discusses concepts of governance failures and the importance of coordination and cooperation between these organizations to effectively govern food security.
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Public financial management (PFM) encompasses all aspects of how a government collects, allocates, spends, and accounts for public resources through the entire budget cycle, procurement processes, auditing, and revenue collection. PFM is crucial for good governance and delivering quality public services to citizens in a sustainable manner. The document then discusses the four key questions of public finance: when and how governments intervene in the economy, the effects of those interventions, and why governments choose certain policies despite market failures and political pressures.
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publicgoods.ppt
The document discusses the role of government in economics, including providing public goods and addressing market failures. It covers four main types of market failure: public goods, taxes/redistribution, monopoly power, and externalities. Public goods are both non-rival and non-excludable, leading to underprovision in free markets. Governments provide public goods and address market failures through taxation, regulation, antitrust laws, and policies to internalize external costs and benefits. Economic theories view politicians, bureaucrats and voters as seeking to maximize certain objectives, which can lead to both efficient and inefficient outcomes from government intervention.
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This document provides an overview of key concepts related to market failures including externalities, public goods, imperfect information, and social choice. It discusses how externalities can lead to inefficient market outcomes when private costs differ from social costs. Public goods are also prone to underprovision in free markets due to non-excludability and non-rivalry. Imperfect information can result in adverse selection and moral hazard. The document outlines various economic approaches to addressing these market failures.
The Theory Of Privatization
This document provides an overview of the theory of privatization. It defines privatization broadly as restricting the government's role and promoting free market policies. Specifically, it discusses various privatization methods like denationalization (selling state-owned assets), contracting-out services, franchising, deregulation, user fees, grants, vouchers, management contracts, and leasing. It also outlines advantages and disadvantages of these methods and barriers to privatization in developing countries like political/economic instability and underdeveloped capital markets.
As market failure
The document discusses government intervention in markets. It provides examples of different forms of intervention including legislation, regulation, direct provision of goods/services, and fiscal policy. The main reasons for intervention are to correct market failures, achieve a more equitable distribution of income/wealth, and improve economic performance. However, intervention can have unintended consequences and not always work as intended due to the complex nature of markets and consumer/business behavior. The document provides questions to consider when evaluating the efficiency, effectiveness, equity, and sustainability of government policies.
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
一比一原版(UCSB毕业证)圣芭芭拉分校毕业证如何办理
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Week 9_Lec 1 The Economic Rationale of the Modern State.pptx
- 1. The Economic Rationale of the Modern State
- 2. Market Failure ▪ Market failure is the situation in which the conditions necessary to achieve the market efficient solution fail to exist. ▪ In the extreme case of market failure the market will fail to exist and certain goods will not be produced at all. ▪ Factors that brought the failure of markets to achieve efficient outcomes; a) The existence of public goods and externalities b) The presence of decreasing costs in case of monopoly c) Incomplete information d) Uncertainity
- 3. Cont. . . ▪ In the presence of market failure, one possible role for government would be to intervene in the allocative function of the market and thus correct the market failure or introduce policies that would compensate its effects (This effect has been identified by Musgrave). ▪ There are another two roles assigned to government. First is the stabilization role. Economies periodically suffer from inflation, unemployment, lack of real growth and balance of payments problems etc. ▪ Second, there is a regulatory role that governments play to enacts and enforces laws of contract etc. This ensures that market trades and private exchanges take place smoothly.
- 4. The Allocative Role of Government • The model of competitive markets there is a theory of property rights. It gives an individual the right of ownership over some commodity (property). • There are several examples in which governments pursue such an allocative objective. For example, water supplies, fishing reserves, wild animal populations, undistributed ecosystems and the broadcasting spectrum etc.
- 5. ⮚ Another source of market failure arises from the existence of pure public goods. ⮚ Any single individual consumption of the good does not subtract from any other individual consumption of a pure public good. ⮚ The two concepts non-excludability and non-rivalness differentiate between pure private goods and pure public goods. a) Non-excludability in case of pure private goods defines the ownership of the good. The individual who possess the property right has the sole claim to enjoy the benefits of the good. b) Non-rivalness, a good is said to be non-rival in consumption when the marginal cost of adding another person to consume the good is zero.
- 7. Public goods, externalities and mixed goods ▪ When pure public good is available for consumption then it must be provided collectively either through private voluntary arrangement or publicly via the budget. ▪ An externality arises when the production or consumption activities of one party enters directly as an argument into the production or utility function of another party. ▪ Externalities provided an allocative role for government.
- 10. ▪ The decreasing cost industry and demand curve are shown in fig 2.4, which depicts that average costs continually fall over the whole range of output. ▪ The pricing rule, which will produce an efficient allocation of resources which equates price with marginal costs. ▪ Examples of decreasing cost industries include the public utilities gas, electricity, water and sewerage. ▪ The allocative role arises due markets failure and voluntary arrangements to produce an efficient solution.
- 12. ▪ Allocative role of government are also summarized in fig 2.5, vertical axis represents economies of scale in service provision. ▪ It represents the ratio of the marginal cost of one more user to the average cost of one more user (MC/AC) holding service quality fixed. ▪ While, the horizontal axis represents the degree of option a user may have in consuming the good.
- 14. The distributive role of government ▪ The distribution of wealth depends upon the distribution of rights to inherited wealth and the accumulation of wealth. ▪ Resulting distribution of income, wealth and welfare may not be in accordance with what society considers to be just. ▪ The source of this injustice might lie in the distribution of endowments or might be due to the way in which the prices at which the endowments are valued.
- 15. The regulatory role of government ▪ The government could attempt to regulate the decisions of producers and consumer, thereby reducing monopoly elements and externalities. ▪ Regulation limits the discretion and freedom of individuals through the imposition of rules. ▪ Controls and restrictions are designed to increase the welfare of certain groups within society by protecting their interests. ▪ Government regulates the money supply, the prices of utilities and nationalised industries and many of the allocative decisions in the economy.
- 16. “Iftikhar Badshah” is discussant of this topic. He will further discuss this topic in class.