-What goods should or should not be publicly provided?
-What effect does changing the regulatory environment change economic activity?
-How should we go about collecting revenue?
-Does changing any of these things effect overall welfare, both individually and socially? How so?
-What are the tradeoffs?
-We're trying to assess what government should do.
-Positive analysis=What is?
-Normative analysis=What ought to be/should be?
-Tradeoff between equity (i.e. fariness) and economic efficiency (MB>=MC)
-Excess burden (in public finance) and deadweight loss (in economics)
-Impose high taxes on more relatively inelastic goods to generate revenue (lack of substitutes, think about gas)
-Ramsey Rule (will end up with a fairly efficient tax, not necessarily equitable)
-Equality and efficiency are generally opposed to each other
-Broad questions
1.) Is it possible to draw normative conclusions from positive analysis?
2.) Can we evaluate normative conclusions and try to predict outcomes through positive analysis?
3.) How can we go about measuring the expected or actual impact of a policy proposal?
4.) How do these issues impact individual or societal welfare (can we measure them and what is societal welfare)?
5.) What is the difference between blackboard economics and real world policy?
-We need to have a way to analyze the effects of policy on overall welfare
-At least in the US, all regulatory agencies are required to conduct cost-benefit analysis before implementing a regulation; needs to conclude whether or not to impose the regulation
-Obviously, if no policy can survive cost-benefit analysis, then you're in a Pareto Optimal situation; if it can, then it is at least Kaldor-Hicks efficient
-We are not measuring goodness or badness
-What we are trying to do is evaluate whether a policy will be worth the costs; we're going to get at this through social welfare
-Marginal cost is less than or equal to marginal benefit (stop at MC=MB)
-Example: Cutting off your head for stealing from grandma; people will only steal when no one else is around, hence the only witness is grandma; the criminal is incentivized to murder grandma as well
-Optimal level of crime is greater than 0
-Caveats with Cost-Benefit Analysis
1.) CBA is not about money.
2.) Not about inputs and outputs.
3.) CBA is about welfare.
4.) Requires a common denominator in order to express heterogeneous items into homogenous flows. This is where money comes into CBA. It allows us to compare these different measures that we have.
-We need to think in terms of outputs and the effects that these outputs have on welfare. These are going to become a means to increase welfare.
-Utlimately, we need to think terms of the social value that is achieved through the outputs that we obtain relative to the opportunity costs of the project.
-Minor League Baseball Stadium Example: Troy evaluates the success of the stadium based on attendance. Could just set the ticket price ...
Required ResourcesTextPlease read the following chapters in M.docxaudeleypearl
Required Resources
Text
Please read the following chapters in: Managerial Economics:
· Chapter 1: Foundations of Managerial Economics
· Chapter 2: Decision Making Under Risk and Uncertain
Article
Field, A (2013). Jessica Alba’s Triple Bottom startup raises $25 million (Links to an external site.). Forbes. Retrieved from http://www.forbes.com/sites/annefield/2013/11/17/jessica-albas-triple-bottom-line-startup-raises-25-million/
Scott, R. (2012). The bottom line of corporate good (Links to an external site.). Forbes. Retrieved from http://www.forbes.com/sites/causeintegration/2012/09/14/the-bottom-line-of-corporate-good/
Websites
Bloomberg (Links to an external site.) (http://www.bloomberg.com)
Cable News Network (Links to an external site.) (http://www.cnn.com)
The Economist (Links to an external site.) (http://www.economist.com)
Discussion 1 Firm Objectives
Read the articles Jessica Alba’s Triple Bottom startup raises $25 million (Links to an external site.) and The bottom line of corporate good (Links to an external site.).
In reference to the articles, discuss how firms incorporate the triple bottom line concept into traditional business concerns over profitability. Respond to at least two of your classmates’ posts.
Guided Response: In 300 words or more, please, provide your response to the above discussion question. Comment on how customers can influence firms to pay more attention to the preservation of the natural environment. Respond substantively to at least two of your classmates’ postings. Substantive responses use theory, research, and experience or examples to support ideas and further the class knowledge on the discussion topic.
Discussion 2 Decision Making Under Uncertainty
To save on gasoline expenses, Edith and Mathew agreed to carpool together for traveling to and from work. Edith preferred to travel on I-20 highway as it was usually the fastest, taking 25 minutes in the absence of traffic delays. Mathew pointed out that traffic jams on the highway can lead to long delays making the trip 45 minutes. He preferred to travel along Shea Boulevard, which was longer (35 minutes), but rarely had traffic jams. Edith agreed that in case of traffic jams, Shea Boulevard was a reasonable alternative. Neither of them knows the state of the highway ahead of time. After driving to work on the I-20 highway for 1 month (20 workdays), they found the highway to be jammed 3 times. Assuming that this month is a good representation of all months ahead, should Edith and Mathew continue to use the highway for traveling to work?
How would you conclusion change for the winter months, if bad weather makes it likely for traffic jams on the highway to increase to 6 days per month?
How would your conclusion change if Mathew purchased a new smart-phone app that could show the status of the highway traffic prior to their drive each morning, thus reducing the probability of them getting into a jam down to only 1day per month (where on this day, the ap ...
ReSAKSS-AfricaLead Workshop on Strengthening Capacity for Strategic Agricultural Policy and Investment Planning and Implementation in Africa Safari Park Hotel, Nairobi, June 25th‐ 26th 2012
MGMK 4710INTERNATIONAL BUSINESSUNIT 1 GENERAL ENVIRONMENTDioneWang844
MGMK 4710
INTERNATIONAL BUSINESS
UNIT 1: GENERAL ENVIRONMENTS
ESSAY QUESTIONS 1.1.
JAPAN
Alyssa Parsley
Instructions for Essay Questions 1.1:
· Go to Essay Questions 1.1.
· Your answers must have a title that looks like the one above. Write your country’s name and your team members’ names. (ALREADY WRITTEN. COUNTRY IS JAPAN)
· Write question # (e.g., Question 1), delete all directions, then provide your answer.
· For each question, break your answer into two or more paragraphs. Single-space your answers.
· In your answers, provide specifics related to your country (that is, do not be generic)
· Each answer must show that you have read relevant concepts from the Study Guides.
· Provide references of your source(s).
QUESTION 1:
In Chapter 2, Hofstede has identified six dimensions of culture. In one sentence, give the name of the six dimensions of cultures. In one sentence each, define two dimensions of your choice. Using those two dimensions, describe your country’s culture. Provide specifics about your country.
QUESTION 2:
Chapter 3 identifies two political systems (democracy and totalitarianism). In one sentence, give the name of your country’s political system. In 7 to 10 sentences, explain your answer. Provide specifics about your country.
4
Cmit 425 week 6
200-400 words APA style
Your task: Develop an "intake" briefing for middle managers who will be assisting in the planning and execution of an internal audit of employee use of company owned laptops as part of the company's "Work From Home" arrangements. The purpose of an "intake" briefing is to get everyone "on the same page" with respect to what will be done, who will do it, and what the roles & responsibilities of the managers will be during the audit (e.g. assist with employee contacts and "smooth ruffled feathers" amongst their workers).
Background: The purpose of the audit is to determine how the laptops are being used by the employees working from home (what corporate and non corporate systems, services, networks, and websites are being accessed) and to uncover, if possible, any misuse (e.g. usage that is outside of the company's acceptable use policy). The audit should also look for evidence of laptops that are improperly configured or have vulnerable software installed.
Background: The company will follow the Information System Security Audit Process as defined by Harris & Maymi in the CISSP All-in-One Exam Guide, 8th edition. The steps are:
1. Determine Goals
2. Involve the right business unit leaders
3. Determine the scope
4. Choose the audit team
5. Plan the audit
6. Conduct the audit
7. Document the results
8. Communicate the results
Format: this week, your deliverable should be formatted as briefing paper (you will have a combination of paragraphs and bullet points). You should have an introduction, "analysis" section (explaining the ground rules and processes for how the audit will be conducted), and an appropriate summary section (including an ap ...
Required ResourcesTextPlease read the following chapters in M.docxaudeleypearl
Required Resources
Text
Please read the following chapters in: Managerial Economics:
· Chapter 1: Foundations of Managerial Economics
· Chapter 2: Decision Making Under Risk and Uncertain
Article
Field, A (2013). Jessica Alba’s Triple Bottom startup raises $25 million (Links to an external site.). Forbes. Retrieved from http://www.forbes.com/sites/annefield/2013/11/17/jessica-albas-triple-bottom-line-startup-raises-25-million/
Scott, R. (2012). The bottom line of corporate good (Links to an external site.). Forbes. Retrieved from http://www.forbes.com/sites/causeintegration/2012/09/14/the-bottom-line-of-corporate-good/
Websites
Bloomberg (Links to an external site.) (http://www.bloomberg.com)
Cable News Network (Links to an external site.) (http://www.cnn.com)
The Economist (Links to an external site.) (http://www.economist.com)
Discussion 1 Firm Objectives
Read the articles Jessica Alba’s Triple Bottom startup raises $25 million (Links to an external site.) and The bottom line of corporate good (Links to an external site.).
In reference to the articles, discuss how firms incorporate the triple bottom line concept into traditional business concerns over profitability. Respond to at least two of your classmates’ posts.
Guided Response: In 300 words or more, please, provide your response to the above discussion question. Comment on how customers can influence firms to pay more attention to the preservation of the natural environment. Respond substantively to at least two of your classmates’ postings. Substantive responses use theory, research, and experience or examples to support ideas and further the class knowledge on the discussion topic.
Discussion 2 Decision Making Under Uncertainty
To save on gasoline expenses, Edith and Mathew agreed to carpool together for traveling to and from work. Edith preferred to travel on I-20 highway as it was usually the fastest, taking 25 minutes in the absence of traffic delays. Mathew pointed out that traffic jams on the highway can lead to long delays making the trip 45 minutes. He preferred to travel along Shea Boulevard, which was longer (35 minutes), but rarely had traffic jams. Edith agreed that in case of traffic jams, Shea Boulevard was a reasonable alternative. Neither of them knows the state of the highway ahead of time. After driving to work on the I-20 highway for 1 month (20 workdays), they found the highway to be jammed 3 times. Assuming that this month is a good representation of all months ahead, should Edith and Mathew continue to use the highway for traveling to work?
How would you conclusion change for the winter months, if bad weather makes it likely for traffic jams on the highway to increase to 6 days per month?
How would your conclusion change if Mathew purchased a new smart-phone app that could show the status of the highway traffic prior to their drive each morning, thus reducing the probability of them getting into a jam down to only 1day per month (where on this day, the ap ...
ReSAKSS-AfricaLead Workshop on Strengthening Capacity for Strategic Agricultural Policy and Investment Planning and Implementation in Africa Safari Park Hotel, Nairobi, June 25th‐ 26th 2012
MGMK 4710INTERNATIONAL BUSINESSUNIT 1 GENERAL ENVIRONMENTDioneWang844
MGMK 4710
INTERNATIONAL BUSINESS
UNIT 1: GENERAL ENVIRONMENTS
ESSAY QUESTIONS 1.1.
JAPAN
Alyssa Parsley
Instructions for Essay Questions 1.1:
· Go to Essay Questions 1.1.
· Your answers must have a title that looks like the one above. Write your country’s name and your team members’ names. (ALREADY WRITTEN. COUNTRY IS JAPAN)
· Write question # (e.g., Question 1), delete all directions, then provide your answer.
· For each question, break your answer into two or more paragraphs. Single-space your answers.
· In your answers, provide specifics related to your country (that is, do not be generic)
· Each answer must show that you have read relevant concepts from the Study Guides.
· Provide references of your source(s).
QUESTION 1:
In Chapter 2, Hofstede has identified six dimensions of culture. In one sentence, give the name of the six dimensions of cultures. In one sentence each, define two dimensions of your choice. Using those two dimensions, describe your country’s culture. Provide specifics about your country.
QUESTION 2:
Chapter 3 identifies two political systems (democracy and totalitarianism). In one sentence, give the name of your country’s political system. In 7 to 10 sentences, explain your answer. Provide specifics about your country.
4
Cmit 425 week 6
200-400 words APA style
Your task: Develop an "intake" briefing for middle managers who will be assisting in the planning and execution of an internal audit of employee use of company owned laptops as part of the company's "Work From Home" arrangements. The purpose of an "intake" briefing is to get everyone "on the same page" with respect to what will be done, who will do it, and what the roles & responsibilities of the managers will be during the audit (e.g. assist with employee contacts and "smooth ruffled feathers" amongst their workers).
Background: The purpose of the audit is to determine how the laptops are being used by the employees working from home (what corporate and non corporate systems, services, networks, and websites are being accessed) and to uncover, if possible, any misuse (e.g. usage that is outside of the company's acceptable use policy). The audit should also look for evidence of laptops that are improperly configured or have vulnerable software installed.
Background: The company will follow the Information System Security Audit Process as defined by Harris & Maymi in the CISSP All-in-One Exam Guide, 8th edition. The steps are:
1. Determine Goals
2. Involve the right business unit leaders
3. Determine the scope
4. Choose the audit team
5. Plan the audit
6. Conduct the audit
7. Document the results
8. Communicate the results
Format: this week, your deliverable should be formatted as briefing paper (you will have a combination of paragraphs and bullet points). You should have an introduction, "analysis" section (explaining the ground rules and processes for how the audit will be conducted), and an appropriate summary section (including an ap ...
1. IntroversionScore 11 pts.4 - 22 pts.Feedback Some peopMartineMccracken314
1. Introversion
Score : 11 pts.
4 - 22 pts.
Feedback: Some people thrive in teleworking arrangements, whereas others discover that it is neither a satisfying nor productive work environment for them. This scale assesses three personal dispositions that are identified in the literature as characteristics of effective teleworkers: (a) high company alignment, (b) low social needs at work and (c) independent initiative.
Company alignment
Company alignment estimates the extent to which you follow company procedures and have values congruent with company values. The greater the alignment, the more likely that you can abide by company practices while working alone and with direct supervision. While some deviation from company practices may be appropriate, teleworkers need to agree with company values and provide work that is consistent with company expectations most of the time. Scores on this scale range from 4 to 20.
Extroversion
Score: 17 pts.
4 - 22 pts.
Feedback: Low individualism
Individualism refers to the extent that you value independence and personal uniqueness. Highly individualist people value personal freedom, self-sufficiency, control over their own lives, and appreciation of their unique qualities that distinguish them from others.
However, keep in mind that the average level of individualism is higher in some cultures (such as Australia) than in others.
2. Total score: 8 pts.
RANGE BASED FEEDBACK:
6-12 pts.
Feedback: Low work centrality
People with high work centrality define themselves mainly by their work roles and view non-work roles as much less significant. Consequently, people with a high work centrality score likely have lower complexity in their self-concept. This can be a concern because if something goes wrong with their work role, their non-work roles are not of sufficient value to maintain a positive self-evaluation. At the same time, work dominates our work lives, so those with very low scores would be more of the exception than the rule in most societies. Scores range from 6 to 36 with higher scores indicating higher work centrality. The norms in the following table are based on a large sample of Canadian employees (average score was 20.7). However, work centrality norms vary from one group to the next. For example, the average score in a sample of Canadian nurses was around 17 (translated to the scale range used here).
3. Total score: 32 pts.
RANGE BASED FEEDBACK:
28-32 pts.
Feedback: High need for social approval
The need for social approval scale estimates the extent to which you are motivated to seek favourable evaluation from others. Founded on the drive to bond, the need for social approval is a secondary need, because people vary in this need based on their self-concept, values, personality and possibly social norms. This scale ranges from 0 to 32. How high or low is your need for social approval? The ideal would be to compare your score with the collective results of other students in your class. Otherwi ...
More Related Content
Similar to -What goods should or should not be publicly provided -What eff
1. IntroversionScore 11 pts.4 - 22 pts.Feedback Some peopMartineMccracken314
1. Introversion
Score : 11 pts.
4 - 22 pts.
Feedback: Some people thrive in teleworking arrangements, whereas others discover that it is neither a satisfying nor productive work environment for them. This scale assesses three personal dispositions that are identified in the literature as characteristics of effective teleworkers: (a) high company alignment, (b) low social needs at work and (c) independent initiative.
Company alignment
Company alignment estimates the extent to which you follow company procedures and have values congruent with company values. The greater the alignment, the more likely that you can abide by company practices while working alone and with direct supervision. While some deviation from company practices may be appropriate, teleworkers need to agree with company values and provide work that is consistent with company expectations most of the time. Scores on this scale range from 4 to 20.
Extroversion
Score: 17 pts.
4 - 22 pts.
Feedback: Low individualism
Individualism refers to the extent that you value independence and personal uniqueness. Highly individualist people value personal freedom, self-sufficiency, control over their own lives, and appreciation of their unique qualities that distinguish them from others.
However, keep in mind that the average level of individualism is higher in some cultures (such as Australia) than in others.
2. Total score: 8 pts.
RANGE BASED FEEDBACK:
6-12 pts.
Feedback: Low work centrality
People with high work centrality define themselves mainly by their work roles and view non-work roles as much less significant. Consequently, people with a high work centrality score likely have lower complexity in their self-concept. This can be a concern because if something goes wrong with their work role, their non-work roles are not of sufficient value to maintain a positive self-evaluation. At the same time, work dominates our work lives, so those with very low scores would be more of the exception than the rule in most societies. Scores range from 6 to 36 with higher scores indicating higher work centrality. The norms in the following table are based on a large sample of Canadian employees (average score was 20.7). However, work centrality norms vary from one group to the next. For example, the average score in a sample of Canadian nurses was around 17 (translated to the scale range used here).
3. Total score: 32 pts.
RANGE BASED FEEDBACK:
28-32 pts.
Feedback: High need for social approval
The need for social approval scale estimates the extent to which you are motivated to seek favourable evaluation from others. Founded on the drive to bond, the need for social approval is a secondary need, because people vary in this need based on their self-concept, values, personality and possibly social norms. This scale ranges from 0 to 32. How high or low is your need for social approval? The ideal would be to compare your score with the collective results of other students in your class. Otherwi ...
1. International financial investors are moving funds from Talona MartineMccracken314
1. International financial investors are moving funds from Talona to other countries. This depreciation is causing even more disenchantment with this Talona's currency. Describe the affects will this have on the supply and demand curves for this currency on the foreign exchange markets?
2. Using a supply and demand diagram, demonstrate how a negative externality leads to market inefficiency. How might the government help to eliminate this inefficiency?
3. Briefly discuss the shortcomings of environmental command-and-control regulations.
4. Some data that at first might seem puzzling: The share of GDP devoted to investment was similar for the United States and South Korea from 1960-1991. However, during these same years South Korea had a 6 percent growth rate of average annual income per person, while the United States had only a 2 percent growth rate. If the saving rates were the same, why were the growth rates so different?
5. “Block Imports—Save Jobs for Some Americans, Lose a Roughly Equal Number of Jobs for Other Americans, and Also Pay High Prices.” Discuss this statement within the context of protectionism.
6. Steve and Craig have been shipwrecked on a deserted island in the South Pacific. Their economic activity consists of either gathering pineapples or fishing. We know Steve can catch four fish in one hour or harvest two baskets of pineapples. In the same time Craig can reel in two fish or harvest two baskets of pineapples.
Assume Craig and Steve both operate on straight-line production possibilities curves. What is Steve's opportunity cost of producing a basket of pineapples? Of a producing a fish? What is Craig's opportunity cost of producing a basket of pineapples? Of a producing a fish?
7. Provide examples of market-oriented environmental policies.
Running head: SC PLAN 1
SC PLAN 4
SC PLAN
Student’s Name
Institution Affiliation
SC PLAN
1. Describe the actions you will take to increase your net cash flows in the near future.
The first step is to reduce living expenditures. It is critical to lessen the amount spent on living expenses and other variables and save for future use. I will have to prevent luxuries such as vacation costs or keep them in check to avoid spending a hefty amount on them. I should check the option to cook for myself and avoid buying food. Also, I will choose a destination I can drive myself to save on rental car expenditures and airfare. I will have a detailed budget indicating the amount required for savings, debt repayment, and investment that will assist only to spend the money on essential expenditures. Further, the savings can help to start a business and become self-employed in the distant future.
I would have to look for a job that pays well or engage in a robust salary negotiation. The right time to negotiate for salary is during a performance review, compensation meeting, or job promotion (Bellon, Cookson, Gilje, & Heimer, 2020). I will ensure that I expand my education and technic ...
1. Interventionstreatment· The viral pinkeye does not need any MartineMccracken314
1. Interventions/treatment
· The viral pinkeye does not need any medication
· The bacterial pinkeye is treated with ointment or eye droplets
2. Possible nursing diagnosis
· Checking the specific infection affecting the eye
· Identifying burning eyes
· Increased anxiety with red eyes
3. Sign and symptoms
· Eye irritation
· Eye tearing
· Eye redness
· Eye discomfort
4. Nursing Interventions
· Putting some droplets in the kid’s eye
· Using a antibiotic ointment
· Administering ibuprofen to the kid
5. Risk factors
· Allergies
· A women having an STD during pregnancy
· Exposing the child to areas with lots of bacteria
6. Pathophysiology
The infected eye shows through an inflammation that is swollen and red. The conjunctiva shows and this is the clear membrane seen in the part where the eye is white. It remains this way if not treated for a while before it ends with medication administered or just ends naturally.
7. Complications
· A scaring in the child’s eye if the conjunctivitis is caused by allergic reactions
· It can aggravate to cause different conditions such as meningitis
8. Diagnostic Procedure
· Administering the medicine using eye droplets
· Rubbing the eye area with the ointment
...
1. Introduction and background information about solvatochromism uMartineMccracken314
1. Introduction and background information about solvatochromism using Reichardt’s dye? (400-500 words)
2. Discuss the properties of Reichardt’s dye that cause it to change its wavelength of maximum absorbance in the presence of solvents of differing polarities.
3. Discuss solvatochromism. Are there other dyes which exhibit this effect?
4. Would it be possible to use the wavelength of maximum absorbance in the presence of Reichardt’s dye to determine the water content of acetone solutions?
...
1. Integrity, the basic principle of healthcare leadership.ContaMartineMccracken314
1. Integrity, the basic principle of healthcare leadership.
Contains unread posts
Mateo Alba posted May 12, 2021 10:04 PM
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Integrity of any organization regardless whether it is in healthcare or business or government is paramount. Because of integrity comes trust. Having trust in a healthcare organization is nonnegotiable. It is the foundation of a world-class organization. Executives who ignore ethics run the risk of personal and corporate liability in today’s increasingly tough legal environment (Lynn S. Paine, 1994, Managing for Organizational Integrity, pp. 2-21)
First, the healthcare organization. The healthcare organization is the head or the governing body. It is charged of day-to-day functions, establish policies, guidance, business process, safety, security and all the administrative duties. Integrity is and must be the cornerstone of any healthcare organization. Without it, no clinicians or workers that would knowingly work for an organization that they cannot trust or feel safe. And most importantly, if the patients do not have trust in the organization, they will avoid that facility at all cost.
Second, the clinicians. The clinicians are what makes the organization or facility function. Whether they are the providers, nurses or staff it is important that they have the integrity to always do what is right not only for the healthcare team or the organization, but most specially for the patient. It starts with the clinical leaders building trust to their subordinate staff by having the integrity and values of what a leader should be. Once that is established, then it permeates throughout the entire team. Thereby improving the healthcare delivery.
Lastly, and the most important is the patient. At the center of the entire system needs to be the patient. Once the patient recognizes the integrity or values of the healthcare organization and the clinicians delivering healthcare, patient trust is established. The patient satisfaction also increases. According to Cowing, Davino-Ramaya, Ramaya, Szmerekovsky, 2009, pp.72, “if patients are satisfied with clinician-patient interactions, they are likely to be more compliant with their treatment plan, to understand their role in the recovery process, and to follow through with the recommended treatment”. Having integrity or values in the healthcare delivery is the basic principle of healthcare leadership.
Cowing, M., Davino-Ramaya, C. M., Ramaya, K., & Szmerekovsky, J. (2009). Health care delivery performance: service, outcomes, and resource stewardship. The Permanente Journal, 13(4), 72–78. Retrieved from https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2911834/
Lynn S. Paine, 1994, Managing for Organizational Integrity. Harvard business review, 2-21. Retrieved from Managing for Organizational Integrity (hbr.org)
2. Medical Delivery Influences
Contains unread posts
Robert Breeden posted May 12, 2021 9:44 AM
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Hello,
The influence within the medical community is so important and ...
1. Information organized and placed in a logical sequence (10 poMartineMccracken314
1.
Information organized and placed in a logical sequence (10 points)
Points Awarded
2.
Demonstrated knowledge of ethical dilemma presented by:
2a. Summarized the situation (10)
2b. Explained the ethical dilemma (5)
2c. Solved the problem as a professional RN (15)
3.
Responses supported with specific ANA Codes
(20)
4.
Visual aids professional, visually interesting
& aided in understanding material; proper grammar/spelling/punctuation-no more than 2 errors in presentation(10)
5.
Maintained eye contact of audience (10)
6.
Voice clear & audible (10)
7.
Encouraged class participation (5)
8.
Reference slide that includes references in APA
format (5)
Total points possible = 100
NSG 100
Case Study in-class Presentations Assignment
1): Moral Courage with a Dying Patient
Mr. T. is an 82-year-old widower who has been a patient on your unit several times over the past 5 years. His CHF, COPD, and diabetes have taken a toll on his body. He now needs oxygen 24 hours a day and still has dyspnea and tachycardia at rest. On admission, his ejection fraction is less than 20%, EKG shows a QRS interval of greater than 0.13 seconds, and his functional class is IV on NYHA assessment.
He has remained symptomatic despite maximum medical management with a vasodilator and diuretics. He tells you, "This is my last trip; I am glad I have made peace with my family and God. Nurse, I am ready to die." You ask about an advance directive and he tells you his son knows that he wants no heroics, but they just have never gotten around to filling out the form. When the son arrives, you suggest that he speak with the social worker to complete the advance directive and he agrees reluctantly. You page the physician to discuss DNR status with the son. Unfortunately, Mr. T. experiences cardiac arrest before the discussion occurs and you watch helplessly as members of the Code Blue Team perform resuscitation. Mr. T. is now on a ventilator and the son has dissolved into tears with cries of, "Do not let him die!"
2): Moral Courage to Confront Bullying
Melissa started on the unit as a new graduate 5 weeks ago. She is still in orientation and has a good relationship with her preceptor. The preceptor has been assigned consistently to Melissa for most of the last 4 weeks, but due to family emergency has not been available in the last week. Melissa has been told that she will be precepted by a different nurse for the remainder of her orientation. The new preceptor has not been welcoming, supportive, or focused on the educational goals of the orientation. In fact, this new preceptor has voiced to all who will listen her feelings about the incompetence of new BSN graduates. The crisis occurs when Melissa fails to recognize a patient's confusion as a result of an adverse medication effect. The preceptor berates Melissa in the nurses' station, makes sarcastic comments in shift report abou ...
1. In our grant application, we included the following interventioMartineMccracken314
1. In our grant application, we included the following interventions as our evidence-based programs: Family Therapy (to promote family acceptance and support, a key factor for overall health outcomes for this population), Motivational Interviewing (to address higher co-occurrence of substance use concerns), Trauma-Focused Treatment (including EMDR Therapy and TF-CBT, to address higher rates of complex trauma including from systemic oppression), and CBT (a gold standard treatment modality, but adapted to meet the needs of our client population by incorporating elements of
Solution
s-Focused or Narrative approaches to make it more strengths-based).
For questions 2-4, you would need to do some of your own research in the literature on these treatment modalities and determine for yourself if there were best practices that should be incorporated into the plan used at the agency.
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Cultural Competency: A Key to Effective Future Social Work With Racially and Ethnically Diverse E...
Min, Jong Won
Families in Society; Jul-Sep 2005; 86, 3; ProQuest One Academic
pg. 347
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Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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...
1. I believe that the protagonist is Nel because she is the one thMartineMccracken314
1. I believe that the protagonist is Nel because she is the one that goes through different changes throughout the book. I also think she is the protagonist because most people can relate to her more. Nel was done wrong by Sula and her husband Jude Green. Sula did the one thing that a best friend should never do and, that is sleep with your best friend's husband. Even though Sula did a terrible thing Nel still cares about her best friend because she goes and visits her when she is sick even after all the pain she caused her. Nel is also deeply saddened when she visits Sulas grave. That is not the only thing that happened to Nel. Nel not only had to deal with the affair but also accepted her guilt in Chicken Little's drowning. But in the end, Nel realized she enjoyed watching him drown.
Everything changed when Sula came back to Nels life. Nel was happy before. She was happy with her family and her husband, but when Sula came back that all changed. After the affair and Sulas death, Nel was alone. Nel became a single mother and, she no longer has a good relationship with another man.
2. I believe that although the title of the story is Sula, the main protaginist of the story is Nel. Nel is kept until the end of the story and Sulay passes away and exit's the story. I think in this pivitol moment is when the author wanted to make Nel the main character. Nel contained her emotion until towards the end of the story when she has a conversation with Eva, Nel nervously comments "Who told you all these lies? Miss Peace? Who told you? Why are you telling lies on me?" I believe the author wanted us to feel the anxiousness and wonder that Nel found out that somebody finally knew about the little boy being thrown. I believe this admission of guilt to Eva brings closure to Nel. Nel was trying to hide her emotions the entire time and it wasn't after being confronted that she broke down about it and visited Sulay's grave. Nel even stated "I don't know. No." when asked whether somebody saw the boy being thrown into the river. This shows that Nel was not sure at all in the moment it happened whether somebody knew. Nel wanted to not think about what happen forever and try to mute the situation but Eva bringing it up, made Nel feel terrible about what happened which is why she ended up visting Sulay's grave. I think muting herself from knowing the little boy was thrown was still not a 'good' way to look at it, from her end. She wanted to believe a lie by just pretending it never happened. It wasn't after someone brought up the situation to her that her feelings change.
3. Although the novel is titled Sula, the real protagonist is Nel because she is the one who is transformed by the end. Sula and Nel were very great friends and were very dedicated to each other. But they were also very different. Nel was known as the more mature and "good person" while Sula is more impulsive. "Nel is the product of a family that believes deeply in social conventions, hers is a st ...
1. If the profit from the sale of x units of a product is P = MartineMccracken314
1. If the profit from the sale of x units of a product is P = 105x − 300 − x2, what
level(s) of production will yield a profit of $1050? (Enter your answers as a
comma-separated list.)
x = _________ units
2. The total costs for a company are given by
C(x) = 5400 + 80x + x2
and the total revenues are given by
R(x) = 230x.
Find the break-even points. (Enter your answers as a comma-separated list.)
x= __________ units
3. If total costs are C(x) = 900 + 800x and total revenues are R(x) = 900x − x2, find the
break-even points. (Enter your answers as a comma-separated list.)
x= _____________
4. For the years since 2001, the percent p of high school seniors who have tried marijuana
can be considered as a function of time t according to
p = f(t) = 0.17t2 − 2.61t + 52.64
where t is the number of years past 2000.† In what year after 2000 is the percent
predicted to reach 75%, if this function remains valid?
_______________
5. Using data from 2002 and with projections to 2024, total annual expenditures for
national health care (in billions of dollars) can be described by
E = 4.61x2 + 43.4x + 1620
where x is the number of years past 2000.† If the pattern indicated by the model
remains valid, in what year does the model predict these expenditures will reach
$15,315 billion?
__________________
6. The monthly profit from the sale of a product is given by P = 32x − 0.2x2 − 150 dollars.
(a) What level of production maximizes profit?
___________ units
(b) What is the maximum possible profit?
$_____________
7. Consider the following equation.
y = 9 + 6x − x2
(a) Find the vertex of the graph of the equation.
(x, y) = (__________)
(b) Determine what value of x gives the optimal value of the function.
x=_____________
(c) Determine the optimal (maximum or minimum) value of the function.
y=______________
8. Consider the following equation.
f(x) = 6x − x2
(a) Find the vertex of the graph of the equation.
(x, y) = (__________)
(b) Determine what value of x gives the optimal value of the function.
x=_____________
(c) Determine the optimal (maximum or minimum) value of the function.
f(x)= _____________
9. Find the maximum revenue for the revenue function R(x) = 358x − 0.7x2. (Round your
answer to the nearest cent.)
R = $______________
10. The profit function for a certain commodity is P(x) = 150x − x2 − 1000. Find the level of
production that yields maximum profit, and find the maximum profit.
x= _________ units
P=$ _________
11. If, in a monopoly market, the demand for a product is p = 2000 − x and the revenue is
R = px, where x is the number of units sold, what price will maximize revenue?
$________________
12. If the supply function for a commodity is p = q2 + 6q + 16 and the demand function is p
= −3q2 + 4q + 436, find the equilibrium quantity and equilibrium price.
equilibrium quantity_______________
equilibrium price $_______________
13. If the supply and demand functions for a commodity are given by p ...
1. How does CO2 and other greenhouse gases promote global warminMartineMccracken314
1. How does CO2 and other greenhouse gases promote global warming? Discuss your opinion on the use of geoengineering measures to mitigate the effects of global warming.
Your response should be at least 250 words in length.
2. How does CO2 and other greenhouse gases promote global warming? Discuss your opinion on the use of geoengineering measures to mitigate the effects of global warming.
Your response should be at least 250 words in length.
Raw DataNamePayResponsibilitiesSupervisionGenderDepartmentRudolph211MaleAccountingOlga211FemaleAccountingInstructionsErnest211MaleAccountingEmily211FemaleAccountingThe sheet labeled "Raw Data" lists 366 employees and their rating (1-5) of their satisfaction with their Pay, Responsibilities, and Supervision. A rating of 5 is the highest satisfaction.Bobby211MaleAccountingRaw Data also includes the Gender and Department for each employee.Benjamin211MaleAccountingBeatrice211FemaleAccountingInsert a new column in EKeith211MaleAccountingLabel this new column "Overall Satisfaction Rating"Hilda211FemaleAccountingFor each employee, compute the Overall Satisfaction Rating as the Average of Pay, Responsibilities, and Supervision.Leslie311MaleAccountingFormat Overall Satisfaction Rating to one decimal place.Curtis311MaleAccountingAlice311FemaleAccountingOn a New sheet titled Results, create a Pivot Chart & Pivot TableSophie311FemaleAccountingAssign Gender to Columns, Department to rows, and Pay to Values. Change the value field setting from Sum to Average if necessary.Sally311FemaleAccountingSort the departments in descending order of satisfaction.Melvin311MaleAccountingCreate a title for the chart, which includes your last namePearl411FemaleAccountingBe sure your chart includes a legend for male & female employees, change male color to blue and female to orangeJohnny411MaleAccountingBe sure to include axis titlesEunice411FemaleAccountingFormat the vertical axis for a max of 5 and major tick marks at 1 and one decimal place.Opal212FemaleAccountingJulia212FemaleAccountingCreate a new sheet titled "Graphs".Jimmie212MaleAccountingCopy & Paste as Picture your graph of Pay SatisfactionEsther212FemaleAccountingAlbert212MaleAccountingAlter your Pivot chart/table to display Responsibilities Satisfaction. Change titles as needed.Mike212MaleAccountingPaste this chart on the Graphs sheetMarion212MaleAccountingJosephine212FemaleAccountingAlter your Pivot chart/table to display Supervision Satisfaction. Change titles as needed.Ida212FemaleAccountingPaste this chart on the Graphs sheetGerald212MaleAccountingCaroline212FemaleAccountingAlter your Pivot chart/table to display Overall Satisfaction. Change titles as needed.Alberta212FemaleAccountingPaste this chart on the Graphs sheetLeroy312MaleAccountingLeave Results sheet with the Pivot Table & Chart displaying the Overall Satisfaction.Anita312FemaleAccountingMildred412FemaleAccountingBeulah412FemaleAccountingAda412FemaleAccountingClayton212MaleAccountingWayne312MaleA ...
1. How do you think communication and the role of training addressMartineMccracken314
1. How do you think communication and the role of training address performance gaps or training needs as it relates to how Adults learn?
2. There are many ways – or methods – available to gather data during a need’s assessment. Each one has advantages and disadvantages. What is important is to select the appropriate method based on your business problem. The most common methods for data gathering are:
· Document reviews or Extant Data Analysis – reviewing existing material like process maps, procedure guides, previous training material, etc.,
· Needs Assessment
· Interviews
· Focus groups
· Surveys
· Questionnaires
· Direct Observations
· Testing
· Subject Matter Expert Analysis
Select one of these data gathering methods to discuss and share what you see as the advantages and disadvantages associated with using the selected method.
1. Team teaching
In team teaching, both teachers are in the room at the same time but take turns teaching the whole class. Team teaching is sometimes called “tag team teaching.” You and your co-teacher teacher are a bit like co-presenters at a conference or the Oscars. You don’t necessarily plan who takes which part of the lesson, and when one of you makes a point, the other can jump in and elaborate if needed.
Team teaching can make you feel vulnerable. It asks you to step outside of your comfort zone and allow another teacher to see how you approach a classroom full of students. However, it also gives you the opportunity to learn about and improve your teaching skills by having a partner who can provide feedback and — in some cases — mentorship.
In team teaching, as well as the five other co-teaching models below, a teacher team may be made up of two general education teachers, two special education teachers, or one of each. Or, in some cases, it may be a teacher and a paraprofessional working together. Some IEPs specify that a student’s teaching team needs to include a general education teacher and a special education teacher.
Here’s what you need to know about the team teaching method:
What it looks like in the classroom
Both teachers teach at the front of the room and move about to check in with students (as needed).
Benefits
· Provides both teachers with an active instructional role
· Introduces students to complementary teaching styles and personalities
· Allows for lessons to be presented by two different people with different teaching styles
· Models multiple ways of presenting and engaging with information
· Models for students what a successful collaborative working relationship can look like
· Provides more opportunities to pursue teachable moments that may arise
Challenges
· Takes time and trust for teachers to build a working relationship that values each teacher equally in the classroom
· Necessitates a lot of planning time and coordination of schedules
· Requires teachers to have equal involvement not just in planning, but also in grading, which means assignments need to be evaluated ...
1. How brain meets its requirement for its energy in terms of wellMartineMccracken314
1. How brain meets its requirement for its energy in terms of well-fed and during starvation or fasting?
2. Explain the utilization of different sources of energy in muscle during anaerobic and aerobic conditions of high physical activity and resting?
3. Why and how adipose tissue and kidney are significant for fuel metabolism?
4. Explain in detail why liver is significant for metabolism of mammals and how does it coordinate the different metabolic pathways essential for organism?
5. Explain the Cori cycle and glucose-alanine cycle for interorgan fuel metabolism?
...
1. Give an introduction to contemporary Chinese art (Talk a littleMartineMccracken314
1. Give an introduction to contemporary Chinese art (Talk a little bit about some of the major changes in Chinese art)
2. Read the article that is provided. Do some research on the artist, Xu Bing. According to the article, give some background information about Xu Bing, and investigate the body of work.
3. Select one piece of his artwork to write about. It could be a traditional work of art, such as drawing, painting, or sculpture, or something more experimental like performance art, body art, or installation art.
4. Write a 3-page analysis of the artwork you select. The paper should have a short introduction and conclusion, but the body should focus on your analysis of the artwork. Some of the questions that you might want to work through in the paper include: Why is the work important? In what ways does it challenge the viewer? Is there an allegorical meaning to the work? How is it in dialogue with Western art traditions or earlier Chinese art traditions? Does it engage with Chinese history? Etc.
5. Be sure to include an image of the work you select into the paper, and the paper must be grammatically correct.
...
1. For this reaction essay is a brief written reaction to the readMartineMccracken314
1. For this reaction essay is a brief written reaction to the readings. It may be somewhat informal (and I would encourage you to be personal), but it must be well-written and well-organized. It must not be more than 2 pages, use 12-point font, single-spaced, at least 1" margins. You will react to the results of this systematic review article on Telemedicine " Effectiveness of Telemedicine A Systematic Review of Reviews.pdf
Focus on the results of the synthesis only, react to the authors' conclusions- do you agree or disagree with their synthesis? Discuss your opinion, are there faults in their conclusions?
Telemedicine is increasingly being suggested as an alternative for an in-person visit, especially with emergent diseases that call for person-to-person distancing. What are the potential concerns with this suggestion? What are in the authors' synthesis and conclusions underscore the limitations of this suggestion?
2. The next day a representative from Bristol Myers Squibb visits your office and tells you that Plavix® (clopidogrel) decreases cardiovascular events by 8.7% compared to aspirin. That sure sounds good to you, as you have many elderly patients at risk of heart attacks and strokes and many are already on aspirin. The brochure quotes the CAPRIE study, and you decide to investigate this further. A review of the 1996 article reveals that study patients on Plavix® experienced cardiovascular events 9.78% of the time compared to 10.64% of the time with aspirin. Plavix® was approved by the FDA based on this one study. Cost of Plavix/day=$6.50. Cost of aspirin/day = $1.33
• What was the NNT?
• How much does Plavix® cost monthly?
• What meaning do these values have for this problem?
• Be sure to include your actual calculations/math
i n t e r n a t i o n a l j o u r n a l o f m e d i c a l i n f o r m a t i c s 7 9 ( 2 0 1 0 ) 736–771
j o u r n a l h o m e p a g e : w w w . i n t l . e l s e v i e r h e a l t h . c o m / j o u r n a l s / i j m i
Effectiveness of telemedicine: A systematic review of
reviews
Anne G. Ekeland a,∗, Alison Bowes b, Signe Flottorp c,d
a Norwegian Centre for Integrated Care and Telemedicine, University Hospital of North Norway, P.O. Box 6060, N-9038 Tromsø, Norway
b Department of Applied Social Science, University of Stirling, Scotland, UK
c Norwegian Knowledge Centre for the Health Services, Oslo, Norway
d Department of Public Health and Primary Health Care, University of Bergen, Norway
a r t i c l e i n f o
Article history:
Received 23 April 2010
Received in revised form
11 July 2010
Accepted 29 August 2010
Keywords:
Telemedicine
Telecare
Systematic review
Effectiveness
Outcome
a b s t r a c t
Objectives: To conduct a review of reviews on the impacts and costs of telemedicine services.
Methods: A review of systematic reviews of telemedicine interventions was conducted. Inter-
ventions included all e-health interventions, information and communication technologies
for communication ...
1. Find something to negotiate in your personal or professional liMartineMccracken314
1. Find something to negotiate in your personal or professional life. Examples include: redistribution of household chores, a personal or professional purchase, a contract at work, asking for a raise, booking a vacation, hiring a contractor, etc. The deal does not have to be implemented for the purposes of this class (e.g. you can finalize the price for something you’re thinking of buying without following through on the purchase right now). The scenario you choose should be significant enough to allow you to do substantial research and detail for your paper. Submit a five page paper (minimum), double spaces, utilizing proper grammar and spelling, which summarizes the following:
1. Your Preparation – Describe the process you used and results of your preparation. You should also discuss your strategies, targets, and negotiating plan. Make sure you do your research, working on both your BATNA and the other party’s. (Consider newspapers, bookstores, libraries, the internet, and personal calls and visits as possible sources of information). This is the most important step, so being thorough is critical.
1. The Negotiating Process – Describe what happened in the negotiation itself. List he sequence of events and how you reacted/adjusted to the other party’s position. What was the negotiation style of the other party? What “tricks” did they try? How did you react? Were there any other influencing factors (e.g. cultural differences, misperceptions, emotion, etc.)?
1. The Outcome – What was the outcome and how did you feel about it? What worked well? What would you have done differently? Do you feel the result you arrived at was better than it would have been if you hadn’t taken the class? Why/Why not?
Your understanding of the appropriate preparation and process steps to take in negotiating this deal is more important than the final outcome.
Be sure to cite your sources, and include copies of necessary quotes/documentation.
1.
Find something to negotiate in your personal or professional life. Examples include:
redistributi
on of household chores, a personal or professional purchase, a contract at work,
asking for a raise, booking a vacation, hiring a contractor, etc. The deal does not have to be
implemented for the purposes of this class (e.g. you can finalize the price for
something you’re
thinking of buying without following through on the purchase right now). The scenario you
choose should be significant enough to allow you to do substantial research and detail for your
paper. Submit a five page paper (minimum), double
spaces, utilizing proper grammar and
spelling, which summarizes the following:
2.
Your Preparation
–
Describe the process you us
ed and results of your preparation. You should
also discuss your strategies, targets, and negotiating plan. Make sure you do your research,
working on both your BATNA and the other party’s. (Consider newspapers, bookstores, libraries,
the internet, and p
ers ...
1. FAMILYMy 57 year old mother died after a short illness MartineMccracken314
1. FAMILY
My 57 year old mother died after a short illness last June. She was a wonderful mother and my 66 year old father
adored her. They had been married for 38 years. He is finding it extremely difficult to cope without her. To make
matters worse, he retired just two months before she died and is at a loss to fill his days.
He is disorganized and has not established any pattern in his life. I invite him for meals and outings, but he is
detached and depressed. He doesn’t seem to be part of the world any more. I am terribly worried about him. How
long will he be like this? I am 34 and have small children. I thought being with the children would help him, but it’s
as though he doesn’t see or know them. He just sits and stares into space for much of the day. He seems locked
into his grief.
2. FAMILY
One of our 17 year old son’s best friends took his life several months ago. Our son didn’t say much at the time, but
he was very shaken. Since then he has gradually “retired” into himself. He stays in his room most of the time
listening to rock music.
He is unemployed and no longer sees his former schoolmates. We are very worried about him. How do we get him
out of himself? He has always been a quiet guy but his present behavior is beyond “quiet.” We have two other
children, girls aged 13 and 10, but our son now just ignores them.
3. FAMILY - rural
Ken is a 67 year old farmer who lives with his wife Margaret. Ken and Margaret had hoped to retire late in their 60s
and move to the west coast to be closer to their children, reluctantly selling the family property that has been
struggling financially. They have limited investment funds set aside to support their retirement and have been told
it is unlikely that they would be successful in selling their farm. Ken also suffers chronic back pain from a previous
farm injury. A neighbor has become concerned about Ken’s ability to cope with his property, and has visited Ken
and Margaret a number of times due to problems with his stock and pasture management. Margaret believes the
farm is “too much for them now,” but feels she can’t talk to Ken about this. Ken has become withdrawn and
refuses to discuss the issue. He talks about there being “no way out of this,” and that it “might as well be over.” He
sees his physician infrequently, having difficulty traveling the 60 miles to the nearby town.
4. FAMILY - rural
Jason is 34 years old and lives with his wife Jenny and their two children (8 and 3 years old). After completing a
mechanical trade apprenticeship in Boston, he has returned home with plans to build his future as a farmer. He has
become increasingly irritable and frustrated with what he believes is his failure to “get on top of things” on the
farm, and they are struggling to manage financially.
Jason is drinking heavily, mostly at home, but still drives his car into town. Jenny is angry and worried about this.
She is feeling isolated, having few friends in the area, and relying on Jas ...
1. Explain the four characteristics of B-DNA structure DifferentiMartineMccracken314
1. Explain the four characteristics of B-DNA structure? Differentiate between the A-DNA and Z-DNA structural features?
2. Describe the supercoiled DNA with its properties and how naturally occurring DNA under wound?
3. What are topoisomerases? Explain the two types of topoisomerases with their mechanism of action?
4. Explain the three interactions that are required to stabilize nucleic acids? How DNA denatures and renatures?
5. What are ribozymes and explain their properties?
Case 20 Restructuring
General Electric
The appointment of Larry Culp as the chairman and CEO of the General Electric
Company (GE) on October 1st, 2018 was a clear indication of the seriousness of the
problems that had engulfed the company. Culp, the former CEO of the highly-successful
conglomerate, Danaher Corporation, had been appointed a GE director only six months
previously and was the first outsider to lead GE—every one of GE’s previous CEOs had
been a career manager at the company. On the same day as Culp’s appointment, GE
abandoned its earning guidance for the year and announced a $23 billion accounting
charge arising from a write-down of goodwill at its troubled electrical power division.1
Culp’s predecessor, John Flannery had been CEO for a mere 14 months—a sharp
contrast to GE’s two previous CEOs: Jeff Immelt (16 years) and Jack Welch (20 years).
Flannery’s tenure at GE has coincided with of the company’s most difficult periods in its
entire 126-year history. In November 2017, amidst deteriorating financial performance,
Flannery announced a halving of GE’s quarterly dividend, the proposed sale of its
lighting and locomotive units—two of GE’s oldest businesses—and the elimination of
12,000 jobs in the power division.
In 2018, the situation worsened. In January, GE announced that it would be paying
$15 bn. to cover liabilities at insurance companies it had sold 12 years previously. In
February, GE confirmed suspicions over its dubious accounting practices by restating its
revenues and earnings for the previous two years, while also announcing the likelihood
of legal claims arising from its its subprime mortgage lending over a decade earlier.
The outcome was a precipitous fall in GE’s share price (see Figure 1) that culminated
in GE’s dismissal from the Dow Jones Industrial Average (DJIA). Until June 2018, GE
was the sole surviving member of the DJIA when it was created in 1896.
The crisis at GE presented the board with two central questions. First, should GE
be broken up? Second, if GE was to continue as a widely-diversified company, how
should it be managed?
As a diversified corporation that extended from jet engines, to oil and gas equipment,
to healthcare products, to financial services, GE was an anomaly. For three decades, con-
glomerates—diversified companies comprising unrelated or loosely related businesses—
had been deeply unfashionable. CEOs, Jack Welch and Jeff Immelt, had claimed that,
by virtue of its integrated m ...
1. examine three of the upstream impacts of mining. Which of theseMartineMccracken314
1. examine three of the upstream impacts of mining. Which of these do you think would be most difficult to estimate in a life cycle assessment?
Your response should be at least 250 words in length.
2. Discuss the pollutants that are emitted during the operation stage of a life cycle assessment for a fossil fuel source.
Your response should be at least 250 words in length
Body Ritual among the Nacirema
H O R A C E M I N E R
University of Michigan
HE anthropologist has become so familiar with the diversity of ways iq T which different peoples behave in similar situations that he is not a p t to.
be surprised by even the most exotic customs. I n fact, if all of thelogically
possible combinations of behavior have not been found somewhere in the
world, he is a p t to suspect that they must be present in some yet undescribed
tribe. This point has, in fact, been expressed with respect to clan organization
by Murdock (1949: 7 1 ) . I n this light, the magical beliefs and practices of the
Nacirema present such unusual aspects that i t seems desirable t o describe
them a s an example of the extremes to which human behavior can go.
Professor Linton first brought the ritual of the Nacirema to the attention
of anthropologists twenty years ago (1936:326), but the culture of this people
is still very poorly understood. They are a North American group living in the
territory between the Canadian Cree, the Yaqui and Tarahumare of Mexico,
and the Carib and Arawak of the Antilles. Little is known of their origin, al-
though tradition states that they came from the east. According to Nacirema
mythology, their nation was originated by a culture hero, Notgnihsaw, who is
otherwise known for two great feats of strength-the throwing of a piece of
wampum across the river Pa-To-Mac and the chopping down of a cherry tree
in which the Spirit of Truth resided.
Nacirema culture is characterized by a highly developed market economy
which has evolved in a rich natural habitat. While much of the people’s time
is devoted to economic pursuits, a large part of the fruits of these labors and a
considerable portion of the day are spent in ritual activity. The focus of this
activity is the human body, the appearance and health of which loom a s a
dominant concern in the ethos of the people. While such a concern is certainly
not unusual, its ceremonial aspects and associated philosophy are unique.
The fundamental belief underlying the whole system appears to be that the
human body is ugly and that its natural tendency is t o debility and disease.
Incarcerated in such a body, man’s only hope is to avert these characteristics
through the use of the powerful influences of ritual and ceremony. Every house-
hold has one or more shrines devoted to this purpose. The more powerful in-
dividuals in the society have several shrines in their houses and, in fact, the
opulence of a house is often referred to in terms of the num ...
1. Examine Hofstedes model of national culture. Are all four dimeMartineMccracken314
1. Examine Hofstede's model of national culture. Are all four dimensions still important in today's society as it relates to the success of the multinational manager? Why, or why not? Which do you think is the least important as it relates to multinational management? Why?
2. More companies are seeking to fill multinational management positions due to the influx of business growth abroad. If you were offered and accepted a position as a multinational manager, what would you do to personally prepare for the culture of a different country? Where would you seek information? What overall responsibilities would you expect of the job? How do you think the managerial responsibilities would be different from those you would face in the United States?
3. Multinational managers encounter many levels of culture. Which of the culture levels do you think might be the most difficult to manage? Why? Share an example. Which culture level do you think might be the easiest to understand? Why? Give an example of this.
4. In your own words, what is your perception of free trade? Think about the advantages of free trade; what are two benefits that result from free trade? There is also a downside to free trade; what are two disadvantages resulting from free trade? Provide reasoning for your choices.
5. What are the three major economic systems that nations utilize, and what is the role of each? How does each affect and influence individuals, multinational managers, and corporations?
6. How would you define ethical convergence? What are the four basic reasons for ethical convergence? Which might be the most difficult for multinational companies to follow, and why?
7. Describe the four major world religions. What are the impacts of each religion type on an economic environment? What do you think makes religion a concern in societies?
8. If you were a multinational manager, and you encountered an ethical dilemma within the multinational company, what heuristic questions would you use to decide between ethical relativism and ethical universalism? Of the different heuristic questions, which one do you think is most important? Explain your reasoning.
1
Week Two Instructor’s Notes
PHIL 1103 Summer
This week you will be learning in detail about the four different moral perspectives that
we will use to analyze moral questions.
Notice two things right at the start. First, because normative ethics is our main focus this
term, we are not going to attempt to settle the question of whether any moral perspective at all
could be correct or known to be correct—that is a task for metaethics. Our task in this second
week is to learn in some detail about four different kinds of consideration or value that often
seem relevant when we try to decide what is morally right or wrong in particular cases, namely:
(1) Respect for the rights and autonomy of the persons involved
(2) Increasing the overall well-being of the most individuals possible
(3) Asking wha ...
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
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.
Safalta Digital marketing institute in Noida, provide complete applications that encompass a huge range of virtual advertising and marketing additives, which includes search engine optimization, virtual communication advertising, pay-per-click on marketing, content material advertising, internet analytics, and greater. These university courses are designed for students who possess a comprehensive understanding of virtual marketing strategies and attributes.Safalta Digital Marketing Institute in Noida is a first choice for young individuals or students who are looking to start their careers in the field of digital advertising. The institute gives specialized courses designed and certification.
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Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
Delivering Micro-Credentials in Technical and Vocational Education and TrainingAG2 Design
Explore how micro-credentials are transforming Technical and Vocational Education and Training (TVET) with this comprehensive slide deck. Discover what micro-credentials are, their importance in TVET, the advantages they offer, and the insights from industry experts. Additionally, learn about the top software applications available for creating and managing micro-credentials. This presentation also includes valuable resources and a discussion on the future of these specialised certifications.
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This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
MATATAG CURRICULUM: ASSESSING THE READINESS OF ELEM. PUBLIC SCHOOL TEACHERS I...NelTorrente
In this research, it concludes that while the readiness of teachers in Caloocan City to implement the MATATAG Curriculum is generally positive, targeted efforts in professional development, resource distribution, support networks, and comprehensive preparation can address the existing gaps and ensure successful curriculum implementation.
-What goods should or should not be publicly provided -What eff
1. -What goods should or should not be publicly provided?
-What effect does changing the regulatory environment change
economic activity?
-How should we go about collecting revenue?
-Does changing any of these things effect overall welfare, both
individually and socially? How so?
-What are the tradeoffs?
-We're trying to assess what government should do.
-Positive analysis=What is?
-Normative analysis=What ought to be/should be?
-Tradeoff between equity (i.e. fariness) and economic efficiency
(MB>=MC)
-Excess burden (in public finance) and deadweight loss (in
economics)
-Impose high taxes on more relatively inelastic goods to
generate revenue (lack of substitutes, think about gas)
-Ramsey Rule (will end up with a fairly efficient tax, not
necessarily equitable)
-Equality and efficiency are generally opposed to each other
-Broad questions
1.) Is it possible to draw normative conclusions from positive
analysis?
2.) Can we evaluate normative conclusions and try to predict
outcomes through positive analysis?
3.) How can we go about measuring the expected or actual
impact of a policy proposal?
4.) How do these issues impact individual or societal welfare
(can we measure them and what is societal welfare)?
5.) What is the difference between blackboard economics and
real world policy?
-We need to have a way to analyze the effects of policy on
overall welfare
-At least in the US, all regulatory agencies are required to
2. conduct cost-benefit analysis before implementing a regulation;
needs to conclude whether or not to impose the regulation
-Obviously, if no policy can survive cost-benefit analysis, then
you're in a Pareto Optimal situation; if it can, then it is at least
Kaldor-Hicks efficient
-We are not measuring goodness or badness
-What we are trying to do is evaluate whether a policy will be
worth the costs; we're going to get at this through social
welfare
-Marginal cost is less than or equal to marginal benefit (stop at
MC=MB)
-Example: Cutting off your head for stealing from grandma;
people will only steal when no one else is around, hence the
only witness is grandma; the criminal is incentivized to murder
grandma as well
-Optimal level of crime is greater than 0
-Caveats with Cost-Benefit Analysis
1.) CBA is not about money.
2.) Not about inputs and outputs.
3.) CBA is about welfare.
4.) Requires a common denominator in order to express
heterogeneous items into homogenous flows. This is where
money comes into CBA. It allows us to compare these different
measures that we have.
-We need to think in terms of outputs and the effects that these
outputs have on welfare. These are going to become a means to
increase welfare.
-Utlimately, we need to think terms of the social value that is
achieved through the outputs that we obtain relative to the
opportunity costs of the project.
-Minor League Baseball Stadium Example: Troy evaluates the
3. success of the stadium based on attendance. Could just set the
ticket price to 0 and subsidize the owner of the stadium to
incentive him to do so.
-Social welfare will decline; personally beneficial, but socially
wasteful
-We're hoping to measure this change in welfare (going to try to
figure out people's willingness to pay WTP)
-You can apply CBA whether you assume a benevolent dictator
or a policy driven completely by special interests
-Assumptions
1.) We assume the benevolent dictator model.
-What does it mean to act in the general interest of society?
Public agents are going to consider all relevant costs and
benefits regardless of who the beneficiaries and the losers are.
If society improves, then we are going to undertake the project.
-In order to do this, we have to analyze counterfactuals.
-2 Major Problems
1.) We need to build a counterfactual world where the project
did not exist and then forecast what would have happened.
2.) We need to create a counterfactual with the policy and then
forecast how that would happen.
-There are problems with CBA. However, if you believe that
this is all garbage, ask yourself, "Do we believe it is the case
that firms are profit maximizers?" If so, well, firms use CBA
for determining whether or not a project should be taken on.
Given this, it provides evidence for the efficacy of CBA.
-Things to Spell Out in CBA
1.) Objective
-Examining relevant alternatives
-Are we actually maximizing net benefits, not just increasing
them?
4. 2.) Identification of Costs and Benefits
-If a project already has only direct effects, then this is pretty
easy and straightforward
-Tons of indirect effects; this will be the problem
3.) How do we measure the costs and benefits?
-With market goods, we'll evaluate willingness to pay (WTP)
-Evaluate and consider someone's stated preference (what would
you pay)
-Shadow prices: These are going to approximate the social
opportunity costs of whatever input we're looking at.
4.) Aggregate Costs and Benefits
-Will accrue across different time periods and affect different
people
-Need homogenous way to analyze this heterogeneous effect
-Discount factor (How do we discount future costs and
benefits?)
5.) Interpret Everything
-How do we interpret our results and decision criteria (assumed
discount rate, cost benefits, etc.)?
-How sensitive are your results?
-Your job is just to present
6.) Comparison with Your Relevant Base Case
-Counterfactual with status quo
7.) Consider both Economic and Financial Feasibility
-Economic Return: Social costs and social benefits
-Financial Return: Revenues relative to costs (i.e. accounting)
-Park in the City of Troy example (budget constraint)
-All of this needs to be couched in economics
-What is a benefit?
-What is a cost?
-How do you calculate them?
-Just a means to assess whether decisions and choices promote
efficiency and the efficient allocation of scarce resources
-Need a second assumption; first assumption was that we just
assume a benevolent dictator
-Economic Rationality: Utility maximization subject to a budget
5. constraint and individual choice
-We also assume that the government's goal/utility comes from
maximizing social welfare (intention)
-Might be able to bake in a political feasibility component, but
your job is really just to present the costs and benefits of a
policy
-CBA will be focused on efficiency
-We do not generally worry about equity; sometime s, but we're
just going to focus on the efficiency aspect in this class
-Each individual is treated equally
-Social bads for some can be outweighed by the social goods to
others
-How do we actually view future generations?
-The costs to the few in the current period is likely to be greatly
outweighed by the benefit that accrues to many in the future
(when there are likely more people)
-Have to figure out how to discount the future
-Can still apply CBA in deontological environments (i.e. with
those ethics)
-Will think in terms of cost-effectiveness
-State a goal
-Example: Marijuana is a social bad. We're going to end
marijuana use.
-How can we get to this goal in a cost-effective way? What are
the relevant alternatives? There's not just one way to get there.
-How do we value non-human rights?
-Include or exclude; If you exclude, you need to explain why if
it has an impact.
-How do we actually go about deriving social costs and
benefits?
-Necessary to look at individual market transactions and those
valuations that we hold
-Ultimately, we will need to consider consumer and producer
surplus (can derive WTP from this)
-Can also think about this in terms of individual preference and
citizen preference (for example, voting)
6. -Assume for now that we can look at market transactions
-Derive consumer/producer surplus
-We also have to evaluate how people do or might behave in
markets (from this, we can estimate social costs and social
benefits)
-Will couch this into WTP and consumer sovereignty
-This means that individuals within society and the behavior of
those individuals will inform us about whether or not to pursue
a policy
-Won't worry about problems around WTP and income
distributions for now (taking this as given)
-Consumer surplus
-How much surplus value will be generated for society? Can
address this now.
-Can break this down into 2 questions
1.) How much do different members of society value the
policy?
-How much would each member be willing to pay for the
policy? This tells me social benefit.
2.) What does society actually pay for the policy?
-This tells me social costs.
*From these two questions, we can figure out our net benefit.
-Total benefit minus total cost (NB=TB-TC)
-Once we have net social benefit and consumer surplus, now we
can understand economic value, with which we can measure
WTP
2.) Social Costs: Opportunity Costs of the Resources Used
-Determined by an individual's WTP for the foregone use of the
resource
*Example: Commercial Fishing and Fish Population Policy
-We're going to increase commercial fishing
-Think in terms of net benefit calculation (society's WTP for an
7. increased fish catch relative to the opportunity costs of the
resources used to increase the catch)
-We don't care about increased employment or increased
income; WTP is only meant to reflect consumer demand for
additional fish
-WTP is what's important in evaluating both benefits and costs
-Figuring out TR: See how much expenditures increase by
-Consumer surplus is tougher (can't figure this out directly)
Sunstein: The Cost-Benefit State
-If we're going to have regulation, it should typically be tied to
CBA
-Makes the argument on both economic and democratic grounds
-Without CBA, there is a strong incentive attracting regulatory
capture or interest-group pressures; also such regulation tends
to be tied to anecdotal evidence, which is highly unreliable
-Administrative state as we know it evolved out of the New
Deal
-Used to be that state and local governments handled their own
crises; during the Great Depression, state and local governments
went broke
-What starts to happen is that very rapidly we task many of
these responsibilities to the Federal government
-Agencies governed by very open-ended statutes and laws, and
hence, they are granted lots of discretion
-Ended up throwing checks and balances out the window
-Have a situation in which there is uncertainty regarding the
justification of any given regulation; no criteria to evaluate this
-Regulation ultimately is a cost; if it's overly so, then this
comes at the expense of economic activity
8. -Many court decisions that have found against regulations based
on their costliness; outside the question of the constitutionality
of the regulation
-CBA tends to reduce special-interest influences
-Nominally, it increases transparency
-Three Qualifications
1.) Should not require CBA simply to impose undue procedural
requirements on agencies
2.) CBA should have the presumption that economic incentives
and market solutions can fix the problem
3.) Really hard to value social goods; CBA has a serious
methodological problem here
-Need to balance variables
-Which of these actually need to be balanced, and how should
they be valued
-5 Features to Consensus Regarding the Problems in Existing
Government Regulation
1.) Real consensus that government needs to be better at priority
setting.
-Regulatory costs are really poorly allocated
-Real lack of consistency across agencies
2.) Government should have a presumption for flexible market-
based incentives, rather than rigid commands.
-4 Problems in Markets
1.) Information Asymmetries
2.) Externalities (Positive and Negative) ----->Emphasis is Here
(for purposes of this class)
-Where a negative externality exists, I am not fully internalizing
the cost; I will overproduce
3.) Monopolies
4.) Public Goods (Can't Price It)
-Nonrivalrous
-Nonexcludable
9. -Taxing away the externality generally better than regulating it
1.) Tax creates revenue for government; we can theoretically
use this revenue to create some other social benefit
2.) Tax avoidance (will incentivize you to minimize tax burden
by producing less of the externality through innovation; a
regulation prevents this innovation by specifying what a firm
has to do)
-As long as you are not a marginal firm, you will support the
tax as it will get rid of some of your competition
-Producers of substitute goods will also support the tax
Private
Public
-Need to think in terms of a spectrum
-Providing it privately will lead to a misallocation of resources
-The limit moves us along this spectrum
-Movie example
-Only person in movie theater; the price should be 0
-At a price of 0, eventually the theater fills up
-Suddenly you have congestion and, hence, rivalry
-Whatever might be non-rivalrous becomes rivalrous
10. -Producing goods in a private sphere incentivize individuals to
produce efficiently and innovate (improve quality, etc.)
-Markets are more efficient, but they are not necessarily more
equitable
-No profit and loss signals in governmental efforts to improve
equity (chronic over and underproduction)
-Tradeoff between efficiency and equity
Starting back on CBA (Sunstein Article)
1.) Government should engage in better priority setting
2.) Government should have a presumption in favor of flexible
market-based incentives rather than rigid commands
-Means and ends thing
-If we're going to have a regulation, then we need to be focused
on the ends of that regulation (for example, lowering pollution;
just establish this as the end instead of directing the means to
getting there)
3.) Government should be aware of and attempt to counteract
harmful unintended consequences
-Always and everywhere avoid unintended consequences
-Health tradeoffs
-Inhaler example
4.) Government needs more information and it should create
better incentives to compile and provide accurate information.
-Scientific uncertainty can make measuring the harms of
something difficult
5.) Technocratic, economic, and democratic judgments all have
their appropriate place.
-Government needs to respond to reasonable judgments about
risk
-At the end of the day, people are really bad at assessing risk
-You don't want voter demand driving regulation
-Nothing undemocratic about refusing to go along with factual
ignorance; point of having representative democracy
6.) Government should concentrate on basic ends rather than
means.
11. -Need to avoid the special interest effect
Picking up on Sunstein 6th Point:
6.) Government should concentrate on basic ends rather than
means.
-Incentives on industry from regulation
-Maximize your gains by manipulating the regulation to benefit
you
-Minimize your costs from the regulation
-Regulatory capture
-Industry typically comes up with the regulations
-Focus on performance standards rather than design standards
-Best approach is generally some broad-based tax scheme across
all industries
-If you go to regulatory means, you creating a real incentive for
special interests
-Market forces should be the means to achieve the ends
Benefits to CBA:
-Helps us overcome regulation by anecdote
-Any time you have a regulatory environment/administrative
state, it creates an automatic incentive for special interest
effects
-CBA can make their influence more transparent
Turning Back to CBA in General:
-How do we calculate willingness-to-pay?
Net benefits
NB=Total Benefits-Total Costs
Social Benefits
Social Costs
-What do we do when market prices don't exist?
-When we have market prices:
12. -What is our willingness to pay for increased commercial
fishing?
*If you do CBA for everything, then this creates strong status
quo bias
-Also creates strong incentives to litigate every single thing
-Issues with consumer surplus
-Options
1.) Ignore it.
2.) Estimate elasticity of demand.
-Statistical regression
Quantity= alpha1 + beta1Price + error term
-Beta1 should be negative
-Look at data over time
-Time series (one observation over many periods of time) as
opposed to cross-sectional or panel
Qt= alpha1 + beta1Pricet + error termt
-Want as many observations as possible
-Daily price observation
-Weekly
-Monthly
-Quarterly (would only have 4 observations per year; need lots
and lots of years)
-Log everything to estimate elasticity
-This is really close to percent change
-There's probably other things affecting quantity other than
price
-To isolate the effect of price, we need to include control
variables
13. -Want to get as close to a natural experiment as possible, so that
we can tease out causation
-Need economic theory and intuition (really common sense) to
determine controls
-Will never be perfect, as it is practically impossible to control
for everything you need to control for
-What happens when we're faced with a situation of non-market
goods (no market price)?
-Example: Environmental Quality
-Options
1.) Consider surrogate markets.
-For example, in regards to finding WTP for school quality, you
can look at the housing market.
-Home prices are generally a pretty good market to turn to for
most stuff like this
-Look at the effect of distance to good school in home prices
-Have to control for everything else affecting home prices
2.) Create hypothetical markets.
-Try to simulate a market and calculate WTP.
-Shadow prices
-Think in terms of black markets
3.) Survey
-Lots of complications and issues here
-Who is society?
-Who needs to be included in our analysis?
-To properly conduct CBA, we need to know the relevant agents
(those whom the costs and benefits are being imposed on)
-You can get different answers based on whom you include or
how many people you include
-How do we treat socially unacceptable behaviors?
-For example, crime is a benefit to criminals
-This kind of stuff practically isn't going to get counted, but it
raises an ethical or philosophical question?
-How do we count future generations?
-Future generations should be included if something has an
14. effect over multiple time periods
-You have calculate net benefits for which you have to calculate
WTP
-Someone not born yet doesn't have a WTP
-To get around this, you assume preferences today are the same
as preferences tomorrow
-Sunset clause?
-What do we do with non-human nature (i.e. animals)?
-CBA only anthropocentric society
-Non human entities don't have standing (with caveats)
-We'll count intrinsic value attached to animals
-For example, we don't count the disutility to my dog of his
death, but we do count the disutility to me over losing my dog
-How do we take into account cultural differences?
How Do We Actually Conduct Our Analysis:
-Two outcomes (with and without)
-Need to estimate incremental benefits and incremental costs
-The difference between benefits and costs with or without the
policy
-Benefit with minus benefit without
-Costs with minus costs without
-Always calculate the baseline first
-This is NOT before and after analysis
-Farming with fertilizer vs. farming with organic products
-We expect crop yields to increase by 10% using organic
products
-With before and after, the benefit is 10%
15. -With CBA, there would be some benefits to continue to use
fertilizer
-With fertilizer, we expect crop yields to increase by 6%
-This makes our net benefit 4% (our incremental change)
Picking Back up with With-Without Analysis:
-Organic Farming vs. the Use of Fertilizer Example
-Erosion
-Not taking into account the alternative with before and after
-Costs
-Thought of in the same terms as benefits
-Discount Rates important to think about
-How do we collect the data?
-Two approaches
1.) Collect separate data for the with policy and the baseline
policy
-Can now calculate your incrementals
2.) Collect data directly that measures the incremental effect
-Need to do it for both benefits and costs
-Back to the farming example
-What will our yields be for using fertilizer and organics
-Try to determine the current value of the crop (typically look at
current market prices)
-Need to build some assumptions about what you think future
prices are going to look like
-Example
-Suppose crop is valued at $100,000
-Can assume that current real prices are going to be stable over
time
-Then we can figure out our future payoffs between the two
options
-If we think value is going to compound (10% return)
-For organics, should be $110,000 for first year, $121,000 for
16. second year, …
-Fertilizer should be $106,000 for first year, $112,000 for
second year, …
-Need to think through opportunity costs as well
-This is going to help inform the baseline model
-In our current example, you recommend organics, but this
means more land
-The opportunity cost is the cost of the extra land
-Nature preserve vs. other use for the land example (in this case
Walmart)
-What happens when we have policies that have an effect over
time?
-Need to think in terms of present value
-Need to determine a discount rate
-I want benefits now
-Benefits in the future are worth less to me
-How do we calculate present value?
-Try to select multiple discount rates to make your argument
more convincing
-Define the present as the first day that resources are
committed
-Framing the Analysis
-Need a decision criteria (What should be the outcome of our
CBA?)
-3 Decision Types
1.) Just look at one single policy, and then decide whether or
not to pursue it.
-If we employ NPV, do it when it's positive
2.) We can consider several mutually exclusive alternative
policies, and then determine which, if any, to implement.
-Policies will be mutually exclusive if the acceptance of one
requires the abandonment of another
17. -What this allows us to do is determine if this is Kaldor-Hicks
efficient
-Example
-Building a bridge across a river
-Multiple possible spots, but we can only pick one
-What is the best spot to place this bridge?
3.) Consider several non-mutually exclusive policies, and then
decide upon a possible subset to pursue.
-We can consider several different aspects.
-Bridge Example
-If we only build one bridge, we could have congestion issues.
-Could build bridges in multiple locations.
-As we build more bridges, the marginal value of any one bridge
will go down.
-Just use net present value (NPV)= PVB-PVC
-Allows us to figure out and assess the value of a policy
-Need to be mindful of any budget constraint that exists; can
only do things where PVC is less than the budget constraint
Bridge
PVB
PVC
NPV
A
200
100
100
B
250
100
150
C
210
100
110
18. A,B
370
200
170
A,C
350
200
150
B,C
300
200
100
A,B,C
380
300
80
-Option 1
-Any of them would work (they are all positive)
-Relative time/energy in evaluating a single policy is low
compared to the other two options
-Option 2
-Analyze A, B, and C
-Would pick B
-Option 3
-Analyze A,B; A,C; B,C; and A,B,C
-Would pick A,B
-Police Dept., New Park, Reservoir
Turning to the Discount Rate
-One of the biggest issues that we're faced with
-What should the discount rate be?
-What criteria should go into or be used to determine that rate?
-How might the discount rate fluctuate over time?
19. -How might it be different for different projects?
-Really big doctrinal debate around it
-Two competing approaches (no consensus over one or the
other)
1.)
2.)
-Regardless of the approach you take, there are multiple rates
you could use
-Small changes in the discount rate can take you from a positive
to a negative NPV
-Do we need to adjust our discount rates to account for social
values or could we use weighted averages for rates?
-When it comes to the discount rate, it has a real effect on how
we evaluate intergenerational and environmental concerns
-Environmental groups would argue that you should not be
applying a discount rate
-Any policy change today that accrues benefits on people
tomorrow, we should do it (there are more people in the future,
and the benefits will be exponentially larger)
-Two reasons for applying a discount rate
1.) Any time that we pursue a policy, obviously there is an
opportunity cost attached to that
-If nothing else, it's good to know what our opportunity cost is
2.) Since we accept that individuals prefer a dollar today to a
dollar tomorrow, we can augment this to say that so does
society
-Therefore, clearly we need to discount the future
-Three rates we can apply (Each one has theoretical support)
1.) The rate of return from the best alternative investment
-The pretax rate of return that would be generated if those
resources had been allocated to their next best investme nt
-Recognizes that capital funds have a social opportunity cost
-By pursuing a given policy today, society has to give up the
potential future cash flow from the next best alternative
-Will our net present benefit be greater than the foregone
return?
20. -Issues:
-What does public use always imply? It has to come from a
private source (i.e. taxes).
-Opportunity cost from taking private resources
-Is public use preferable to private use?
-General Rules to Apply
-Always apply a before-tax rate of return
-The before-tax rate should also be the marginal rate (ROR on
the last dollar invested)
-Need to consider risk duration and fluctuations (with more
risk/duration, we typically expect a better return)
2.) The cost of borrowing funds
-What is the rate at which we can borrow funds for that
organization (for the federal government, you can look at the
yield of treasury bonds?
-Generally the easiest to apply since there is market data on
this
-Will we generate returns that more than cover the costs of
borrowing?
-Cuts at the societal opportunity costs
3.) The social rate of time preference
-Theoretically, we can think this one through, but it's hard to do
practically
-The rate at which society is willing to trade present for future
consumption
-Society's time preference is going to be different than an
individual's time preference; generally thought to be lower than
an individual's
-Is the policy's future social value large enough to compensate
for the foregone present consumption?
-All based on NPV
-How do we determine this rate? Doesn't exist in the market.
-Theoretically, what you do is take the pure rate of time
preference. What is the social utility for consumption now
rather than later? Then you multiply that with the elasticity of
the marginal utility for consumption. Then, multiply that by the
21. growth rate of consumption.
-Hard to quantify some of this, but you might use proxies
-Could use the long-term yield on government bonds
-Really, you want to use one of the first two options
-Should you be applying a risk-free rate or should you use a rate
higher than this?
-The higher your discount rate, the lower your NPV
-The discount rate you use will likely have large impacts on
your NPV
-In the 1970s, most federal agencies used a discount rate of 10%
(you end up with a lot of negative NPVs)
-They lowered it to about 7%
-Takeaways
-Any time you are looking at multiple policies, use the same
discount rate (obviously cheating if you don’t)
-Given the fact that any discount rate can bring controversy, try
to consider as many rates as possible
Time Horizon
-What should this be?
-Typically, two ways to consider this
1.) Apply whatever the useful life of a capital investment is
(just an engineering question; very objective number)
2.) Look at the time period over which benefits actually
transpire (can be a little more subjective, but sometimes it is
hard to get the first one)
Additional Things in Identifying Costs and Benefits
-Always want to think in terms of WTP
-Always distinguish between things with market prices and
things without market prices
-Think about the direct effects as well as the externalities (focus
on technological externalities)
-Example: Dam
-WTP for a new dam
-Build a dam for electricity production
-Direct Benefits
-More electrical consumption (what are people willing to pay
22. for additional electricity?)
-Direct Costs
-What do the resources for building the dam cost?
-Externalities
-Downstream from the dam is farmland; flooding decreases
-Increased crop yield
-Benefit (what's the willingness to pay for an increased crop
yield?)
-Houses on the other side of the dam; more flooding
-These houses have to go away
-Cost (negative externality)
-Eminent Domain
-We're going to destroy your home
-More lakes (recreational benefits that accrue from this)
-Never include pecuniary externalities
-These are just transfers between consumer and producer
surplus
-Never worry about income changes
-These are multiplier effects and you do not consider these in
CBA
-Reasons for this
1.) Assumed full employment and price stability
2.) Basically, we think of these as being offsetting.
-If we take a dollar and use it for policy A, and this nets a $1.50
in increased income, then this could also be used for policy B.
Either policy is going to net the same multiplier, by
assumption.
3.) Income effects generally considered part of input-output
analysis or economic impact analysis.
-EIA looks at the multiplier effect.
Lecture Notes
I. What are the goals of public policy?
II. How do we go about making collective decisions?
23. a. Can be individual or societal
III. How can we go about evaluating normative issues?
IV. Financial Crisis
a. Why don't we provide temporary housing?
b. How do we deal with externalities?
c. Moral Hazard-If you subsidize risky behavior, what are
people going to do? You'll promote risky behavior.
V. Tax Policy
a. Any change to the tax code will be distortionary.
VI. Own up to these tradeoffs.
VII. Normative framework by which we can address these
issues.
a. Identify and clarify normatively valuable goals.
b. Define and describe the tradeoffs.
c. Offer foundational arguments.
i. Which normative goals are actually valuable?
ii. How do we balance the trade-off between these normative
values?
VIII. Evaluate goals based on:
a. Private Morality (How should I behave?)
b. Public Morality (How should the government behave?)
c. Collective Action Problem
IX. What normative frameworks do you have then?
X. Utilitarianism
a. Jeremy Bentham
b. JS Mill
c. Fundamentally a consequentialist framework (assess rightness
or wrongness based on the consequences)
i. Human welfare (or utility) is the consequence here
ii. A good act is anything that maximizes social utility
d. Which policies do we pursue in the utilitarian framework?
i. Need to think about overall (or aggregate) utility. (Sum
utilities)
ii. Average "utility." (Sum utilities and divide by number of
individuals)
e. Using aggregate utility (in terms of population)
24. i. Keep adding people until the benefit of the last child born has
a utility of 0
f. Using average utility (in terms of population)
i. Have children as long as the utility of doing so is higher than
the average
g. Why be a utilitarian?
i. Treats all individuals as equals
ii. Provides a framework for balancing tradeoffs
iii. Allows us to transform philosophical problems into
empirical questions
iv. Provides for social contract arguments
1. John Harsany (lays groundwork for John Rawls)
2. If we're all agreeing to it, then it should increase utility
3. Particularist
a. We're all behind the veil of ignorance, and we're identical in
the same econo-position.
b. Is there a contract which specifies the rules of the game that
we're willing to sign?
c. We'll end up with a society that is only dependent on our
shared humanity.
d. Harsany argues that we will be utilitarians behind the veil,
but Rawls does not.
-Pecuniary and technological externalities
-Back to the veil of ignorance
-N individuals
-A potential social arrangements
-a included in A
U1(a)
U2(a)
…
UN(a)
25. -Each one of us has an equal opportunity to end up at any one of
these utility levels (1/N)
-What is our expected utility? [EU]
a1
N=2
10=utils
a2
N=2
100=utils; 0=utils
-Whichever state of the world maximizes average utility, we're
going to go with it
-Risk neutral
-Problems with utilitarianism
-Can't measure utility
-The Matrix problem
-The Trolley Ride
-The Organ Harvest Problem
-How do we evaluate equity across generations? Should we treat
the utility of future generations equally? How do we work
around this?
-Discount rate (discount the utility to future generations):
intertemporal tradeoffs
-Egalitarianism
-Also a consequentialist framework
-We judge the morality of an act based on whether it increases
or decreases equality
-Types of equality
(1) Equality of Outcomes
-Equality of wealth* (Split it 50/50)
-Problems
(1) How do we prioritize? (Ms. Smarty vs. Mr. Dolt-give it to
26. Mr. Dolt)
(2) Incentive problem (if we steal from Mrs. Smarty, she won't
have an incentive to go on and do great things)
(3) Leveling Down Problem (Lots of people would be worse off
as this normative framework would pick SOW2)
-State of the World 1: You=$1 Million
Me=$500 K
-**State of the World 2: You=$500K
Me=$500K
-Could still have redistribution (still have the first two
problems; they just wouldn't be as strong)
-Equality of utility* (Give more resources to Mr. Sad in relation
to Mr. Happy)
(2) Communitarianism
-Share resources in the spirit of community
-Comes largely from the philosopher G.A. Cohen
-Emphasizes cooperation over competition
-Ideal society like a camping trip
-Issue of human nature (largely indoctrination)***
More on Egalitarianism
3.) Rawlsian Egalitarianism
-What state of the world would we be willing to accept behind
the veil of ignorance?
a1>a2
-Society will pick SOW1 only if the worst person off would be
better off in state of the world 1 than in state of the world 2
Un(a1)>Un(a2)
-Rawl's Difference People
-Floor on what we will end up
-Society should have inequality, but only to the extent that it
increases the welfare of the worst off in society
-Overcomes the leveling down problem
27. -Works around the incentive problem
4.) Equality of Opportunity
-Every person should have the same chance to advance, and we
should remove barriers that prevent that from happening
-G.A. Cohen (Three Types)
(1) Bourgeois EO
-Eliminate status restrictions, either formal or informal
-Access to opportunities should not be affected by irrelevant
facts
-Should only be determined by your fitness for the opportunity
-Issues
-What becomes a relevant fact and an irrelevant fact? (i.e.
Luck)
(2) Left-Liberal EO
-Eliminate circumstances of birth and upbringing which cause a
substantial disadvantage
-Talent
(3) Socialist EO
-Eliminate inequality arising from native differences
-Access to opportunity should not be affected by factors
relevant to a person's fitness for a given opportunity
-Reduce inequality down to personal choices
-Attempts to eliminate luck (i.e. also called luck
egalitarianism)
[1] Luck Elimination
-Ronald Dwarkin (1981)
-Justice requires that a person's fate is determined by things
within that person's control
-Differences caused in well-being caused by something outside
of my control are unjust
-Any inequality driven by choices and taste are acceptable
-Provide equal access to fundamental resources
-Dwarkin claims that a person identifies with a preference if
she's glad to hold it
-If not, then this person is not responsible for the consequences
of this preference (example of a drug addict)
28. -As a policy prescription, we should correct for this; help this
person overcome the addiction in the example
Deontology
-Fixes all of the consequentialist problems
-Opens up a new can of worms
-We will judge the goodness or badness of a policy or social
arrangement by its conformity to some moral norm or duty
rather than consequences
-We'll think in terms of rights (i.e. life, liberty, and the pursuit
of happiness)
-We have or desire rights not because they increase social
welfare, but rather because they are birthrights as human
beings
-Couching everything in terms of a right just cheapens the
concept of a right
-Rights
-A right granted to one person implies a duty upon another
-If a person has a right to something or another, then obviously
someone else has a duty to provide it
-Positive vs. Negative Rights
-Immanuel Kant
-Tied up in the ability to extend these rights universally
-Rights derived from human nature (not from divine revelation
or human rights) in the Kantian perspective
-Humans are rational creatures, and our fundamental purpose is
autonomy
-A rational person is autonomous if she is only bound by the
moral laws that she would rationally will herself to be bound
by
-These laws must be internally generated by a person's own
rationality*
-Rationally willed means a person would be rationally willing to
universalize the law
-A right is something that I rationally choose, but I'm not only
willing to impose it on you, but also on myself
-Categorical Imperative
29. More on the Categorical Imperative:
-For any action to be moral, it must be that I would be willing
to make the principle that motivates the action to be a universal
law
-Can't deviate from it in any sense
-We should never treat another individual's humanity as a
means; all individuals should be treated as ends in and of
themselves
-Doesn't create any sort of specific instruction (i.e. a specific
duty); gives a tool, however, to create lots of duties (i.e. rights)
-Would we be willing to universalize this thing? We can't,
however, universalize something that is going to treat someone
as a means.
-Issues:
-What happens when multiple duties come into conflict?
*Example
-Duty not to lie
-What if a murderer asked you where his next victim was?
-Torture in the face of a ticking time bomb?
-Cannot violate a deontological duty even to prevent others
from violating those duties
Libertarianism
-Subset of particular kind of deontological approach
-Normative good is maximizing human freedom
-What is freedom?
-Kant's Take
-Freedom is about self-actualization
-Live in accordance with the dictates of rationality
-We can't be free if we are slaves to things like utility or wealth
maximization
-Sen's Capabilities Approach to Development
-Absence of Coercion
30. -Freedom and rights run up against each other
-John Locke: State of Nature
-Life ---> Inalienable (Cannot be taken away, even by myself)
-Liberty ------> Inalienable
-Property -------> Imprescriptable (Cannot be taken away except
through proper procedural means)
-Maximizes social utility
-Robert Nozick
-Only way to evaluate a social arrangement is based on its
degree of respect for self-ownership
-Individuals have absolute ownership over our own bodies
-If we have absolute ownership over our own bodies, what does
that mean in regards to what we create of value? We have
ownership over that as well. Denying these is denying self-
ownership.
-You cannot have any concept of what someone deserves.
Individuals are due whatever there bodies create.
-Even if we start out with equal wealth, we won't stay that way.
-Inequality does not matter in this framework.
-Issues
-Ownership of property; to end up with ownership, you have to
create it
-Locke claims that you have to mix your labor with the physical
world; how do I come to ownership over the physical world?
-People typically come to own land by war and conquest (i.e.
might makes right)
-Nozick would accept a one-time property
transfer/redistribution (you would reset ownership rights)
-Libertarianism grounded in deontological approaches is
unwilling to accept tradeoffs
-Even if you have a situation where a small amount of taxation
would create benefits (over its costs), this is still a big no-no
-Collective Preferences (cont.)
-Universal domain or unrestricted domain
-All preferences of all voters should be allowed or included
31. -Transitivity has to hold
-Pairwise voting is intransitive
-Condorcet Paradox
-Voting will be unstable (every time you vote, there will be a
new decision)
-Agenda setter
-Example: 1976 Presidential Election (Reagan, Ford, and
Carter)
-Unanimity
-If x is at least as good as y for all individuals, then x will be
chosen
-Corollary: One person strictly prefers x
-Independence of Irrelevant Alternatives (IIA)
-Borda Counts violate this
-We can take cardinal utilities and turn them into an ordinal
social ranking
-The only social procedure in which this is possible is if you
have a dictator
-Arrow's Impossibility Theorem (Kenneth Arrow)
-It is impossible to convert individual cardinal utility into an
ordinal preference scale that will maximize social utility, save
for a dictatorship
-Fifth Assumption: Non-dictatorship (i.e. there is no person
such that whenever this person prefers any x to any y, socially x
is preferred to y)
-It becomes impossible to do what we are trying to do (i.e.
discover social preferences)
-Easiest way to prove Arrow's Impossibility Theorem; having a
dictator violates the fifth assumption
-Any group of N individuals
-Subset of individuals g (decisive group; regardless of everyone
else, this group's preferences become the social preferences)
-Can break this group up which would make other group
decisive group
-Eventually this breaks down to more groups, until you get to
one (i.e. the dictator); this dictator violates the fifth
32. assumption
Introduction
-Public Economics is a Major Field
1.) Constitutional Political Economy (Choice of Constraint;
What are the rules that govern everyday politics?)
2.) Public Choice (What can government do given the incentives
and constraints that exist?)
3.) Public Finance (What should government do?)
-Blackboard Economics
-Implementation is a completely different issue (and this
basically becomes public choice).
-This is the focus of this section of the class.
4.) Law and Economics (Economic analysis of the law; laws are
prices.)
-Ways to Raise Revenue
-Tax
-Taxes are a double edged sword (there are benefits and there
are costs)
-Benefits
1.) Raises revenue to provide certain things.
-Cost
-Always and everywhere, all taxes are distortionary (with the
exception of one-a lump sum tax, hard to practically
implement); will change incentives and lead to individuals
changing behavior
-Taxes change relative prices
-Income taxes makes it more expensive to work. People would
be expected to trade work for leisure.
-Borrow
-Monetary Policy (Print Money)
-Two Broad Categories of Tax Analysis
1.) Positive Principles of Taxation
-Only concerned with the effects of a tax
33. -Who bears the burden of the tax?
-What are the unintended consequences of a tax?
2.) Analysis of Actual Tax Policy
-Normative Analysis
-What is a fair tax burden?
-Who should bear that burden?
-Big Questions
-What is optimal tax policy, and what should this look like?
-All taxes are distortionary, and the DWL is the excess burden.
-Taxes will create excess burden, and we care about minimizing
this. How can we do this?
-Tradeoff Between Efficiency and Equity
-Think about what little is known about the new proposals to
eliminate tax loopholes. By closing these, we create excess
burden.
-What can you do with tax rates overall instead of these
loopholes (these are tax expenditures and you would get more
revenue by closing them)? We can lower tax rates and we will
be revenue neutral.
-Who benefits from these loopholes? A bunch of people. Those
people will get mad and revolt against the politicians in office.
-SALT subsidizes states with higher state and local property
taxes (it allows them to deduct these from their federal taxes).
Slemrod (Optimal Taxation and Optimal Tax Systems):
-What should government do?
-Optimal tax policy is our normative approach to understanding
taxation
-Not always practical
-Doesn't always assume tax evasion and things like this
-Fair amount of consensus about it; at least the end result, as it's
all theoretically neat
-Administrative costs are the biggest issue
34. -Number of costs
-Who wants to pay a tax, so we need enforcement
-Tax evasion is also distortionary (this creates an excess
burden)
-Tax avoidance as well
-Trying to minimize excess burden/deadweight loss (criterion
for optimal)
-Three Basic Assumptions
1.) We assume that individual preferences, technolo gy, and
market structure are known.
2.) We assume that there is some set amount of revenue that has
to be raised, and there are only limited tax instruments that
allow that to happen.
-Corollary: There are zero administrative costs.
3.) We will rank the outcomes that we get and choose the
optimal tax system given the constraints.
-Which taxes would be preferable? Given different taxes that we
employ, what can we expect emerge?
-Any tax, no matter what, will be distortionary in the sense that
it changes relative prices (the exception is the lump sum tax)
-Lump sum tax examples would be like a head tax or a poll tax
-Looking at a unit tax or commodity tax
-This is essentially just a tax on goods
-Sort of like a sales tax, but not exactly the same thing
-A uniform commodity tax is not optimal; it will lead to
significant distortions
-As you tax commodities, it reduces the relative price of leisure
-Ramsey Rule
-Basically, the way you want to tax commodities is by the
inverse elasticity rule
-Tax relatively more inelastic goods (in terms of demand) at a
relatively higher rate
-Goods that are relatively more elastic, tax them relatively
lower
-All due to the fact that leisure is a substitute good
-If good are relatively complementary to leisure, tax them really
35. high (example: snow skis)
-For substitutes to leisure, tax low (example: work uniforms)
-Want to minimize the distortion caused by the initial
introduction of the commodity tax
-This all assumes that everyone is equally endowed
-Could also include endowment effects
-Tax luxury goods really highly and tax necessary goods really
lowly
-Care about equity concerns here
-Could also just have an income tax to address these different
endowments (may or may not be more distortionary than an
adjusted Ramsey tax)
-Progression of Taxes (In Terms of Distortionary Behavior)
-Lump sum tax
-Commodity tax
-Income tax
-Production tax (example: VAT)
-Taxes on capital income
-Income depends on how you define it (somewhat arbitrary)
-If we want to tax capital income, we have to be specific about
what we are taxing
-If I buy a home and earn income off of this by renting it out, I
am really paying income to myself
-Some other examples
-Introduces a lot of complexity into the tax code
-The models that evaluate this (whether or not we want to tax
capital income)
-Assume there are two periods
-Tradeoff between consumption and leisure
-I only work in the first period, and don't work in the second
period
-If first period consumption is more substitutable, then tax
second period consumption (i.e. you would tax capital income)
-If second period consumption is more substitutable, the
subsidize first period income (i.e. subsidize capital income)
-If substitutability is equal between periods, then don't tax
36. capital income (impose a commodity or wage tax instead)
-Want to avoid distortions for investment incentives
-Taxes on Production
-If you can set commodity taxes optimally and there are zero
economic profits, do not tax production (the optimal tax rate on
production is 0)
-Optimal corporate income and capital gains tax along with
tariffs should be 0
-Don't tax production, tax consumption
-Highly restrictive
-How do we deal with heterogeneous individuals?
-Commodity taxes cannot be progressive
-Taxes for low income people would be relatively low and taxes
for high income people would be relatively high
-The former could just buy stuff for the latter (tax arbitrage)
-Can tax income progressively
-James Mirlees (won the Nobel Prize on this)
-What should be the optimal marginal income tax rate for the
top earner? This should be 0.
-There should be 1 tax bracket. This is a flat tax. (Usually
comes out between 40-50%; some estimates go as high as 70%)
-Why?
-The more tax brackets there are, the more distortionary the tax
is.
-Doesn't decrease revenue generated, doesn't leave anyone
worse off, and in fact, incentivizes people to work more.
-Example
-Top Income Earner at a Point in Time has $500 Million
-40% tax
-Tax Burden is $200 Million
-For time in memoriam, anything he makes above $500 Million
goes untaxed, so he has an incentive to work as much as
possible. Good from an efficiency standpoint, but can be
disastrous in terms of equity.
-Rawlsian Social Welfare Function will get you to 50%.
-Problems with this
37. -To get these outcomes, you need really highly stylized facts. In
the real world, pretty much none of it holds.
-If we have a situation where one tax bracket is optimal,
redistribution becomes difficult if this is something we care
about.
Optimal Taxation Continued:
-Administrative Costs
-Not costless to administer any tax.
-Real people and resources collecting the tax, enforcing the tax,
penalizing/incarcerating in the extreme, etc.
-Why do people pay taxes? Probability around the world of
getting caught not paying is generally 0. In the US, it's a little
tougher to avoid. Interesting paper idea.
-Compliance costs and technological changes can make pretty
extensive differences in optimal tax policy.
-Tariffs are highly distortionary. If you have another option,
optimal tax policy says that you should not do this.
-Import tariffs were one of the main sources of revenue for the
US government in the 19th century. Income tax is less
distortionary than this.
-Low administrative costs for import tariffs.
-Really hard to cheat on them. (Logistics of trying to cheat an
import tax is ridiculously complex. Even if you could, the tax is
likely not high enough to cover the costs of smuggling, though
it could be.)
-First Income Tax was in the UK in the 1850s
-Administrative costs of implementing this is incredibly high,
comparatively.
-Whenever you create a tax, you also create an incentive for two
other things.
-Tax Avoidance
-Looking for loopholes.
-Completely legal ways of not having to pay a tax.
38. -At the end of the day, any tax is just a law. In the same
fashion, a law is just words, which in turn, is good for
manipulation (job for lawyers).
-Tax Evasion
-You just don't pay your taxes.
-This is the illegal thing.
-Ensuring that people aren't just evading their taxes is
extremely costly. The more there is, the more costly a particular
tax policy is going to be.
-In addition, this reduces revenue the more prevalent this is.
-What should a tax structure look like to minimi ze this?
-Taxing Capital
-Issues
-Can become problematic from an efficiency standpoint as it
creates weird incentives. You would invest in areas that see
relatively lower taxes on capital or you would go long (long
investments in areas that tax capital lightly and short
investments in areas that tax capital heavily).
-The problem is that it distorts investment, but in a way to
avoid the tax.
-Slows Growth
-You can write off debt, but you cannot write off stock, even
though both are equally valid ways of raising capital.
-This creates an incentive to rely on bonds and debt.
-If the economy goes in the tank, these firms have a higher
chance of going under.
-Relatively better ways of raising revenue, but there are
realities that may make some of these methods difficult to
implement.
-What effects do taxes actually have on individual behavior?
-Always and everywhere it is distortionary
-Two Things
-What causes the distortion?
-A change in relative prices. It occurs because of the
substitution effect.
-Income effects are non-distortionary.
39. -Tax Incidence
-Who bears the burden of a tax?
-Two Types
1.) Statutory
-This is who the law says has to pay the tax.
-Sales tax, for example.
2.) Actual
-Who actually bears the burden of the tax.
-Determined by the elasticities of supply and demand.
-No such thing as a perfectly inelastic good. For insulin,
example, the substitute is that you just die. (Not perfect, but it
is still a substitute.)
-Unit Tax Example
-Whether you impose a tax on the buyer or the seller, what is
the ultimate outcome?
-Both parties will bear the same proportion of the tax?
-Look to the right
-Four Concepts
1.) Tax Revenue
-Qt(Pt-Ps)
-Shaded rectangle in example to the right.
2.) Tax Base
-The people who pay the tax.
-In the example to the right, how many cars get sold? (i.e. Qt)
3.) Tax Rate
Pt-Ps (In the example to the right)
4.) Excess Burden or Deadweight Loss
-Triangle ABC (Red Shading)
-Substitution Causes This
-Lost Gains from Trade
-Would you prefer a tax on you/me over a tax on business? No.
Why? Either way,
the tax burden will be shared by buyer and seller.
-Distortions Arise due to Substitution Effects
-Issues of Equity
40. -Who should bear the burden of the tax?
-Possible and likely that a relatively more efficient tax policy is
more inequitable
-Doing that will minimize the deadweight loss, but not
particularly equitable (think about a flat tax)
-Progressive income tax system will be more equitable, even
though it's less efficient
-Ways to look at some of these issues
1.) Benefits Principle
-Who gets the most benefit from the tax?
-If you benefit relatively more from a given expenditure, you
should have to pay more of the related tax
-Lindahl Tax
-Base the tax on your true willingness to pay for a given
service
-It will be provided publicly in its optimal amount
-Individually each one of us wants this, but we won't provide it
privately; group demand is higher, so if we work collectively to
provide it, we can all gain utility
-We vote to decide what we want publicly; the issue becomes
that we are always willing to vote for benefits
-Incentive to overproduce; to overcome this, you base tax rates
on willingness to pay
-Problems with lying about WTP
-Vickery Auction; award something to the second highest
bidder
-Lots of examples of this in use (for instance, user fees for
parks)
-Big downside: If we strictly apply this, we can't have a social
safety net or any type of welfare
-Eliminates economic rents for capture
2.) Ability to Pay Principle
-If you are someone of greater means, you should pay more (and
vice-versa)
-Allows for social safety nets
-Calls for redistribution schemes
41. -Relation Between this Principle and the Benefits Principle: As
our incomes go up, we demand more publicly provided goods
-Wealthier individuals tend to pay more in both cases
-Two Ways to Implement This:
1.) Horizontal Equity
-Individuals with the same income pay the same
-Regardless of life choice, everyone at the level of income
should pay the same; is this fair?
-Think about households with kids vs. those without.
-Should we individually penalize or promote individuals based
on life choices?
-Perhaps the rationale for various tax credits and loopholes
2.) Vertical Equity
-If you have more income, you pay more
-Justification for progressive tax systems
-Issues around incentives; ways to minimize this
-Luck elimination
-If the percentage paid stays equal as income rises, it's
proportional
-Can reduce administrative costs
-If the percentage paid decreases as income rises, it's regressive
(incentivizes people to work more to get out of higher tax
rates); the more you have to pay though, the harder it is to get
out of this (poverty trap; luck factors)
-If the percentage rises as income rises, it's progressive
-Another way to go about minimizing deadweight loss is a
consumption tax
-Sales tax
-You pay a tax on whatever you consume
-Relatively less distortionary (especially in comparison to an
income tax)
-An income tax will distort both my consumption and savings
behavior
-A consumption tax will only distort my consumption behavior
-Can substitute into leisure or saving (which earns interest
considered as income which can be taxed---double tax, highly
42. distortionary)
-More efficient, it disproportionately impacts relatively poor
people
-Could have a progressive or regressive consumption tax by
taxing consumption in the aggregate at tax time
-Can't do this on a sales tax as it incentivizes tax arbitrage
-If we look at a sales tax over time, it becomes less regressive;
people are less impacted since their incomes are rising over
time
-Things can look bad in a static sense, but how are these things
going to change dynamically (over time)?
-We'll start looking at specific taxes next time
Laffer Curve
-Paradoxically, you can increase revenue by increasing taxes up
to some point, but past this, revenue will go down
Average vs. Marginal Tax Rates
-We think at the margin, so we need to be concerned with what
the marginal tax rate is (this is what distorts prices due to
substitution effects)
-Should I earn another dollar or not (the marginal tax rate is the
rate you pay for each bracket of income)
-The more brackets you have, the more distortionary an income
tax becomes
-The optimal number of brackets is 1
-The amount that you pay divided by your total income is
average tax rate
-Average tax rates are a function of marginal tax rates
-If the top marginal tax rate is above your average tax rate, it's
progressive, and vice-versa (i.e. if the top marginal tax rate is
below your average tax rate, it's regressive)
-Just figure out the average tax rate for your assumed or
proposed bracket system, and you can just impose this as a flat
tax; it will raise the same amount of revenue and be less
distortionary
-Equity concerns still
-Negative income tax could address this: if you make less than
43. the tax/break, you get a tax credit (could be graduated or flat)
-Earned Income Tax Credit is essentially a negative income tax
-Implicit Tax Rate (downside to the EITC)
Income Tax: Double Tax on Savings
-Anything that is more than a single tax, you want to rid of it
-The amount of money that I save is based on my after-tax
income
-These dollars that earn interest are after-tax income are then
treated as income which is taxed
-Example
I want to buy a car at $20,000, and the interest rate I can earn is
10%. In a world of no tax, my opportunity cost is $2,000. We
have a 50% tax rate. Now I need, $40,000 of income to buy the
car. I also now need $4,000 of interest to cover my opportunity
cost. After the tax on interest, I end up with $1,000. To cover
all of this, I need a pre-tax income of $80,000. This becomes
highly distortionary. To be indifferent, I need to earn so much
more, so this increases the incentive to buy the car. I only have
to earn double to buy the car, but to earn the same amount on
interest, I have to earn quadruple.
So why do we do this? Dove doesn't know, so this might be a
good paper idea. I imagine there are a lot of public choice
issues here.
Corporate and Business Taxes
-When it comes to corporate taxation, corporations do not pay
taxes. They only collect them.
-Tax incidence matters.
-Consumers (passing off on higher prices), employers (reduction
in wage/employment), and shareholders (reductions in dividend
payments).
-We want resources flowing to their most highly valued
resources, everywhere and always. Corporate taxes distort this.
-How is it that capital flows?
44. -Taxes on dividends is a triple tax.
-Investments come out of after tax earnings.
-Dividends come out of after-tax profits.
-You pay taxes on the dividend.
-All this goes into tax avoidance (for example, incorporating in
foreign countries). Capital could receive a higher return in a no-
tax world, but outside of that, capital flows to some really weird
things.
-Capital gains taxes are 15% depending and 20% depending.
-Corporate tax rate is 35%.