CULTURAL AND TECHNOLOGICAL IMPACTS

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CULTURAL AND TECHNOLOGICAL IMPACTS Government programs have subtle impacts on the country beyond, the dollar spending. The federal government has changed the landscape through the , interstate highway system. By making automotive travel much faster, this vast network lowered transportation costs, displaced the railroads, and brought goods to every corner of the country. It also helped accelerate urban sprawl and the growth of […]

State and Local Expenditures

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State and Local Expenditures Although the battles over the federal .budget command the headlines, state and local units provide many of the essential functions in today’s economy. Figure 16-3 illustrates the way states and localities spend their money. By far the largest item is education because most of the nation’s children are in schools financed primarily. by local governments. By attempting […]

Federal & Expenditures

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Federal & Expenditures Let’s look now at the different levels of governmerit, The U.S. government is the world’s biggest enterprise. It buys more automobiles and steel, meets a bigger payroll, and handles more money than any . other organization anywhere. The numbers involved in federal’finance are astronomical-in the billions and trillions of dollars, The federal budget expenditures for 2001 are projected to […]

FISCAL FEDERALISM

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FISCAL FEDERALISM While we have been referring to government as if it were a single entity, in fact Americans face three levels of government: federal, state, and local. This reflects a division of responsibilities among the different levels of government-a’ system known as The boundaries are not always cut, but in general the federal government directs activities that, concern the […]

B. GOVERNMENT EXPENDITURES

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B. GOVERNMENT EXPENDITURES Nowhere can the changes in government’s role be seen more clearly than in the area of government spending. Look back at Figure 16-1 on page 324. It shows the share of national output going to government spending, which includes things like purchases of goods; salaries of government workers, social security and other transfers, and interest on the government debt. You […]

PUBLIC-CHOICE THEORY

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PUBLIC-CHOICE THEORY For the most part, our analysis has concentrated on the theory of government on the appropriate policies that the government should follow to increase the welfare of the population. But economists are not starry-eyed about the government any more than they are about the market. Governments can make bad decisions or carry out good ideas badly. Indeed, just as there […]

Conducting International Economic Policy

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Conducting International Economic Policy As we saw in the last chapter’s review of international trade, the United States has become increasingly linked to the global economy in recent years. Government now plays a critical role representing the interests of the nation on the international stage and negotiating beneficial agreements with other countries on a wide range of issues. We can group […]

Stabilizing the Economy through Macroeconomics Policies

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Stabilizing the Economy through Macroeconomics Policies Early capitalism was prone to financial panics and bouts of inflation and depression, and the traumatic memory of the Great Depression of the 19 is still vivid among older Americans. 1 day government has the responsibility of preventing such calamitous business depressions by the proper use of monetary and fiscal policy, as well as close […]

Reducing Economic Inequality

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Reducing Economic Inequality Even when the invisible hand works and is marvelously efficient, it may at the Same time produce a very unequal distribution of income. Under laissez-faire pie end up rich or poor depending on where they were born, on their inherited wealth, on their talents and efforts, on their luck in finding oil, and on their gender […]

Inescapable Interdependencies

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Inescapable Interdependencies Laissez-faire with minimal government intervention might be a good system if the idealized conditions listed above were truly present. In reality, each and everyone of the idealized conditions enumerated above is violated to some extent in all human societies. Most production takes place in units too large for truly perfect competition. Unregulated factories do tend to pollute the air, […]