The Limits of the Invisible Hand

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The Limits of the Invisible Hand Earlier chapters have explained how the invisible hand of perfect competition would lead to an efficient allocation of resources. But this invisible-hand result holds only under very limited.conditions. All goods must be produced efficiently by perfectly competitive firms. All goods must be private goods like of bread, the total of which Can be cut up into […]

Improving Economic Efficiency

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Improving Economic Efficiency A central economic purpose of government is to assist in ‘the socially desirable allocation of resources. This is the mi~c side of government policy it concentrates on the what and of economic life. Microeconomics policies differ among, countries according to customs and political philosophies. Some countries emphasize a hands-off, laissez-faire approach, leaving most decisions to the market. Other countries […]

THE FUNCTIONS OF GOVERNMENT

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THE FUNCTIONS OF GOVERNMENT We are beginning to get a picture of how government directs and interacts with the economy. What are the appropriate economic goals for government action in a modern mixed economy? Let’s examine the four major functions: 1. Improving economic efficiency 2. Reducing economic inequality 3. Stabilizing the economy’ through macroeconomic policies 4. Conducting international economic policy […]

The Growth of Government Controls and Regulation

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The Growth of Government Controls and Regulation In addition to the growth in spending and taxing there has also been a vast expansion in the laws and regulations governing economic affairs century America came as close as any economy has come’ to being a pure laissez faire society-the system that the British historian. Thomas Carlyle labeled “anarchy plus the constable.” This philosophy […]

Trends in the Size of Government

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Trends in the Size of Government When Schumpeter wrote of the thunder of fiscal history. he was referring to the drama over government I budgets and their impacts on the economy. For more than a century. national income and production have been rising in ‘all industrial economies, At the same time. in most countries. government expenditures have been rising even faster […]

THE TOOLS OF GOVERNMENT POLICY

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THE TOOLS OF GOVERNMENT POLICY In a modern industrial economy, no sphere of economics life is untouched by the government. We can  three major instruments or tools that government uses to influence private economic activity: 1. Taxes on incomes and goods and services.’ These reduce private income, thereby reducing private expenditures (on automobiles or restaurant food) and providing resources […]

A. GOVERNMENT CONTROL OF THE ECONOMY

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A. GOVERNMENT CONTROL OF THE ECONOMY Debates about the role of government often take place on bumper stickers, with rallying cries such as “No new taxes” or “Balance the budget.” These simplistic phrases cannot capture the serious business of government economic policy. Say the populace decides that it wants to devote more resources to improving public health; or that the country […]

Government Taxation and Expenditure

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Government Taxation and Expenditure Over the last two centuries, markets have proved a mighty engine for economic growth in industrial countries. Yet markets cannot operate without a legal and regulatory structure, and many public .goods will not be provided by private markets. The major industrialized countries in North America and Western Europe funnel one-third to one-half of their national […]