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Question: Suppose that policymakers, realizing that monopoly power creates distortions, put controls on the prices that patent-holders in the Roomer model can charge for the inputs embodying their ideas. Specifically, suppose they require patent-holders to charge δw(t)/φ, where δ satisfies φ ≤ δ ≤ 1.
a) What is the equilibrium growth rate of the economy as a function of δ and the other parameters of the model? Does a reduction in δ increase, decrease, or have no effect on the equilibrium growth rate, or is it not possible to tell?
(b) Explain intuitively why setting δ = φ, thereby requiring patent-holders to charge marginal cost and so eliminating the monopoly distortion, does not maximize social welfare.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
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Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
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"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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