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Our economic systems are of this type and share for general properties.
a) Dissipative systems transform energy and process information to maintain a state of organization that is non statuary,b) There system are wider in themselves, as well as components parts of some systems and oppositional to others, there connection permit the emergence of organized complexity and also structural discontinuity,
c) Such systems exhibit some degree of structural irreversibility due to inherent hierarchical and bonding nature of their processes of structural development,
d) The process that takes place can only be understood in an explicit historical time dimension, - that is, it is dynamic and for that reason, stages of emergence, growth, stationarity, structural transition are observed. Interestingly these factors result in variety innovations, selection and system maintenance.
Suppose that economic outcomes can be classified as either good or bad. Governments differ in ability and this affects the likelihood of good outcomes. There are two types of gover
It has been accepted to most policy and development economists that among the most important sets of institution in an economy are those that provide for enforcement of contracts.
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1.) In what way is insurance for medical loss/illness differ from insurance for any type of property loss?
externalities produced by a monopolist
Question 1: Briefly (three or four paragraphs) give reasons for your answer. (a) In studying the public sector, economists should use either positive or normative economics
With a background from the previous section we now study some of the critical characteristics of policy process. You have already studied earlier various technical theories relatin
Define patronage policy
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