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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.
Types of production function
Consider an economy in which George and Harriet consume only ale and bread
what are the principles of public debt?
Public Finance was always dealing with intervention through fiscal instruments, including federal relationships between different tiers of governments and later on it subsumed Publ
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Part I. We have examined federal public policies in the context of the democratic political system in the US. Types of policy legislation/behavior fall into 3 main types. A
What are the properties and limitations of GDP as a social welfare function?
A change in the legal statute may be able to force an equilibrium if it leads to a new equilibrium which implies some revised belief which sustains the equilibrium. Tirole (1996)
Q. Who will participate and how decision will be made are issues concerned with Public Choice. Whether participants are guided by social concerns or they harbour their private
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