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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.
explain the stages and various coordination mechanisms involved in policy processes
what is the problem of double taxation??
Jack and Jill live alone on an island. Their labour supply schedules are identical and given by L = (1 - t)w, where t is the income tax rate and w denotes the wage. Jill's wage i
types of welfare economics
examine the efficiency of quantitative credit control instruments.
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Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produce Y units of output according to the following production functio
Q. Who permits government whatever it does? The simple answer can be: people in a democracy and the monarch/dictator in a monarchy/dictatorship. But neither monarchy exists in
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PIGOVIAN APPROACH Pigou assumed that the aim of social policy is to 'promote welfare'. But in order to simplifL this, he chose to restrict the range of his inquiry to
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