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Since complexity theory as a tool, has not been included in the standard tool kits of our economics courses, it is pertinent to have a basic idea of before proceeding to apply to the policy process.
The complex systems are basically dissipative structures that import free energy and export entropy in a way that enables them to self organize their structural contents and configure subject to boundary limits. They maintain their boundaries but at the same time, they are open systems that are irrevocably connected to the environment that contain other systems that can be complementary, competitive, cooperative as well as non-cooperative, predictive or available as prey. Systems that absorb information from their environment and create store of knowledge that can aid actions, are called complex adaptive system.
Question 1: "A Policy may be defined as a major course of action within a given environment intended to reach a goal or realize an objective." Give an account of the making
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Suppose the firm mark up over the cost is 10% and the wage setting equation is W=P (1-u) where U is the unemployment rate. a) Find out the real wage rate implied by the price se
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Graphthe market for water park business, labeling the demand curve, the social-value curve, the market equilibrium level of output, and the efficient level of output. What is the p
Question 1: i. Explain the likely effects of a recession on a government's budget? ii. How is the operation of fiscal policy supposed to affect the level of economic activ
explain the stages and various coordination mechanisms involved in policy process?
types of welfare economics
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