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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.
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1.Suppose you are interested in assessing the value of a statistical life for individuals. You ?nd a dataset on risk and wages. You consider running the following OLS regression.
three basic economics difference between them and definations
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
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We live in a globalized world economy. Our policy agenda, as we have discussed earlier have changed enormously to include environment, humanity in general as well as the conventio
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
explanation and justify the condition of pareto optimality and verify the defination of contrect curve. statment; reallocation of the resources from 1 efficient point to another ef
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