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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.
Consider a case, if an insurance company merges with a bank. We know that insurance company bears risk for insurers. Suppose, after merger, bank gets in some trouble for reasons ot
There has been a long history of research on ‘the policy process' which is ‘closely connected to efforts to examine the nature of power in society and to specify the necessary cond
what do you understand by private & public goods. Distinguish between private and public goods.
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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
How has public policy helped to shape the way that urban Americans have spent their leisure time throughout the period that we have examined in class? Have such policies hindered a
(b) Assess the application of Kaldor’s compensation principle in resolving Pareto non-comparability and explain how the principle differs from the Hick''s compensation principle
privatization can always decentralise economic power. critically discuss
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