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Suppose there is certain social norm. Its enactment into statutory law lowers people's private cost of its enforcement because it creates the possibility that violation of norm will face civil punishment. People will start believing that other people will also enforce the norm and the expectation can be self-fulfilling. When extended we can expect policy prescriptions leading to better coordination between agents in the system.
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For a very large part of 20 th century, we may recall, there existed capitalist market-oriented economies and socialist planning-oriented economies. 21stcentury is however witness
Ask quedoes privatisation decentralise economic power stion #Minimum 100 words accepted#
What are objectives of fiscal policy
Rules concerning disclosure of information and accounting change behaviour but only be drawing attention to certain facts. In the area of environment, Health, epidemics, and other
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.thoery of cost.
Consider an economy in which George and Harriet consume only ale and bread
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