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The structural interdependence, in fact, forms the basis for the policy maker's choice behaviour for policy or policy mixes. The spectrum formed by various policy mixes depends on the levels of coordination between agents. Paul Rosenstein-Rodan declared as early as in 1943, that economic development could be thought as massive coordination failure, in which several investments do not occur simply because other complementary investments are not made, and there latter investments are not forthcoming simply because the former are missing. Thus we may conceive two Equilibria under the very same conditions, one based on positive expectations in one sector due to realizations of various policy outcomes in other sectors and other involving frustration and persistent stagnation in which frustration due to negative policy outcome in one sector spill over to the other sector.
This serves as potential explanation why similar policy instruments in similar economics behave differently and give rise to different or dissimilar policy outcomes. It, in fact, depends on the nature of belief and expectations held by agents in different sectors concerning the actions of each other.
As we know now that in policy process, policy outcome may differ from the social planner outcome not only because different policies may be chosen but because a given policies may
reallocation of the resources from 1 efficient point to another efficient point that cause the production of x increase and production of y decrease hold the condition of contrect
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Part I. We have examined federal public policies in the context of the democratic political system in the US. Types of policy legislation/behavior fall into 3 main types. A
According to estimates by Goolsbee and Petrin (2004), the elasticity of demand for basic cable service is ?0.51, and the elasticity of demand for direct broadcast satellites is ?7.
A change in the legal statute may be able to force an equilibrium if it leads to a new equilibrium which implies some revised belief which sustains the equilibrium. Tirole (1996)
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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
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