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ecn115a final weeks 7-10

Terms

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why market failures happen
poor institutions, monopolies, external diseconomies (pollustion) economies (dam), infant industries
what reduces impact of redistribtion with taxes
lack of taxing luxury consumption, overreliance on rev. taxes, regressive excise tax, taxing food,
how to implement market reforms
stabilization = reduce government budget, adjust exchange rate, remove price controls, control wages, structural adjustment = make goods available, privitization, legal system, remove price adjustments, ensure comp.
sustainability
capacity to maintain consumption at current levels replacing natural capital with made capital ANS = S-Dm-Dn
how to value environment
direct uses consumptive - reef fishing, direct uses non consumptive recreation, indirect uses - shoreline protection, non use - cultural
policy for dealing with environmental protection
property rights, issue permits, taxation, government regulations
Outward Orientation
producing export for global market. Remove trade barriers, exhange rate to float, reduce costs, keep factor markets flexible start with simple labor intensive products learn by doing then do industrial products
tax measures for reducing deficit
increase in rates, new taxes, improve tax admin., reform entire tax structure
Globalization
circulation of goods services capital info. + efficiency, choices, reduced prices, - increased inequality, changes social values
government doing to reach MDG
debt relief, macroeconomic stability = low inflation, productvity growth, open trade, increased public sector capacity

Deck Info

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