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Explain when Ricardian Equivalence fails. You can provide examples discussed in the class.
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Solved in 3 steps
- Which are the potential problem in the event that a country strictly "Optimizes" its production (i.e., specializes totally in one product) as the Ricardian model would be suggested in certain circumstances ?Comment on the statement: “Increasing government spending is preferred to a cut in taxes when the U.S. government seeks to fight a recession.” As we know that the statement is normative, i.e., it has value judgement on the issue of whether large or small government is preferred. Show your own opinion.Neoclassical economists like Stern and Nordhaus both use a measure called the "social cost of carbon" in their climate change modeling and assessments of sustainable pathways. What is meant by the "social cost of carbon"? the value of statistical life used in climate change analysis b. the rise in temperature caused by an extra ton of carbon C. the estimated cost of the damages created by one extra ton of carbon dioxide a. emissions d. an integrated assessment model like PAGE, DICE or FUND
- Describe three ways a government policy maker can try to raise the growth in living standards in a society. Are there drawbacks to these policies?Describe three ways a government policymaker can try to raise the growth in living standards in a society. Are there any drawbacks to these policies? Which one if any do you think is most plausible?what is the economic impact of government overreach? How is this seen in the current and past economies? Answer In own way
- Using all the three models (Ricardian, Specific Factors and Heckscher-Ohlin) discuss how trade is always beneficial than autarky?You! Your VitalSource Orc X VitalSource Bookshelf: Understa X 5https://bsuonline.blackboard.com/webapps/assessment/take/launch.jsp?course assessment_id%3D_162960_18 uestion Completion Status: QUESTION 3 Which of the following has been the primary focus of economists in their analyses of public administration? The Quest for efficiency; The lack of economic markets3; The application of rational models to public policy; That there are more constraints on public managers than private managers; All of the above QUESTION 4 A primary challenge facing public administration as a field of study and practice is: Demonstrating that public administration is sufficiently distinct from business administration to warra effort of research, study and practice;Description Discuss the following statement by a leading economist: One of the mysteries of semantics is why the government-managed economies ever came to be called planned and the market economies unplanned. It is the former that are in chronic chaos, in which buyers stand in line hoping to buy some toilet paper or soap. It is the latter that are in reasonable equilibrium where if you want a cake of soap or a steak or a shirt or a car, you can go to the store and find that the item is magically there for you to buy. It is the liberal economies that reflect a highly sophisticated planning system, and the government- managed economies that are primitive and unplanned.