Variable Preference, Moral Value Judgment and Social Welfare in China and Japan
|
|
- Joseph Green
- 5 years ago
- Views:
Transcription
1 Variable Preference, Moral Value Judgment and Social Welfare in China and Japan Zhijun Zhao -Visiting Scholar of Policy Research Institute, MOF of Japan -Senior Fellow of Chinese Academy of Social Sciences (CASS) Toshiki Kanamori -Managing Director, Daiwa Institute of Research, Daiwa Securities Group
2 2.Main Content 1. Problems Addressed 2. Cardinal Measurability of Tastes and Happiness 3. Randomness of Utility Function and Information Base 4. Representation of Preference 5. Nature of Social Welfare Function 6. Value Judgments and Constraints to Preferences 7. Social welfare Function under Ambiguity 8. Social Welfare Situation Evaluation in China and Japan 9. Concluded Remark 2
3 3. News from China (1) World No. 2 in economic scale. China has maintained 10% economic growth for over past 30 years, China has surpassed Japan become the world No.2 World no.1 in foreign exchange reserve. China has been accumulated $2,800 billion foreign exchange reserve, world No1 Length of high speed railway (bullet train) reached 7000 km now, surpass Japan,. it is expected to reach 16,000 km by Length of express highway has increased to 65,000 kilometers by 2009 from 11,600 Km in 1999, 55,000 billionaires (Yuan) whose per capita consumption is 2.5 million Yuan, 870,000 persons having assets over ten million Yuan, per capita consumption is 1.9 million Yuan. 3
4 4.News from China (2) However, There are 150 million people living under poverty line, or daily expenditure less than $1. it looks economic growth has nothing to do with them. a survey show that many people are not happy about their situation. The number of people unsatisfied with current social situation is increasing. Many people feel that their happiness is deprived, and their social position marginalized, become victim of economic growth. Beijing, Shanghai, Guangzhou and Shenzhen, the richest cities of China, are all excluded from top 10 happiest cities in China. Ordinary people are also suffering from high inflation, property bubble, Cost of economic growth is very serious. Rivers, lakes are polluted, forest coverage is shrinking. Some regions land is being deserted. Food safety is worrying 4
5 5. Something we see about Japan Japan has long been a highly developed economy and a big welfare state, it looks everything is OK. environmental protection pretty good, water and air quality better than before, and land covered by vast forest coverage. Daily life is very convenient, comfortable Good infrastructure. Public transportation system is very perfect. One of the world long-lived country Japan has been experienced 20 year deflation, called lost decades unemployment rate is higher though still moderate Japan possess very high suicide rate Aging population is increasing The world second largest public debt, only next Zimbabwe 5
6 6. Basic Situation Comparison between China and Japan in 2009 Item China Japan Gap land size( thousand km2 9, (China/Japan) population scale (million) 1, (China/Japan) GDP (billion USD) 4,909 5, per capita GDP (USD) 3,636 40, per capita GDP (PPP) 6,539 32,774 5 Beginning of reform (Year) (meiji) -110 (China-Japan) year becoming second largest (China-Japan) 6
7 7. First impression and Inspired Problems China s growth potential is very huge Japan s welfare level is very high, too high to develop. China lags far behind Japan in per capita term. Chinese are confident about future. Japanese face strong competition pressure from China Why the number of people unhappy about their situation are increasing in spite of rapid growth? Why there are so many Japanese committing suicide in Japan? Where does happiness come from? How to evaluate social welfare of China and Japan? Can we get any implications of policy relevance? 7
8 8. Theoretical Difficulties faced What is nature of social welfare function? Is social choice possible, does social welfare function exists? What is nature of utility function? Is utility measurable? Cardinally measurable or ordinally measurable? What is the nature of preference? What kind of information is revealed by preference axioms? What is the relationship between utility function and preference axioms? The conditions for possibility of social welfare function? 8
9 9. Brief look at Utilitarian Philosophy -Every scientific study begins with ignorance and assumptions Economics is a subject studying rational behaviors. Social and economic phenomena are the outcome of rationality and should be explained by rational principle and arithmetic operations. Rational man seeks greatest happiness or following "the greatest happiness principle" ( Bentham). People s happiness can be measured in utility, as thermometer measures temperature. Happiness of individuals can be compared interpersonally. 9
10 10. Logic of new welfare economics -I don t know, so any form will do People are covered by veil of ignorance, implying rationality is limited Every mind is inscrutable to every other mind (Robins, 1938). Utility is interpersonally incomparable. People can give ordering of alternatives, but can not identify strength of preference to alternatives. information about preference intensity is neglected Happiness can not be measured using cardinal utility, so the concept of preference is introduced to replace utility. If utility function exists, it is ordinal, Economics should begins with observable facts. Altogether, a series of conditions called preference axioms are assumed, which rational behaviors have to follow. 10
11 11.Summary of Difference between utilitarianism (left) and new welfarisim (right) Utility function is something introspective, there is a inherent rule in one s mind which dominates decision making. Utility is meaningful for decision makers. Utility function is unique but not known usually. People has ability to order social states, can identify intensity of preference. Diminishing marginal utility rule is usually accepted. Utility function artificially made by external observers to estimate the preference ordering rule, it is only meaningful for observers and researchers. It is not unique and There are many different cardinal utility functions corresponding to one preference ordering. People has ability to order social states, but not enough to identify intensity of preference Diminishing marginal utility rule is denied. 11
12 12.Asymmetric information implied in Preference Axiom preference Ordering rule can be only known by decision maker himself, not others. One person can only observe others action or ordering outcome, rather than action rule. Utility function is unknown variable to observer Only way to know ordering rule or action rule is guessing according to available ordering outcome. 12
13 13. Pleasure based and choice based utility Utility used to measure desire satisfaction or happiness according to hedonic criterion is called pleasure based utility. Utility used to measure outcome of such events as voting that one does not need to take into account the underlining satisfaction, is called choice based utility. Pleasure based utility don t deny that there is a psychological rule to measure utility intensity Choice based utility, the rule is not defined and not known, the only information is the preference ordering outcome. 13
14 14.What s wrong with new welfare economists For new welfare economists, starting point is preference. utility function is based on preference (but in fact, preference orderings are outputs of thinking or preference). Preference ordering is confused with preference rule (actually they are different things.) The logic followed by new welfare economists is that if two persons have the same ordering, then their preference and their utility functions are the same. Counter example, there are two judges scoring two girls A and B, and both think A is preferred to B, but one choice is based on A looks more beautiful than B, the other s choice is based on A more slender than B. their choice rules are totally different. But welfare economists don t differentiate them, and think two preferences are the same. In our view, New welfare economists method is right, but logic is problematic. 14
15 15. Preference axioms is only a mechanism of classification In facts, many example indicates that people having different preferences can give the same ordering to social states. Not 1-1 corresponding relation. For each preference corresponds to a ordering outcome, But each ordering outcome may correspond to more than one preference rule or utility function. This is why new welfare economists regarding utility function as ordinal. Preference axioms provide a mechanism for classification of people. Assume that there are 3 candidates A, B and C in a country running for presidency in general election, 10 million voters take part in for voting, each one has a different utility function, and based on which gives a ranking among three candidates. If only 6 choices are available, A>B>C, A>C>B, B>C>A, B>A>C, C>A>B, or C>B>A. it is clear that the 10 million voters will be divided into 6 groups according to their choices. Assuming that there are 3 million voters who ranks A>B>C, then in our viewpoints, the ordering A>B>C corresponding to 3 million different cardinal utility functions which is classified into the same group. 15
16 16. Introduction of Variable Cardinal Utility In above example, Ordinalists argue that these 3 million utility functions as the same and equivalent, any of them will be good correspondence to preference ordering. But in our views, the 3 million utility functions are different, only one of them is meaningful for each person, it is uncertain about who has which utility function, the only thing we know is that if I were one member of them, then my utility function must be one of the 3 million utility functions. We introduce random cardinal utility function to replaced ordinal utility function. The randomness of utility is meaningful only for observers who have not enough information determine the preference. In short, economic rationality and preference axioms can be completely understood in the framework of random cardinal utility theory without using the ordinal utility concept. One of the benefits to introduce random utility function is that it provide room for mathematical tool to play role in economics. 16
17 17. The meaning of interpersonal comparability implied in preference axioms Since preference comparison is a classification mechanism, Utilities are partially compared in light of classification mechanism provided by preference ordering. People classified in the same group can be called to have similar preference. The people classified in different groups is called not to have similar preference. The preference axioms imply that the same conclusion could be drawn from different decision rule under uncertainty and imperfect information. Great minds think alike. ( 君子所见略同 ) Different roads lead to the same goal.( 殊途同归 ) 17
18 18. Analogical example 1: possibility of social choice. L1 L2 Maximum point Two different curves have the same maximum point. But we could not say that the two curves are the same one 18
19 18. Analogical example 2: possibility of social choice O Supply curve Demand curve Supply curve represents preference of a producer, demand curve represents preference of consumer, they both maximize their utility and equilibrium O Supply side and demand side are different in preference to goods, but they all reached the happiest at the equilibrium O. 19
20 19. Analogical example 3: possibility of social choice-great minds think alike According to Arrow,, there is no social welfare function satisfying all his five conditions. But if dropping one or more of Arrow s conditions, then social choice is possible. If a society is made up of people of similar preferences, social agreement is easily reached and social choice will be possible. 20
21 21. Analogical example 4: possibility of social choice-optimal choice is a set of alternatives A C B for lack of information and limitation of rationality, an individual s optimization choice is not necessarily a single point but a set of points (one can not identify which one is the best). Set A is X s optimal choice Set B is Y s optimal choice Set C, the intersection of A and B, is optimal for both A and B. Set C is the social choice 21
22 22. Preference axioms without uncertainty (Deaton, 1987) Axiom 1: reflexivity: Preference is reflexive if for any x belongs S, x~x. Axiom 2: completeness: exactly one of the following is true: (1) x is preferred to y, (2) y is preferred to x, or (3) x is indifferent to y. Axiom 3: transitivity: if x is preferred to y and y is preferred to z, then x is preferred to z. Axiom 4: continuity:if x is preferred to y, and if z is sufficiently close to y, then x is preferred to z. Axiom 5: Preferences are not saturated. (increasing) Axiom 6: Preferences are convex. 22
23 23. Existence of utility function under Preference axioms without uncertainty There is a utility function satisfying all above axioms Such a utility function is not unique, that information is not enough above axioms do not include information about preference intensity and diminishing marginal utility law can not be derived from axioms. further information is needed to determine a unique utility function. 23
24 24. Concept of Uncertainty, Risk and Ambiguity Uncertainty is a general expression of random phenomenon. Some uncertain phenomena are relatively simple and can be represented by probability measure, this type of uncertainty is called risk; some uncertain phenomena are rather complex and cannot be expressed in one probability measure, this type of uncertainty is called ambiguity. Since the world we face is basically uncertain, it would be better to ground choice to social states and social welfare function on the framework of uncertainty. 24
25 25. Preference Axioms under Risk Assume that Social states is represented by a series of probability distribution p in set P Axiom 7: completeness: if p1,p2 are in P, then either, P1 is preferred to P2, or P1 is indifference to P2, or P2 is preferred to P1. Axiom 8: transitivity: if P1 is preferred to P2, and P2 is preferred to P3, then P1 is preferred to P3, Axiom 9: if P2 is indifference to P1, for any t in [0,1] and p3 t*p1+(1-t)p3< t*p2+(1-t)p3 are in P. Axiom 10: if p3 is preferred to p2 preferred to p1, then there are numbers t1 and t2, such that p3 t1*p1+(1-t1)p3<p2 and p2< t2*p1+(1-t2)p3. 25
26 26. Representation of preference under risk (von Neumann and Morgenstern) there is expected utility function of P in P, such that Expected utility U(P)= Ep(X)= V(xi)*Pi, v is value function under certainty 26
27 27. Representation of preference under Ambiguity There are many formulations about Ambiguity, the most famous intuitive one is The Multiple Priors Model, a generalization of von Neumann and Morgenstern expected utility function. The multiple priors model is proposed by Gilboa and Schmeidler (1989) postulates the following utility function on the set of Anscombe-Aumann (1963) (AA) acts, and first introduced to solve income based social welfare function by Zhao (2010). It can be show that a kind of sub linear expectation (Peng,1997,and Artzner et all (1999 Artzner et al, 1999) U MP ( ) min u( ) dp min u( ( x)) df( x) p P p P R 27
28 28. Nature of Social Welfare Function Social welfare function is a concept associated with personal value judgments, on which economists have never reached agreement, thus, it is impractical to find a definition that every one agrees. Nevertheless, as a scientific method of evaluating social states, social welfare function should be discussed in depth. The word social in term social welfare function has two different meanings: One, word social is reflected in social state, the inputs of social welfare function, then social welfare function is a function of social states The second meaning is that social welfare function is reflected in social opinion, outputs of social welfare function. Social opinions is aggregated from different opinion of social states. 28
29 29. SWF Sen and Buchanan s definition Social welfare function is a process or rule that is used to rank social states from highest to lowest. This definition exhibits an inclusiveness of the definition of social welfare function. According to this definition, social welfare function is seen as a process or rule to rank social states, and any function that complete ordering social states following rationality can be called a social welfare function, no matter it is formulated individualistically or collectively. In this definition, there is no impossibility theorem. 29
30 30. SWF: Arrow s Impossibility Theorem Social welfare function must be individualistic, that is, a social welfare function has to be derived from aggregation of individual welfare functions. Arrow listed 5 conditions (see right side), which he believed necessary for social welfare function (Arrow, 1970, 1986). Condition 1: Unrestricted domain: For any set of individual voter preferences, the social welfare function should yield a unique and complete ranking of social choices. Condition 2: Positive association: social welfare function is such that social ordering responds positively or at least not negatively with individual values (orderings). Condition 3: Independence of irrelevant alternatives: The social preference between x and y should depend only on the individual preferences between x and y, regardless of how z is ordered. 30
31 31. SWF: Arrow s Definition (continued) Condition 4: Non-imposition (or citizen sovereignty): the social welfare function is not to be imposed. This condition implies that every possible social preference order should be achievable by some set of individual preference orderings. Condition 5: Non-dictatorship: The social welfare function is not to be dictatorial. This means that social welfare function should account for the wishes of multiple voters. Conclusion: there is no social welfare function satisfying all above five conditions. 31
32 32. Our overall views on Arrow s conditions Positive association is relevant. Impossibility is artificially made. It is a result of putting five conflicting conditions together. Arrow s universal axiom is not line with social practice, ignore the force of morality and law. morality and law restricts scope of choices, therefore some choice are not arbitrary, but imposed. We strongly oppose Arrow s assumption of independence of irrelevant alternative, which is impractical because it eliminates comparable information Thanks to imperfect information and uncertainty, optimal choice may not be a single point, it may be a set of alternatives Drop any of arrow s conditions, social welfare choice may be possible (Sen s view) Preferences are not independent and at least partially comparable. There are lots of similarity between behaviors. 32
33 33. Our overall views continued Social welfare function is not individualistic Any social welfare function is a projection relative to a specific reference frame, it is only meaningful for specific reference frame. every one can give a evaluation of social welfare states, but only government evaluation is policy relevant. Different reference frame induces different social welfare function. Social welfare function in general is dictatorial or oligarchy (a small group or committee determined) In the real world, social decision process is classified as voting process (elected leader or president), policy making process (make my president and his team), and policy revision process reflecting public opinions. Arrow s definition is only relevant for voting process. 33
34 34. Another version of Arrow Definition: the possibility theorem (Arrow,1976): if there are more than one commodity and if every set of individual orderings each of which satisfies individualistic assumptions is admissible, then every social welfare function satisfying condition 2 and 3 is either imposed or dictatorial. Note;Arrow here confesses that social welfare function may be dictatorial, imposed, not necessarily aggregated from individuals 34
35 35. three principles of Social Value Judgments as Constraints to Preferences Principle 1: Justice and equity Principle. Justice Principle here has two implications: first, every person in a society has sympathy to the weak and the poor, and to protect sanctity of life and dignity of humankind, minimum wage and living standard for basic needs should be guaranteed. Income distribution should be prone to the poorest if income is redistributed, and income of the poorest should increase with social mean income. Principle 2: Efficiency Principle. Interpersonal difference in ability is accepted as an objective social existence and it is necessary for a society to accept interpersonal difference in ability and ensure everybody in a society gets what he deserves from market. To accept and protect difference in income distribution is a premise of efficiency. Principle 3: Relativity and maximization principle: social welfare is relative concept to specific reference frame. each member of the society has his own preference pattern and his own standard to evaluate social states. Whoever evaluates social states follows the principle of expected utility maximization. 35
36 36. Income distribution and Social Welfare Function: individual welfare and reference point Reference frame is represented individual utility function U(x,F(x)) X: is individual income level F(x): income distribution function; U(x,F(x)) :is utility function that is bounded, monotonous increasing and concave. Note: (1) The boundedness of utility function is assumed to ensure that expected utility or the expectation of the value function exists; (2) F(x) is increasing function, the higher the income level compared with others, the higher the social position; and the higher the position the happier. Which mean individual utitilty is increasing function of social position 36
37 37. Constraint 1: minimum income wage income is distributed on x m, x m 0 Note: this condition reflects Justice principle: government is obligated to consider basic needs of every people of the society, and ensure everyone to live with a dignity life. therefore, a reasonable assumption is that the minimum income is guaranteed as a major consideration of policy making. 37
38 38. Income distribution and Social Welfare Function: Ambiguous Distribution Within multiple priors framework, income distribution can not be represented by a single probability measure, but can be represented by a set of continuously differentiable probability distributions: P F( x x, m, G ( G, G)) is mean income (expected), G denotes Gini coefficient. Government want to keep Gini coefficient at moderate level, not too large, not too small. If it is too small efficiency is impacted. 38
39 39. Social Welfare Objective Function : Social welfare is measured and evaluated by government in terms of expected utility in her reference frame. social objective is to find F* such that: W ( F * ) Max E F F U ( X ), F( X ) Max F P x m U ( x, F( x)) F ( x) dx 39
40 40. Variational Structure of Social Welfare Problem W Objective: Constraints: U ( X, F( X ) U ( x, F( x)) F ( x) dx ( F) Max E F F 2 x m Ex x x m xf ( x) dx x m n 1 1 F( x) F ( x) dx (1 G ) n Boundary conditions: F( ) 0 F( ) 1 y m 40
41 41. Proposition 1:(Representation of the optimal income distribution) If utility function U U (x) is a continuously differentiable, bounded and concave, then there must be a distribution F* which maximizes social welfare. F U (, ( )) y y F ym ( y) 1 U y ( ym, F( ym)) 1 ( n 1) optimal distribution is determined by government preference (utility) and it decreases with marginal utility of income. Once the utility function is known, a specific expression of optimal distribution function is obtained. 41
42 42. Proposition 2 (Representation of social welfare function under concave utility) n=2, If utility function is a continuously differentiable, bounded and concave, then there must be a distribution which maximizes social welfare. the social welfare function is a function of minimum income, average income and Gini mean difference. W ( F ) R( x ) U ( x ) (1 G) R ( x ) U ( x ) U ( x ) x m m m m m m 42
43 43. Proposition 3: (Sen welfare function) Sen s social welfare function is a special case of the social welfare function obtained here. However, Sen s Function is derived in different framework, Deaton get Sen s function by imposing some homogenous assumptions on individuals preferences under certainty. here we demonstrate that social welfare function can be derived in the framework of rational optimization behavior. W sen ( F * ) (1 G) 43
44 44. Invariance of social welfare function Any social welfare function is invariant up to a increasing transformation. This implies that any standardized social welfare function can be transformed into Sen s social welfare function by a increasing transformation g. g ˆ U ( x) = (1 G) The binary social welfare function looks independent of the form of U. 44
45 45. Social Welfare Situations in Japan and China Above theoretical discussion indicates that social welfare function could be any function that follows preference axioms and ranks social states rationally, social welfare function is not necessarily individualistic, it could be approved by every member of society, or it could be dictatorial or team determined depending on rules and restrictions imposed. Social welfare function could be regarded as projection of social states on a specific reference frame denoted by utility function. Given utility function, restrictions imposed on preference, social welfare function can be represented by average income multiplied by measure index of income disparity, such as Social welfare =average income*(1- generalized Gini coefficient). Some indexes reflecting social welfare can not be measured in money 45
46 46 46: Human Development Indicators Germany France US UK Japan India Russia China Brazil Rank
47 47: Japan's Land and Tokyo Stock Indexes land Tokyo stock
48 48. Public debt-gdp ratios Rank Country % of GDP Date 1 Zimbabwe Japan (210) 2009 (2010) 6 Italy Iceland Greece Canada France Germany United Kingdom Brazil India United States China Russia
49 49 49 Unemployment Rate (% of labor force) Germany France US UK Japan 4.3 India Russia China Brazil Year
50 50. Japan s Net GNI (2008 ) GNI 28,213 31,433 33,654 34,506 35,500 35,188 33,790 GDP 28,152 31,037 32,878 33,553 34,352 34,129 32,774 GNI-GDP , , ,016.5 (GNI-GDP) *100/GDP
51 Gini Coefficients(%) Russia Brazil India China US UK Germa ny Japan France Country
52 52. GNI per capita (2008 PPP US$) Times of 2009/1990 Brazil China France Germany India Japan Russia UK US
53 53 53: Economic Welfare index India China Brazil Russia Japan UK France US Germany Countries
54 54. Feeling of happiness(china 07, Japan 05) Very happy Quite happy Not very happy Not at all happy Sum China (100%) Japan (100%) 54
55 55. Lowest Homicide Rate in Japan in Japan Germany China France India UK US Russia Brazil
56 56. Lowest Robbery Rate France Germany India Japan Russia UK US 56
57 57. Suicide Rate (every 100, 000 persons) Nation Male Female Total Year Russia Japan Korea France China Germany US India UK
58 Life expectancy at birth (years) India Russia Brazil China US UK Germany France Japan
59 59. Overall impressions about Japan social welfare It is too developed to develop further. the so called lost two decades is not appropriate for Japan. its economic growth rate in past ten years is only little lower than other developed countries mentioned in the paper. Japan s economic welfare index is at the same level as other developed countries mentioned. Good infrastructure and convenient daily life. Japan s jobless rate is in better condition than other countries. Japan is ranked among the longest lived countries Japan also has lowest homicide rate Japan also has lowest robbery rate water, and air quality improved, and environment is better, thanks to shifting of industrial production bases to overseas. 59
60 60. Take steps to handle challenges to Japan Japan s college students are now hard to find job. Second highest public debts and possibility of suffering debt crises Have to face competition from emerging China and India, which might push up energy price in global market and have cheap labor. Reestablish family value, take care of suicides. Immediately take steps to recover balance of government fiscal deficit. Simplify entrance procedure, Strengthen and stabilize economic ties with China, share benefit of china fast economic growth, Attract more rich Chinese to come to Japan 60
61 61. Overall impressions about Chinese social welfare Fast growth, confident about future, per capita GDP Still low and lags far behind Japan Social welfare is increasing but it is tremendously discounted by increasing regional, rural-urban disparity and bad income distribution. Very bad air and water pollution Inflation and property bubble. Bad corruption 61
62 62. Take steps to Eradicating corruption and maintaining political stability should be given top priority. Slowdown economic growth, Curb Inflation and property bubble, encourage to efficiently use natural resources and energy. Reform tax system to narrow income disparity. Perfect social safety net, improve rural people s health care, strengthen rural infrastructure. More public expenditure should be used in environmental protection and water resources, promote environmental protection awareness of ordinary. Expanding forest coverage 62
63 63
2. Welfare economics and the rationale for public intervention 2.3. Equity: From Social Efficiency to Social Welfare
2. Welfare economics and the rationale for public intervention (Stiglitz ch.3, 4, 5; Gruber ch.2,5,6,7; Rosen ch. 4,5,6, 8; Salverda et al. (2009), The Oxford handbook of economic inequality, Oxford University
More informationHOW ECONOMIES GROW AND DEVELOP Macroeconomics In Context (Goodwin, et al.)
Chapter 17 HOW ECONOMIES GROW AND DEVELOP Macroeconomics In Context (Goodwin, et al.) Chapter Overview This chapter presents material on economic growth, such as the theory behind it, how it is calculated,
More informationin China Xu Dianqing University of Western Ontario, Canada Li Xin Beijing Normal University, China
Income Disparity in China Crisis within Economic Miracle Xu Dianqing University of Western Ontario, Canada Li Xin Beijing Normal University, China World Scientific NEW JERSEY LONDON SINGAPORE BEIJING SHANGHAI
More information1 Aggregating Preferences
ECON 301: General Equilibrium III (Welfare) 1 Intermediate Microeconomics II, ECON 301 General Equilibrium III: Welfare We are done with the vital concepts of general equilibrium Its power principally
More informationThinkwell s Homeschool Economics Course Lesson Plan: 36 weeks
Thinkwell s Homeschool Economics Course Lesson Plan: 36 weeks Welcome to Thinkwell s Homeschool Economics! We re thrilled that you ve decided to make us part of your homeschool curriculum. This lesson
More informationPublic Choice : (c) Single Peaked Preferences and the Median Voter Theorem
Public Choice : (c) Single Peaked Preferences and the Median Voter Theorem The problem with pairwise majority rule as a choice mechanism, is that it does not always produce a winner. What is meant by a
More informationChapter 4 Specific Factors and Income Distribution
Chapter 4 Specific Factors and Income Distribution Chapter Organization Introduction The Specific Factors Model International Trade in the Specific Factors Model Income Distribution and the Gains from
More informationRural-urban Migration and Minimum Wage A Case Study in China
Rural-urban Migration and Minimum Wage A Case Study in China Yu Benjamin Fu 1, Sophie Xuefei Wang 2 Abstract: In spite of their positive influence on living standards and social inequality, it is commonly
More informationInternational Trade Theory College of International Studies University of Tsukuba Hisahiro Naito
International Trade Theory College of International Studies University of Tsukuba Hisahiro Naito The specific factors model allows trade to affect income distribution as in H-O model. Assumptions of the
More informationECONOMIC GROWTH* Chapt er. Key Concepts
Chapt er 6 ECONOMIC GROWTH* Key Concepts The Basics of Economic Growth Economic growth is the expansion of production possibilities. The growth rate is the annual percentage change of a variable. The growth
More information2.2. From social efficiency to social welfare - Equity issues (Stiglitz ch.5, Gruber ch.2)
2.2. From social efficiency to social welfare - Equity issues (Stiglitz ch.5, Gruber ch.2) We have discussed how to achieve social efficiency (Pareto efficiency): according to the first theorem of welfare
More informationChapter 2 Positive vs Normative Analysis
Lecture April 9 Positive vs normative analysis Social choices Chapter 2 Positive vs Normative Analysis Positive economic analysis: observes and describes economic phenomena objectively. Normative economic
More informationTrends in inequality worldwide (Gini coefficients)
Section 2 Impact of trade on income inequality As described above, it has been theoretically and empirically proved that the progress of globalization as represented by trade brings benefits in the form
More informationGeneral Discussion: Cross-Border Macroeconomic Implications of Demographic Change
General Discussion: Cross-Border Macroeconomic Implications of Demographic Change Chair: Lawrence H. Summers Mr. Sinai: Not much attention has been paid so far to the demographics of immigration and its
More informationHuman development in China. Dr Zhao Baige
Human development in China Dr Zhao Baige 19 Environment Twenty years ago I began my academic life as a researcher in Cambridge, and it is as an academic that I shall describe the progress China has made
More informationRationality & Social Choice. Dougherty, POLS 8000
Rationality & Social Choice Dougherty, POLS 8000 Social Choice A. Background 1. Social Choice examines how to aggregate individual preferences fairly. a. Voting is an example. b. Think of yourself writing
More informationProspects for Inclusive Growth in the MENA Region: A Comparative Approach
Prospects for Inclusive Growth in the MENA Region: A Comparative Approach Hassan Hakimian London Middle East Institute SOAS, University of London Email: HH2@SOAS.AC.UK International Parliamentary Conference
More informationEconomic philosophy of Amartya Sen Social choice as public reasoning and the capability approach. Reiko Gotoh
Welfare theory, public action and ethical values: Re-evaluating the history of welfare economics in the twentieth century Backhouse/Baujard/Nishizawa Eds. Economic philosophy of Amartya Sen Social choice
More informationInclusive global growth: a framework to think about the post-2015 agenda
Inclusive global growth: a framework to think about the post-215 agenda François Bourguignon Paris School of Economics Angus Maddison Lecture, Oecd, Paris, April 213 1 Outline 1) Inclusion and exclusion
More informationImmigration Policy In The OECD: Why So Different?
Immigration Policy In The OECD: Why So Different? Zachary Mahone and Filippo Rebessi August 25, 2013 Abstract Using cross country data from the OECD, we document that variation in immigration variables
More informationEcon 551 Government Finance: Revenues Fall 2018
Econ 551 Government Finance: Revenues Fall 2018 Given by Kevin Milligan Vancouver School of Economics University of British Columbia Lecture 2a: Redistribution and Social Choice ECON 551: Lecture 2a 1
More informationBook Discussion: Worlds Apart
Book Discussion: Worlds Apart The Carnegie Endowment for International Peace September 28, 2005 The following summary was prepared by Kate Vyborny Junior Fellow, Carnegie Endowment for International Peace
More informationSection 1: Microeconomics. 1.1 Competitive Markets: Demand and Supply. IB Econ Syllabus Outline. Markets Ø The Nature of Markets
IB Economics Syllabus Outline Mr. R.S. Pyszczek Jr. Room 220 Rpyszczek@BuffaloSchools.org City Honors School at Fosdick- Masten Park 186 East North Street Buffalo, NY 14204 Phone: (7160 816-4230 Fax: (716)
More informationConvergence Divergence Debate within India
Convergence Divergence Debate within India KanupriyaSuthar Independent Researcher, India Abstract The notion of convergence or catching up by a state/country with lower initial income and capital per capita
More informationCharting Australia s Economy
Charting Australia s Economy Designed to help executives catch up with the economy and incorporate macro impacts into company s planning. Annual subscription includes 2 semiannual issues published in June
More informationIntroduction to Development Economics. Q: What is Development Economics?
Introduction to Development Economics Q: What is Development Economics? Traditional economics, taught in introductory textbooks, is concerned primarily with the efficient, least-cost allocation of scarce
More informationTaiwan s Development Strategy for the Next Phase. Dr. San, Gee Vice Chairman Taiwan External Trade Development Council Taiwan
Taiwan s Development Strategy for the Next Phase Dr. San, Gee Vice Chairman Taiwan External Trade Development Council Taiwan 2013.10.12 1 Outline 1. Some of Taiwan s achievements 2. Taiwan s economic challenges
More informationPoverty in the Third World
11. World Poverty Poverty in the Third World Human Poverty Index Poverty and Economic Growth Free Market and the Growth Foreign Aid Millennium Development Goals Poverty in the Third World Subsistence definitions
More informationMAPPING THE EXACT RELATIONS BETWEEN INEQUALITY AND JUSTICE. Guillermina Jasso New York University December 2000
MAPPING THE EXACT RELATIONS BETWEEN INEQUALITY AND JUSTICE Guillermina Jasso New York University December 2000 Recent developments in justice analysis -- the scientific study of the operation of the human
More informationTowards Sustainable Economy and Society Under Current Globalization Trends and Within Planetary Boundaries: A Tribute to Hirofumi Uzawa
Towards Sustainable Economy and Society Under Current Globalization Trends and Within Planetary Boundaries: A Tribute to Hirofumi Uzawa Joseph E. Stiglitz Tokyo March 2016 Harsh reality: We are living
More informationCharting Cambodia s Economy
Charting Cambodia s Economy Designed to help executives catch up with the economy and incorporate macro impacts into company s planning. Annual subscription includes 2 semiannual issues published in June
More informationCourse: Economic Policy with an Emphasis on Tax Policy
Course: Economic Policy with an Emphasis on Tax Policy Instructors: Vassilis T. Rapanos email address: vrapanos@econ.uoa.gr Georgia Kaplanoglou email address: gkaplanog@econ.uoa.gr Course website: http://eclass.uoa.gr/courses/econ208/
More informationAn Overview of the Chinese Economy Foundation Part: Macro-economy of the Mainland
Core Module 15 An Overview of the Chinese Economy Foundation Part: Macro-economy of the Mainland The Chinese economy has been growing rapidly for years. Has it reached the level of the developed countries?
More informationMexico s Wage Gap Charts
The Jus Semper Global Alliance Living Wages North and South Mexico s Wage Gap Charts Wage gap charts for Mexico vis-à-vis -vis developed and emerging selected economies and other selected economies, with
More informationVOTING ON INCOME REDISTRIBUTION: HOW A LITTLE BIT OF ALTRUISM CREATES TRANSITIVITY DONALD WITTMAN ECONOMICS DEPARTMENT UNIVERSITY OF CALIFORNIA
1 VOTING ON INCOME REDISTRIBUTION: HOW A LITTLE BIT OF ALTRUISM CREATES TRANSITIVITY DONALD WITTMAN ECONOMICS DEPARTMENT UNIVERSITY OF CALIFORNIA SANTA CRUZ wittman@ucsc.edu ABSTRACT We consider an election
More informationThe Jus Semper Global Alliance Living Wages North and South
The Jus Semper Global Alliance Living Wages North and South January 2010 The Jus Semper Global Alliance 2 Table of Contents Argument for wage equalization classic problem scenario 4 Argument for wage equalization
More informationCentre for Economic and Social Studies
1. The following is the structure of question paper for Commerce: _ Managerial Economics, Accounting Type of Question Marketing, Management & Finance Marks Business Environment (a) Short Answer Type 5
More informationTRENDS AND PROSPECTS OF KOREAN ECONOMIC DEVELOPMENT: FROM AN INTELLECTUAL POINTS OF VIEW
TRENDS AND PROSPECTS OF KOREAN ECONOMIC DEVELOPMENT: FROM AN INTELLECTUAL POINTS OF VIEW FANOWEDY SAMARA (Seoul, South Korea) Comment on fanowedy@gmail.com On this article, I will share you the key factors
More informationInternational Remittances and Brain Drain in Ghana
Journal of Economics and Political Economy www.kspjournals.org Volume 3 June 2016 Issue 2 International Remittances and Brain Drain in Ghana By Isaac DADSON aa & Ryuta RAY KATO ab Abstract. This paper
More informationTopics on the Border of Economics and Computation December 18, Lecture 8
Topics on the Border of Economics and Computation December 18, 2005 Lecturer: Noam Nisan Lecture 8 Scribe: Ofer Dekel 1 Correlated Equilibrium In the previous lecture, we introduced the concept of correlated
More informationThe crisis of democratic capitalism Martin Wolf, Chief Economics Commentator, Financial Times
The crisis of democratic capitalism Martin Wolf, Chief Economics Commentator, Financial Times WU-Lecture on Economics 19 th January 2017 Vienna University of Economics and Business The crisis of democratic
More informationReducing Poverty in the Arab World Successes and Limits of the Moroccan. Lahcen Achy. Beirut, Lebanon July 29, 2010
Reducing Poverty in the Arab World Successes and Limits of the Moroccan Experience Lahcen Achy Beirut, Lebanon July 29, 2010 Starting point Morocco recorded an impressive decline in monetary poverty over
More informationInequality and the Global Middle Class
ANALYZING GLOBAL TRENDS for Business and Society Week 3 Inequality and the Global Middle Class Mauro F. Guillén Mini-Lecture 3.1 This week we will analyze recent trends in: Global inequality and poverty.
More informationRole of Cooperatives in Poverty Reduction. Shankar Sharma National Cooperatives Workshop January 5, 2017
Role of Cooperatives in Poverty Reduction Shankar Sharma National Cooperatives Workshop January 5, 2017 Definition Nepal uses an absolute poverty line, based on the food expenditure needed to fulfil a
More informationA New Method of the Single Transferable Vote and its Axiomatic Justification
A New Method of the Single Transferable Vote and its Axiomatic Justification Fuad Aleskerov ab Alexander Karpov a a National Research University Higher School of Economics 20 Myasnitskaya str., 101000
More informationAsia-Pacific to comprise two-thirds of global middle class by 2030, Report says
Strictly embargoed until 14 March 2013, 12:00 PM EDT (New York), 4:00 PM GMT (London) Asia-Pacific to comprise two-thirds of global middle class by 2030, Report says 2013 Human Development Report says
More informationBeyond GNP? What the New Science of Well-Being Can Contribute to Economics and to Policy
Beyond GNP? What the New Science of Well-Being Can Contribute to Economics and to Policy Carol Graham The Brookings Institution DC Environmental Network February 4, 2016 1 A Celebration of a new science?
More informationSocial Choice & Mechanism Design
Decision Making in Robots and Autonomous Agents Social Choice & Mechanism Design Subramanian Ramamoorthy School of Informatics 2 April, 2013 Introduction Social Choice Our setting: a set of outcomes agents
More informationThe impact of Chinese import competition on the local structure of employment and wages in France
No. 57 February 218 The impact of Chinese import competition on the local structure of employment and wages in France Clément Malgouyres External Trade and Structural Policies Research Division This Rue
More information1. At the completion of this course, students are expected to: 2. Define and explain the doctrine of Physiocracy and Mercantilism
COURSE CODE: ECO 325 COURSE TITLE: History of Economic Thought 11 NUMBER OF UNITS: 2 Units COURSE DURATION: Two hours per week COURSE LECTURER: Dr. Sylvester Ohiomu INTENDED LEARNING OUTCOMES 1. At the
More informationIt s Time to Begin An Adult Conversation on PISA. CTF Research and Information December 2013
It s Time to Begin An Adult Conversation on PISA CTF Research and Information December 2013 1 It s Time to Begin an Adult Conversation about PISA Myles Ellis, Acting Deputy Secretary General Another round
More informationTest Bank for Economic Development. 12th Edition by Todaro and Smith
Test Bank for Economic Development 12th Edition by Todaro and Smith Link download full: https://digitalcontentmarket.org/download/test-bankfor-economic-development-12th-edition-by-todaro Chapter 2 Comparative
More informationTrans-boundary Pollution and International. Migration
Trans-boundary Pollution and International igration KENJI KONDOH School of Economics, Chukyo University, 11-2 Yagotohonmachi Showaku, Nagoya, JPN 466-8666 FX: +81-52-835-7496, e-mail: kkondo@mecl.chukyo-u.ac.jp
More informationLuiz Augusto de CASTRO NEVES Ambassador of Brazil
Luiz Augusto de CASTRO NEVES Ambassador of Brazil Opening Speech " A Perspective on the Brazilian Economy and the Future of the Economic Bilateral Relationship with Japan." July 9, 2010 Japan National
More informationCSC304 Lecture 16. Voting 3: Axiomatic, Statistical, and Utilitarian Approaches to Voting. CSC304 - Nisarg Shah 1
CSC304 Lecture 16 Voting 3: Axiomatic, Statistical, and Utilitarian Approaches to Voting CSC304 - Nisarg Shah 1 Announcements Assignment 2 was due today at 3pm If you have grace credits left (check MarkUs),
More informationTHAILAND SYSTEMATIC COUNTRY DIAGNOSTIC Public Engagement
THAILAND SYSTEMATIC COUNTRY DIAGNOSTIC Public Engagement March 2016 Contents 1. Objectives of the Engagement 2. Systematic Country Diagnostic (SCD) 3. Country Context 4. Growth Story 5. Poverty Story 6.
More informationChapter 4: Specific Factors and
Chapter 4: Specific Factors and Income Distribution Chapter Organization Introduction The Specific Factors Model International Trade in the Specific Factors Model Income Distribution and the Gains from
More informationCharting South Korea s Economy, 1H 2017
Charting South Korea s Economy, 1H 2017 Designed to help executives interpret economic numbers and incorporate them into company s planning. Publication Date: January 3 rd, 2017 Next Issue: To be published
More informationInclusion and Gender Equality in China
Inclusion and Gender Equality in China 12 June 2017 Disclaimer: The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development
More informationEmerging and Developing Economies Much More Optimistic than Rich Countries about the Future
Emerging and Developing Economies Much More Optimistic than Rich Countries about the Future October 9, 2014 Education, Hard Work Considered Keys to Success, but Inequality Still a Challenge As they continue
More informationCHAPTER 19 MARKET SYSTEMS AND NORMATIVE CLAIMS Microeconomics in Context (Goodwin, et al.), 2 nd Edition
CHAPTER 19 MARKET SYSTEMS AND NORMATIVE CLAIMS Microeconomics in Context (Goodwin, et al.), 2 nd Edition Chapter Summary This final chapter brings together many of the themes previous chapters have explored
More informationChapter 2: The U.S. Economy: A Global View
Chapter 2: The U.S. Economy: A Global View 1. Approximately how much of the world's output does the United States produce? A. 4 percent. B. 20 percent. C. 30 percent. D. 1.5 percent. The United States
More informationIMPACT OF GLOBALIZATION ON POVERTY: CASE STUDY OF PAKISTAN
Romain Pison Prof. Kamal NYU 03/20/06 NYU-G-RP-A1 IMPACT OF GLOBALIZATION ON POVERTY: CASE STUDY OF PAKISTAN INTRODUCTION The purpose of this paper is to examine the effect of globalization in Pakistan
More informationITUC GLOBAL POLL Prepared for the G20 Labour and Finance Ministers Meeting Moscow, July 2013
ITUC GLOBAL POLL 2013 Prepared for the G20 Labour and Finance Ministers Meeting Moscow, July 2013 Contents Executive Summary 2 Government has failed to tackle unemployment 4 Government prioritises business
More informationUNIVERSITY OF CALIFORNIA, SAN DIEGO DEPARTMENT OF ECONOMICS
2000-03 UNIVERSITY OF CALIFORNIA, SAN DIEGO DEPARTMENT OF ECONOMICS JOHN NASH AND THE ANALYSIS OF STRATEGIC BEHAVIOR BY VINCENT P. CRAWFORD DISCUSSION PAPER 2000-03 JANUARY 2000 John Nash and the Analysis
More informationReducing income inequality by economics growth in Georgia
Reducing income inequality by economics growth in Georgia Batumi Shota Rustaveli State University Faculty of Economics and Business PhD student in Economics Nino Kontselidze Abstract Nowadays Georgia has
More informationChina s Reform and Opening-up
China s Reform and Opening-up Yan ZHANG ( 张晏 ) China Center for Economic Studies School of Economics Fudan University Instructor s Information v Yan Zhang v Office: Room 704, School of Economics v Tel:
More informationInformal Employment and its Effect on the Income Distribution in Urban China
Informal Employment and its Effect on the Income Distribution in Urban China Wenshu Gao Institute of Population and Labor Economics, CASS 2015 Brussels Contents Introduction Defining informal employment
More informationDemographic Change and Economic Growth in the BRICS: Dividend, Drag or Disaster?
Demographic Change and Economic Growth in the BRICS: Dividend, Drag or Disaster? Presentation based on the 215/16 Global Monitoring Report (GMR) www.worldbank.org/gmr Philip Schellekens Lead Economist,
More informationCIE Economics A-level
CIE Economics A-level Topic 4: The Macroeconomy c) Classification of countries Notes Indicators of living standards and economic development The three dimensions of the Human Development Index (HDI) The
More informationThere is a seemingly widespread view that inequality should not be a concern
Chapter 11 Economic Growth and Poverty Reduction: Do Poor Countries Need to Worry about Inequality? Martin Ravallion There is a seemingly widespread view that inequality should not be a concern in countries
More informationVietnam: The Political Economy of the Middle Income Trap
Sum of Percentiles World Bank Governance Indicators 2011 Vietnam: The Political Economy of the Middle Income Trap Background There is a phrase used by political economists more than economists the middle
More informationOn the Rationale of Group Decision-Making
I. SOCIAL CHOICE 1 On the Rationale of Group Decision-Making Duncan Black Source: Journal of Political Economy, 56(1) (1948): 23 34. When a decision is reached by voting or is arrived at by a group all
More informationExperimental Computational Philosophy: shedding new lights on (old) philosophical debates
Experimental Computational Philosophy: shedding new lights on (old) philosophical debates Vincent Wiegel and Jan van den Berg 1 Abstract. Philosophy can benefit from experiments performed in a laboratory
More informationLecture 2: Normative theories of social and fiscal justice in historical perspective (check on line for updated versions)
Public Economics: Tax & Transfer Policies (Master PPD & APE, Paris School of Economics) Thomas Piketty Academic year 2016-2017 Lecture 2: Normative theories of social and fiscal justice in historical perspective
More informationWELCOME! Professors Jay Aronson, Bernardine Dias, Joe Mertz and Rahul Tongia Fall 2007
WELCOME! Professors Jay Aronson, Bernardine Dias, Joe Mertz and Rahul Tongia Fall 2007 Instructor Introductions Aronson and Mertz are main instructors for undergraduate version Dias and Tongia are main
More informationJapan s average level of current well-being: Comparative strengths and weaknesses
How s Life in Japan? November 2017 Relative to other OECD countries, Japan s average performance across the different well-being dimensions is mixed. At 74%, the employment rate is well above the OECD
More informationEmerging Market Consumers: A comparative study of Latin America and Asia-Pacific
Emerging Market Consumers: A comparative study of Latin America and Asia-Pacific Euromonitor International ESOMAR Latin America 2010 Table of Contents Emerging markets and the global recession Demographic
More informationAQA Economics A-level
AQA Economics A-level Microeconomics Topic 7: Distribution of Income and Wealth, Poverty and Inequality 7.1 The distribution of income and wealth Notes Distinction between wealth and income inequality
More informationChapter 01 Globalization
Chapter 01 Globalization True / False Questions 1. The notion that national economies are relatively self-contained entities is on the rise. 2. The shift toward a more integrated and interdependent world
More informationDanny Dorling on 30 January 2015.
Dorling, D. (2015) Interview with Dario Ruggiero, Autore Sito (The Long Term Economy, www.lteconomy.it) published January 30 th, archived at http://www.lteconomy.it/en/interviews- en Danny Dorling on 30
More informationThe impact of democratic transitions on budgeting and public expenditures
The impact of democratic transitions on budgeting and public expenditures A Latin American perspective Ángel Melguizo OECD Development Centre 4th Annual Meeting of Middle East and North Africa Senior Budget
More informationWhat about the Women? Female Headship, Poverty and Vulnerability
What about the Women? Female Headship, Poverty and Vulnerability in Thailand and Vietnam Tobias Lechtenfeld with Stephan Klasen and Felix Povel 20-21 January 2011 OECD Conference, Paris Thailand and Vietnam
More informationInclusive Growth in Bangladesh: A Critical Assessment
2 ND SANEM ANNUAL ECONOMISTS CONFERENCE MANAGING GROWTH FOR SOCIAL INCLUSION Inclusive Growth in Bangladesh: A Critical Assessment Towfiqul Islam Khan Research Fellow, CPD Dhaka:
More informationInfluence of Identity on Development of Urbanization. WEI Ming-gao, YU Gao-feng. University of Shanghai for Science and Technology, Shanghai, China
US-China Foreign Language, May 2018, Vol. 16, No. 5, 291-295 doi:10.17265/1539-8080/2018.05.008 D DAVID PUBLISHING Influence of Identity on Development of Urbanization WEI Ming-gao, YU Gao-feng University
More informationARMENIA WORKSHOPS ON SUPPORTING ASIA PACIFIC LLDCS AND BHUTAN IN MOBILIZING RESOURCES FOR THE SDGS
ARMENIA WORKSHOPS ON SUPPORTING ASIA PACIFIC LLDCS AND BHUTAN IN MOBILIZING RESOURCES FOR THE SDGS 12 14 December 2018 Thimphu, Bhutan FACTS ABOUT ARMENIA BASIC FACTS Official name: Republic of Armenia
More informationASIA S DEVELOPMENT CHALLENGES
ASIA S DEVELOPMENT CHALLENGES The Asian Century: Plausible But Not Pre-ordained a five lecture series Distinguished Fellow, NCAER March 31, 2015 a ten seminar series Moderated by 1 LECTURE 1: THE TWO FACES
More informationMADE IN THE U.S.A. The U.S. Manufacturing Sector is Poised for Growth
MADE IN THE U.S.A. The U.S. Manufacturing Sector is Poised for Growth For at least the last century, manufacturing has been one of the most important sectors of the U.S. economy. Even as we move increasingly
More informationThe Efficiency of Tourism Impact on People's Livelihood: A Theoretical Framework Zhen Su 1,a and Qiuying Li 1,b
2017 2nd International Conference on Humanities Science, Management and Education Technology (HSMET 2017) ISBN: 978-1-60595-494-3 The Efficiency of Tourism Impact on People's Livelihood: A Theoretical
More informationECON 1000 Contemporary Economic Issues (Spring 2018) Economic Growth
ECON 1000 Contemporary Economic Issues (Spring 2018) Economic Growth Relevant Readings from the Required Textbooks: Chapter 7, Gross Domestic Product and Economic Growth Definitions and Concepts: economic
More informationSource: Piketty Saez. Share (in %), excluding capital gains. Figure 1: The top decile income share in the U.S., % 45% 40% 35% 30% 25%
The Hecksher-Ohlin-Samuelson (HOS) model Extension of Ricardian model: trade is explained by comparative advantage but those are based on:du modèle ricardien: - differences of endowments in factors of
More informationChapter 4: Voting and Social Choice.
Chapter 4: Voting and Social Choice. Topics: Ordinal Welfarism Condorcet and Borda: 2 alternatives for majority voting Voting over Resource Allocation Single-Peaked Preferences Intermediate Preferences
More informationRhetoric in Economics
Rhetoric in Economics Itzhak Gilboa April 26, 2012 Gilboa () Rhetoric in Economics April 26, 2012 1 / 10 Are Economic Models Scienti c Theories? Complaints: Poor predictions Gilboa () Rhetoric in Economics
More informationCHALLENGING ISSUES OF INTERNATIONAL RANKING: BELARUS CASE. M. Kovalev (BSU)
CHALLENGING ISSUES OF INTERNATIONAL RANKING: BELARUS CASE M. Kovalev (BSU) kovalev@bsu.by www.bsu.by Economic growth depends on human capital and ability to use it effectively: where KNOWLEDGE BASED ECONOMY
More informationCHINA S ONE-CHILD POLICY
Sinology by Andy Rothman 5 December 1 a Last year s decision to relax China s onechild policy effectively ended one of the most draconian examples of government social engineering ever seen. a But, contrary
More informationLabor Migration in the Kyrgyz Republic and Its Social and Economic Consequences
Network of Asia-Pacific Schools and Institutes of Public Administration and Governance (NAPSIPAG) Annual Conference 200 Beijing, PRC, -7 December 200 Theme: The Role of Public Administration in Building
More informationV I SA A F F LU E N T ST U DY
VISA AFFLUENT STUDY 20 13 01 INTRODUCTION According to the writer Ernest Hemingway, his rival F. Scott Fitzgerald once told him, The rich are different from us. To which Hemingway flippantly and famously
More informationSupport Materials. GCE Economics H061/H461: Exemplar Materials. AS/A Level Economics
Support Materials GCE Economics H061/H461: Exemplar Materials AS/A Level Economics Contents 1 Unit F581: Markets In Action 3 2 Unit F582: The National and International Economy 6 3 Unit F583: Economics
More informationCHAPTER 2 LITERATURE REVIEWS
CHAPTER 2 LITERATURE REVIEWS The relationship between efficiency and income equality is an old topic, but Lewis (1954) and Kuznets (1955) was the earlier literature that systemically discussed income inequality
More informationEdexcel (A) Economics A-level
Edexcel (A) Economics A-level Theme 4: A Global Perspective 4.2 Poverty and Inequality 4.2.2 Inequality Notes Distinction between wealth and income inequality Wealth is defined as a stock of assets, such
More information