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Notes - Comparative Economic Systems - Lecture Slides, Study notes of Economics

Alliance UniversityEconomics

It is the Lecture Slides of Comparative Economic Systems which includes Germany Italy and Russia, Institutional Frameworks, Forms of Ownership, Types of Incentives, Role of Politics etc. Key important points are: Notes, Criteria, Evaluating Economies, Efficiency Sustainable, Dynamic Efficiency, Policies In Place, Involves Collection, Employment, Prices, Exchange Rate Volatility

Typology: Study notes

2012/2013

Uploaded on 02/07/2013

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Notes
1. Exam 1: Wednesday, February 9
2. Team 1 paper is on Japan, Sweden and
France and is due on Monday, February 28
3. No class on Monday, January 24
4. On Wednesday, January 26, expect an in
class assignment on last Friday’s class + the
first 15 slides on Week 3 (this week)
lecture slides.
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Download Notes - Comparative Economic Systems - Lecture Slides and more Study notes Economics in PDF only on Docsity!

Notes

  1. Exam 1: Wednesday, February 9
  2. Team 1 paper is on Japan, Sweden and France and is due on Monday, February 28
  3. No class on Monday, January 24
  4. On Wednesday, January 26, expect an in class assignment on last Friday’s class + the first 15 slides on Week 3 (this week) lecture slides.
  • The 9 criteria for evaluating economies

The 6 th^ criterion

  • Macroeconomic stability
    • Stability in the following variables over time ( years in your paper) - Output - Employment - Prices - Exchange rate volatility (value of currency) - What else?

The 7 th^ criterion

  • Economic security of individual
    • Income
      • Per capita
      • Distribution
      • Poverty rate
    • Employment
      • Unemployment rate/underemployment
    • Health care
      • % of population with health insurance
      • Infant mortality
      • Life expectancy
    • Others?

One measure of income distribution

Lorenz Curves

% of national income

% of population

45 o

Perfect income equality

100

100

Nation’s curve

50

20

Measure of income distribution

  • Gini coefficient= area between the Lorenz curve and the 45 degree line/total area under the 45 degree line - If =0  complete _______ - If =1  complete _______ Equality Inequality

The 9 th^ criterion

  • Degree of economic freedom
  • EFI = Economic Freedom Index
    • Takes a value between 1 (free) to 5 depending on 10 sub indexes having to do with
  • Corruption, trade barriers, tax rates, efficiency of law enforcement, regulatory burden on business, restrictions on banks, labor market regulations, informal market activities.

Another way to measure the 9th

criterion

Brazil Latin America & Caribbean Countries

OECD Countries

Steps to launch a business 17 11.4 6. Rigidity of employment index (0 to 100)

56 40.3 35.

Hiring cost (% of salary) 26.8 15. 9 20. Taxes as percentage of gross profits of a mid size company

71.7 52.8 45.

Steps to comply with licensing and permit requirements for on going operation

19 16.3 14.

Source: World Bank, 2005 Docsity.com

Let’s look at Tables 1.1 and 1.2, Pages

18 and 19.

  • Who is doing better than us (USA)

in different area?

  • Why?

Chapter 2

  • Objectives?
    • Focuses on Market Capitalism
      • How it can achieve efficiency
      • When it fails to achieve efficiency

Theorem: A complete, competitive, full information general equilibrium is efficient.

  1. Full information?  Suppliers and demanders in all markets have every piece of info they need to have in order to make the best decision  Does this hold in the US?
  2. General equilibrium?  In all markets, quantity demanded = quantity supplied  Does this hold in the US?

What does efficiency mean?

• In consumption

  • Can’t make someone better off without making someone else worse off. - This is called ________ optimality.

• In production

  • Operating on PPF

Production Possibilities Frontier

 Assumptions

  1. Only two goods are produced
  2. Fixed amount of resources that are fully employed
  3. Given technology
  4. Producers and resource owners have full information.
  5. Maximized output given what is available ▪ Can not produce more of something without giving up some of the other things.

Production Possibilities Frontier (PPF)

Roses

Guns

100

0 10 20 30 40

(^9580) 60

A (^) B C D

E

  • I

  • U

PPF