2 PPT_Intro - Econ 130 Introduction Definition Public...

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Econ 130 Introduction
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Definition Public policy consists of decisions and actions taken by a governing authority that affect at least a subset of the population.
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Philosophical Basis of Course Economists’ point of view. Most political science issues left to Poly Sci. View of Role of Public Policy : Competitive Markets are an amazingly powerful mechanism for efficiently allocating goods. When conditions are right, it is difficult or impossible for the government to improve on the competitive market. Conditions, however, are not always right, and there are often other considerations besides efficiency. In these circumstances, there is a rationale for government intervention and government policy.”
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Every time we discuss a particular public policy, we will ask : (1) What is the rationale for government intervention?
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