Economics 012 1-22-2008

Economics 012 1-22-2008 - o Do not produce children out of...

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Economics 012—1/22/2008 - Musgrave’s 3 market failures: o Public goods o Income distribution o Business cycles - If the market falls by 20 points or more from the peak it is called a bear market - If the market falls by 10 points from the peak it is called a correction - Transfer Payment: a payment for which nothing in return is exchanged o Welfare o Food stamps LBJ and Nixon spent a lot of money on these programs in the 1960s Mostly age based (elderly) Social security Medicare - 3 behavior rules to be non-poor o Finish high school
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Unformatted text preview: o Do not produce children out of wedlock o Do not produce children, under any circumstances, until you are 20 years old or older Only exception is on an Israeli Kibutz AFDC (Aid to Families with Dependent Children) encouraged bad behavior of poorchanged with 1996 law-1973-present: poverty pattern changed o Upper class did very well o Middle and lower class did poorly o Gap got much wider o Rate of return for education (human capital) is very rewarding...
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Economics 012 1-22-2008 - o Do not produce children out of...

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