Economics 353 Lecture 22

Economics 353 Lecture 22 - Economics 353 Lecture 22...

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Economics 353 Lecture 22 Controlled Capitalism
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Today We live in a government-regulated capitalist economy. Government regulations can be found everywhere and in virtually all sectors of the economy. Why has this happened? How can we evaluate it from an economic point of view?
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Today Many sectors of the economy are oligopolistic. Foreign trade can play a large role in helping make oligopolistic sectors more competitive. The automobile sector is one of these.
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Today Should the government regulate such things as: Airbags in cars Average fleet mileage standards.
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Future Largest problem: Global warming. Solution: Carbon tax. Creative implementation: Replace income taxes with carbon tax and other environmental taxes
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Future What are we going to do about aging? Will Social Security go bankrupt? NO! How will Medicare be financed? Medical expenditures will become an increasing share of GDP, as is normal.
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Future Short-term problems: Possible recession Possible rapid fall in the dollar Can the Fed help or will be it another case of the Fed trying to meet too many goals with too few policy levers? Sub-prime mortgage problems
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Government expenditures have grown slowly as a percentage of GDP. Unusual Reagan era deficits are clear
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Economics 353 Lecture 22 - Economics 353 Lecture 22...

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