IBE316-1 - IBE 316 Economic Policy Stiglitz: Economics of...

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Unformatted text preview: IBE 316 Economic Policy Stiglitz: Economics of the Public Sector Chapter 1: The Public Sector in a Mixed Economy Keisuke OTSU Sophia University FLA Spring 2008 OTSU (Sophia University FLA) IBE 316 Spring 2008 1 / 20 Announcement Website Slides and other course material can be downloaded from http://caseyohtsu.googlepages.com/ibe201 OTSU (Sophia University FLA) IBE 316 Spring 2008 2 / 20 Announcement Attendance No attendance will be taken but you might miss the quiz Make sure you send me an email before class if you cannot make it k-otsu@sophia.ac.jp OTSU (Sophia University FLA) IBE 316 Spring 2008 3 / 20 The Economic Role of Government A Mixed Economy Mixed Economy: an economy in which the private sector has primary responsibility for production but in which the government also plays a broad economic role ! what are the roles played by them? OTSU (Sophia University FLA) IBE 316 Spring 2008 4 / 20 The Economic Role of Government Di/erent Perspectives on the Role of Government Mercantalists (18th century): the government should actively promote trade and industry Adam Smith (classical economics): the market will produce what was desired and in the best possible way as if it was led by an &invisible hand¡ John Stuart Mill, Nassua Senior (19th century): laissez faire Karl Marx, Sismondi, Robert Owen (social theorists): private ownership of capital is the evils in society but communism didn¢t do so well......
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This note was uploaded on 10/22/2011 for the course ECON 316 taught by Professor Keisukeotsu during the Spring '08 term at Sophia University.

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IBE316-1 - IBE 316 Economic Policy Stiglitz: Economics of...

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