Lecture 1

Lecture 1 - PAM2040 Sector January262010 p Lecturebased n...

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PAM 2040 Economics of The Public  Sector January 26 2010
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How this class will work p Lecture based n Roughly 2 chapters a week p 8 problem sets (20%) p 5 in-class projects (10%) p 2 preliminary exams (35%), 1 final (35%) p Robert Moffitt – week of Feb 23rd p Extra Credit Seminars  ( up to  ½ problem set)
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Laissez – Faire Economics p “Hands off” economy p Individuals produce, buy, sell, trade and  consume at will US Northern Mariana Islands Zimbabwe North Korea Laissez-Faire Planned
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The Economics of Government
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What are We Buying? 
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Where are we getting the money? 
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The Economics of  Government s
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What are We Buying? 
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Where are we getting the money? 
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Economics of the Public Sector p Most of the time, laissez-faire “works” n Resources are distributed in a way that total utility/productivity is  maximized An  efficient outcome  occurs when everything  is put to it’s best possible use p Pure laissez-faire economies do not exist p Public Finance  is the study of government intervention in  the economy
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Four Big Questions 1. When  should governments intervene? 2.
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This document was uploaded on 10/26/2011 for the course PAM 2040 at Cornell.

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Lecture 1 - PAM2040 Sector January262010 p Lecturebased n...

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