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Externalities Incentives And Economic Reforms
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Book Synopsis Externalities. Incentives, and Economic Reforms by : International Monetary Fund
Download or read book Externalities. Incentives, and Economic Reforms written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-01-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper emphasizes the role of institutions and incentives in the presence of externalities. An economy with multiple public decision makers is likely to experience “overspending,” “undertaxing,” “overborrowing,” and “overinflation” unless effective institutions exist for overcoming coordination failure. External financing may weaken incentives for adjustment over the longer run unless assistance is made conditional on fundamental institutional reforms. The paper also analyzes reforms that strengthen incentives to provide effort. Uncertainty regarding future taxes reduces present effort and the responsiveness of output to market signals. In addition, the paper addresses the adverse effects of bank insurance and soft budget constraints.
Book Synopsis What Price Incentives? by : Steven Kelman
Download or read book What Price Incentives? written by Steven Kelman and published by Praeger Pub Text. This book was released on 1981 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sets forth in a straightforward and sensible way the philosophical reasons for the non-economist's skepticism of the economist's view of the world. Its relevance extends beyond environmental issues to other areas where microeconomic theory is being applied to public policy. Kelman cites results to confirm his view that both opponents and supporters of economic incentives have important philosophical concerns. He takes the role of an advocate of the use of incentives in formulating an environmental policy. He also discusses political strategy from the point of view of the policy entrepreneur who is trying to get ideas adopted. Economists and non-economists alike will welcome this book as a bridge over a perceptual gap in an important area of policymaking.
Book Synopsis Externalities, Incentives, and Economic Reforms by : Joshua Aizenman
Download or read book Externalities, Incentives, and Economic Reforms written by Joshua Aizenman and published by . This book was released on 1990 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper emphasizes the role of institutions and incentives in the presence of externalities. An economy with multiple public decision makers is likely to experience "overspending," "undertaxing," "overborrowing," and "overinflation" unless effective institutions exist for overcoming coordination failure. External financing may weaken incentives for adjustment over the longer run unless assistance is made conditional on fundamental institutional reforms. The paper also analyses reforms that strengthen incentives to provide effort. Uncertainty regarding future taxes reduces present effort and the responsiveness of output to market signals. In addition, the paper addresses the adverse effects of bank insurance and soft budget constraints.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498344658 Total Pages :257 pages Book Rating :4.4/5 (983 download)
Book Synopsis Fiscal Policy and Long-Term Growth by : International Monetary Fund
Download or read book Fiscal Policy and Long-Term Growth written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.
Book Synopsis The World Bank Research Observer by :
Download or read book The World Bank Research Observer written by and published by . This book was released on 2003 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Externalities, Incentives, and Failure to Achieve National Objectives in Decentralized Economies by : Joshua Aizenman
Download or read book Externalities, Incentives, and Failure to Achieve National Objectives in Decentralized Economies written by Joshua Aizenman and published by . This book was released on 1991 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to study why decentralized economies often fail to achieve national objective in the presence of externalities. The paper employs a two-period, open economy framework in which the central government allocates its tax revenues among a larger number of individual decision makers (e.g., provincial authorities or managers of state enterprises). The central government has only limited monitoring capacity, which gives individual decision makers the opportunity to commit to spend more than the incomes they are officially allocated. Our analysis suggests that adverse macroeconomic shocks reduce the likelihood that decentralized decision makers will behave in a manner that limits spending and inflation to national objectives. This is demonstrated for declines in the current or expected future levels of domestic output, for a rise in foreign interest rates, and for a reduction in the quantity of external credit. We next demonstrate that debt relief can promote a shift in the composition of spending toward the types of productive investments that generate positive externalities. This is not only because debt relief that expands the availability of current resources has positive direct income effects, but also because debt relief can promote a shift from opportunistic behavior to cooperation among individual decision makers.
Book Synopsis How to Regulate by : Thomas A. Lambert
Download or read book How to Regulate written by Thomas A. Lambert and published by Cambridge University Press. This book was released on 2017-08-18 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Markets sometimes fail. But so do regulatory efforts to correct market failures. Sometimes regulations reach too far, condemning good activities as well as bad, and sometimes they don't reach far enough, allowing bad behavior to persist. In this highly instructive book, Thomas A. Lambert explains the pitfalls of both extremes while offering readers a manual of effective regulation, showing how the best regulation maximizes social welfare and minimizes social costs. Working like a physician, Lambert demonstrates how regulators should diagnose the underlying disease and identify its symptoms, potential remedies for it, and their side effects before selecting the regulation that offers the greatest net benefit. This book should be read by policymakers, students, and anyone else interested in understanding how the best regulations are crafted and why they work.
Download or read book Social Design written by Walter Trockel and published by Springer. This book was released on 2019-06-13 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains invited essays in memory of Leonid Hurwicz spanning a large area of economic, social and other sciences where the implementation or enforcement of institutions and rules requires the design of effective mechanisms. The foundations of these articles are set by social choice concepts; game theory; Nash, Bayesian and Walrasian equilibria; complete and incomplete information. Besides in-depth treatments of well-established parts of mechanism and implementation theory, contributions on novel directions deal, for instance, with a quantum approach to game and decision making under uncertainty; digitalization; and the design of block chain for trading. The outstanding competence and reputation of the authors reflect the appreciation of the fundamental contributions and the lasting admiration of the personality and the work of Leonid Hurwicz.
Book Synopsis Structural Reforms and Economic Performance in Advanced and Developing Countries by : Mr.Jonathan David Ostry
Download or read book Structural Reforms and Economic Performance in Advanced and Developing Countries written by Mr.Jonathan David Ostry and published by International Monetary Fund. This book was released on 2009-10-15 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, in 91 developed and developing countries. Among the key results of this study, the authors find that real and financial reforms (and, in particular, domestic financial liberalization, trade liberalization, and agricultural liberalization) boost income growth. However, growth effects differ significantly across alternative reform sequencing strategies: a trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a "big bang"; also, liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade. Finally, relatively liberalized domestic financial sectors enhance the economy's resilience, reducing output costs from adverse terms-of-trade and interest-rate shocks; increased credit availability is one of the key mechanisms.
Book Synopsis The Soft Budget Constraint — The Emergence, Persistence and Logic of an Institution by : Gun Eriksson Skoog
Download or read book The Soft Budget Constraint — The Emergence, Persistence and Logic of an Institution written by Gun Eriksson Skoog and published by Springer Science & Business Media. This book was released on 2013-04-18 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a story of the soft budget constraint. It seeks an answer to a paradox: the prevalence of the soft budget constraint in spite of the tremendous inefficiencies that it gives rise to, and its persistence in spite of reform of the system of which it is an integral part. The story aims at increasing our understanding of why the phenomenon exists. By studying the case of state in Tanzania before, during and after socialism, an explanation of the owned enterprises emergence, persistence and logic of the soft budget constraint is suggested. This introductory chapter presents an argument showing why this story is worth telling. It discusses the research topic and how the problem it presents is attacked. THE SOFT BUDGET CONSTRAINT The soft budget constraint is today a popular metaphor. Originally it was seen as a characteristic of the socialist system. It refers to the tendency of primarily state-owned enterprises to have their liquidity gaps or losses accommodated by the state, or some other external funding body, and to the resulting expectations of such bail-out. The concept was coined by the Hungarian economist Hmos Kornai. ' He distinguishes between four major forms of external financial assistance that contribute to the soft budget constraint: soft subsidies, soft taxation, soft credit and soft 2 administrative pricing.
Book Synopsis The Economics of QWERTY by : S. J. Liebowitz
Download or read book The Economics of QWERTY written by S. J. Liebowitz and published by NYU Press. This book was released on 2002-02 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: The top left hand side of the keyboard reads "Q-W-E-R-T-Y." Is this inefficient layout an inefficient early development to which we are now forever committed? The "economics of QWERTY" describes cases in which it has been claimed that technologies which have become accepted are not as good as rival technologies. Perhaps they have been "locked in" at an early stage, preventing newer, better possibilities from taking hold. Distinguished economists Stan Liebowitz and Steven Margolis have critically examined the various aspects of the economics of QWERTY and its implications, calling into question the historical accuracy of the standard account of QWERTY and similar cases such as those of Beta/VHS and Macintosh/Windows. They contend that no plausible case of inferior standards being locked in has ever been documented, though much antitrust activity and legislative policy has been based on the belief in the occurrence of such cases. The Economics of Qwerty brings together into one volume Liebowitz and Margolis's essential contributions, remarkable for their eloquence and relevance, to consider these issues, which are of real and enduring importance for the functioning of the market economy. Together they constitute a complete account of the critique of the economics of QWERTY.
Book Synopsis Innovation and Incentives by : Suzanne Scotchmer
Download or read book Innovation and Incentives written by Suzanne Scotchmer and published by MIT Press. This book was released on 2004 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics of intellectual property and R&D incentives explained in a balanced, accessible mixture of institutional details and theory.
Book Synopsis Fundamentals of Renewable Energy Processes by : Aldo V. da Rosa
Download or read book Fundamentals of Renewable Energy Processes written by Aldo V. da Rosa and published by Academic Press. This book was released on 2009-05-07 with total page 864 pages. Available in PDF, EPUB and Kindle. Book excerpt: We are hearing a LOT about renewable energy these days! But unlike most available resources on alternative energy that focus on politics and economic impacts, da Rosa's practical guide, Fundamentals of Renewable Energy Processes, is dedicated to explaining the scientific and technological principles and processes that enable energy production from safe, renewable, clean sources. Advances in the renewable energy sphere are proceeding with an unprecedented speed, and in order for the world's alarming energy challenges to be solved, solid, up-to-date resources addressing the technical aspects of renewables are essential. This new, updated 2e of da Rosa's successful book continues to give readers all the background they need to gain a thorough understanding of the most popular types of renewable energy—hydrogen, solar power, biomass, wind power, and hydropower—from the ground up. The latest advances in all these technologies are given particular attention, and are carefully contextualized to help professionals and students grasp the "whys and hows" behind these breakthroughs. Discusses how and why the most popular renewable energy sources work, including wind, solar, bio and hydrogen Provides a thorough technical grounding for all professionals and students investigating renewable energy The new 2e of a highly regarded guide written by an internationally renowned pioneer
Book Synopsis Gaining Ground by : Clifford Winston
Download or read book Gaining Ground written by Clifford Winston and published by Brookings Institution Press. This book was released on 2021-08-17 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on ways that markets work with, rather than against, governments to enhance public welfare. The optimal mix of market forces and government intervention to allocate resources is one of the longest-standing problems facing human civilization. At the theoretical extremes, resources in centrally planned economies are allocated by the government, while resources in capitalist economies are allocated by private markets. In practice, market forces and government interventions co-exist to allocate goods and services in a political environment with shifting pressures to give one approach more responsibility than the other. Current public attitudes toward markets are at a low point in the wake of the Great Recession and the growth in income inequality that began in the 1970s. However, in this book, noted Brookings economist Clifford Winston argues that it is a serious mistake to overlook that markets will be a critical part of the solution to any public objective—whether it be to reduce inequality, stimulate long-term growth, slow climate change, or eliminate COVID 19. In Winston's view, policymakers should be much more aware of the many ways that markets help government to achieve economic and social goals and the potential that markets have to provide greater assistance in achieving those goals. Winston synthesizes the empirical evidence on the efficacy of markets in helping to protect consumers against anti-competitive behavior and when technology appears to prevent price competition; to enable individuals to make more informed decisions; and to reduce negative externalities, improve public production, and encourage innovations. Importantly, Winston presents evidence indicating how markets can also help to reduce poverty, promote fairness in labor markets, and provide merit goods. Winston subjects his assessment to a robustness test by explaining how market forces have helped to address the COVID-19 pandemic by, for example, finding new ways for people to work safely and providing incentives for pharmaceutical companies to develop safe and effective vaccines. Winston takes a proactive approach in his conclusion by suggesting the formation of a major “Commission” composed of academics, policymakers, and businesspeople. Such a panel could explore how market forces could provide greater help to government to address economic and social problems and could provide specific recommendations to facilitate market solutions where appropriate.
Book Synopsis Fossil Fuel Subsidy Reforms by : Jun Rentschler
Download or read book Fossil Fuel Subsidy Reforms written by Jun Rentschler and published by Routledge. This book was released on 2018-04-27 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries around the world are spending up to $500 billion per year on subsidising fossil fuel consumption. By some estimates, the G20 countries alone are spending around another $450 billion on subsidising fossil fuel production. In addition, the indirect social welfare costs of these subsidies have been shown to be substantial – for instance due to air pollution, road congestion, climate change, and economic inefficiency, to name a few. Considering these numbers, there is no doubt that fossil fuel subsidies cause severe economic distortions that compromise countries’ prospects of achieving equitable and sustainable development. This book provides a guide to the complex challenge of designing, assessing, and implementing effective fossil fuel subsidy reforms. It shows that subsidy reform requires a careful balancing of complex economic and political trade-offs, as well as measures to mitigate adverse effects on vulnerable households and to assist firms with implementing efficiency enhancing measures. Going beyond the purely fiscal perspective, this book emphasises that smart subsidy reforms can contribute to all three dimensions of sustainable development – environment, society, and economy. Over the course of eight chapters, this book considers a wide range of agents and stakeholders, markets, and policy measures in order to distil the key principles of designing effective fossil fuel subsidy reforms. This book will be of great relevance to scholars and policy makers with an interest in energy economics and policy, climate change policy, and sustainable development more broadly.
Book Synopsis Efficiency and Externalities in an Open-Ended Universe by : Roy Cordato
Download or read book Efficiency and Externalities in an Open-Ended Universe written by Roy Cordato and published by Ludwig von Mises Institute. This book was released on 2007 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The problem of externalities and efficiency is cited relentlessly in mainstream literature as the great rationale for government intervention. The Austrian School, however, rooted in an understanding of the competitive process, takes another approach: viewing these supposed problems as having market-based solutions. In Efficiency and Externalities in an Open-Ended Universe, author Roy Cordato elucidates the Austrian view and expands it. He relies strongly on the work of Murray Rothbard and Israel Kirzner to address the modern arguments, showing that there is no standard by which we can judge efficiency apart from the market standard, and no way to adjudicate property rights apart from exchange relationships. This is an important contribution to Austrian literature, the most thorough and extensive study on a topic that is generally treated as a blank check for government to run roughshod over market institutions. No serious student of the market process can afford not to absorb the analytics and lessons of this book." -- from Mises Institute website
Download or read book Enough Is Enough written by Rob Dietz and published by Routledge. This book was released on 2013 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: This powerful book sets out arguments and an agenda of policy proposals for achieving a sustainable and prosperous, but non-growing economy, also known as a steady-state economy. The authors describe a plan for solving the major social and environmental problems which face us today on a finite planet with a rapidly growing population.
