PUBLIC FINANCE AND TAXATION BY CHILESHE M. PATRICK INTRODUCTION There are varying definitions of what public sector economics is and what topics it covers. In a layman’s language Public economics is the application of economics to the activities undertaken by the state. Black et al. defines public sector economics as “the field of economics which studies the nature‚ principles‚ and economic consequences of government expenditure‚ taxation‚ financing and the regulatory actions undertaken in
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Group 2 Samsung Electronics Executive Summary Recent quality related issues have put Samsung Electronics‚ one of the world’s largest technology companies at risk. These quality concerns‚ spiked through recent recalls and external complaints‚ have generated a flow of bad news coming to the desk of quality director Kevin Sarni. The issues most commonly found within the complaints related to display issues‚ customer service support‚ faulty electric components‚ audio‚ and safety. Of the main
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Pluralism and Elite Theory “Pluralism is the view that politics and decision making are located mostly in the framework of the government‚ but that many nongovernmental groups use their resources to exert influence”. Pluralists put forward the idea that power is not a physical quality that people have or do not have‚ but yet it flows from a variety of sources. It is the thought that people become powerful from ownership or controlling resources. “Malcolm X‚ for example‚ was certainly not a rich
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I. The Robinson Crusoe Economy Plays a dual role: as consumer and as producer. He chooses between two goods: leisure and coconuts as a customer. If he sits on the beach watching the ocean‚ he is consuming leisure. If he spends his time gathering coconuts‚ he has less time for leisure but gets to eat the coconuts. We can depict Robinson production opportunities and preferences over the two goods. At this point‚ the slope of the indifference curve must equal the slope ofthe production function
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Vilfredo Pareto created a mathematical formula to describe the unequal distribution of wealth in his country‚ observing that twenty percent of the people owned eighty percent of the wealth. In the late 1940s‚ Dr. Joseph M. Juran inaccurately attributed the 80/20 Rule to Pareto‚ calling it Pareto’s Principle. While it may be misnamed‚ Pareto’s Principle or Pareto’s Law as it is sometimes called‚ can be a very effective tool to help you manage effectively. Where It Came From After Pareto made his
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3. Describe what Pareto efficiency is and why economists use this criterion for comparing alternative economic systems. Use a graphic display in this essay. The term is named for an Italian economist‚ Vilfreo Pareto. A central concept in economics is Pareto efficiency. A situation is said to be Pareto efficient if there is no way to rearrange things to make at least one person better off without making anyone worse off. What makes Pareto efficiency important is that almost everyone would agree that
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In Montana‚ there are some large deposits of water containing dissolved methane (fossil fuel). It is possible to pump this water out of the ground and release the methane‚ which can then be sold. This process produces lots of waste water‚ which poisonous properties‚ which is being dumped into nearby streams‚ which then flow onto the land of downstream ranches‚ severely damaging the land. Discuss this problem using the tools of public finance and propose two solutions‚ one involving taxes and the
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Pareto Analysis Using the 80:20 Rule to Prioritize Imagine that you’ve just stepped into a new role as head of department. Unsurprisingly‚ you’ve inherited a whole host of problems that need your attention. Ideally‚ you want to focus your attention on fixing the most important problems. But how do you decide which problems you need to deal with first? And are some problems caused by the same underlying issue? Pareto Analysis is a simple technique for prioritizing possible changes by identifying
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This lecture by Stiglitz is about how and why Pareto or near-Pareto improvement is hard to achieve‚ through his experience in Council of Economic Advisors for the United States government. First‚ Stiglitz writes about Adam Smith`s invisible hand theory as an explications of conditions under which market equilibrium will be Pareto efficient‚ and discusses about the importance of government intervention by writing that in presence of imperfect information or incomplete market‚ there will always be
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Part Two: 1. The Kano model is a tool that can be used to prioritize the Critical to Quality characteristics‚ as defined by the Voice of the Customer The three categories identified by the Kano model are: Must Be: The quailty characteristic must be present or the customer will go elsewhere. Performance: The better we are at meeting these needs‚ the happier the customer is. Delighter: Those qualities that the customer was not expecting but received as a bonus The First Step for Creating
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