Economics ECON S - 1941 Lecture Notes - Lecture 1: Time Preference, Capital Accumulation, Capital Market
Document Summary
Dieses dokument stellt keine vollwertige zusammenfassung dar, sondern soll einen kurzen. Pci as foundation: informal economic sectors illegal transactions, large share of self-service strong underestimation of supply & consumption, price for non-tradable goods and services are systematically lower in dc/tcs. Efficient allocation of the capital financed by the external debt. Production of consumption goods : img . Promotion of export goods production: ex . Unproductive expenditure of the external financing funds. S. 69 stages of integration: preferential trading area (pta) Reducing tariffs: free trade area (fta) No tariffs against members: customs union (cu) No tariffs + common trade policy: common market (cm) Cu + free movement of factors (capital/labor: economic union. Cm + national economic policies: economic integration. Common monetary, fiscal, social and counter-cycial policies. S-90 - customs union: trade creation & trade diversion. Trade is diverted from the most efficient world market to less efficient cu/fta-members. If country grant trade advantage, they will get the same advantages in return: multiralism.
