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Lecture 1

ECON 104 Lecture Notes - Lecture 1: Justin Trudeau, Agriculture, Economic System


Department
Economics
Course Code
ECON 104
Professor
Vasyl Golovetskyy
Lecture
1

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Jan. 11, 2016
Econ 104: Economics and Government
Chapter 1 Canadian Government, Trivia and Trends
What is government?
-A group of elected politicians and appointed bureaucrats that make decision and
implement
Two Fields in Economics that government study most:
- Public Finance
oA (benevolent) dictator – an institute with functioning
oDictator tells you what to do for your own good
oWhat the government should do
oWhat is the right thing to do
oWhat should you send on
- Public Choice
oEveryone has their own idea and they try to do stuff together
oWhat the government actually does
oInteract to figure out decisions
oInteract in politic sense as well and they trade favors
oWhat they do (usually they don’t do it thought)
Canadian Government Taxonomy:
-Head of state: Example Monarch Queen Elizabeth
- Federal: takes care of broadly defined things that affect all Canadians
-national defense, foreign policy, immigration and citizenship, employment insurance,
money, postal services, banking, federal taxes, fisheries, shipping, railways, pipelines,
Aboriginal lands and rights, criminal law.
oExample: Prime Minister of Canada: Justin Trudeau
- Provincial/territorial: education, health, direct taxes, prisons, marriage, property and
civil rights, and highways (road regulations)
oExample: Premier of Canada: Christy Clark
- Municipal: policing, firefighting, drinking water, recreation, snow removal, recycling,
and garbage collecting
oExample: Mayor of Burnaby: Derek Corrigan
Division of responsibilities are not clear cut
oShared responsibility for environment
oPower over agricultures and immigration is shared between federal and
provincial: Equalization Program
What government does?
-regulations (e.g., laws, environmental standards, labor safety);
-production (e.g., bridges, defense);
-redistribution (e.g., take some stuff from the rich and give it to the poor);
-representation (e.g., signing a treaty with another nation);
-fixing market failures (e.g., taxing pollution)
- - social security (e.g., employment insurance, old age pension).
o provincial government spends about 2/3 of its budget on education and
healthcare.
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