POL 1101 Lecture Notes - Lecture 23: Environmental Health, Invisible Hand, Externality
14 Dec 2016
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Political science lecture notes part 2: citizens and politics. Economic policy (three techniques government can use to affect the economy: regulatory policy, technique: restrict economic practices of firms. Greatest output of goods and services at the least amounts of costs: types, laissez-faire economy: no regulation. Everything will reach equilibrium: problems, monopoly: only one producer of a product. Market domination: restraint of trade/collusion (trusts): several producers make an agreement. Unfair to others: how to get rid of problems, anti-sherman trust act: companies being broken up, negative externalities, no one cares about environmental public health. Indirect: only person that cares about regulating externalities is government, example: clean air act, command economy, some regulation, not complete, fiscal policy, technique: passing laws that increase or decrease taxing and spending (decided by. Congress: goal: want economic growth at a steady pace. Political science lecture notes part 2: citizens and politics: wealthy people benefit first from this.
