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C394 - Feb 24 - Exam Feedback and Gov't and Gov't Failure.docx

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COMM 394
Tony Boardman

Exam Feedback • E.g. Bike Helmet – Allocative efficiency, equity, rights • E.g. Advantage and disadvantages of 3 policies (carbon tax, cap and trade, standards) • ETHICS - Kant believed the ends justify the means – NO o Robin Hood – need to distinguish between  Act utilitarianism  Rule utilitarianism o In the game, individual utility max would lead to cheating, but rule utilitarianism would lead to honesty • Perfectly Competitive • Negative Externality – DWL o Impose TAX (GFDC) o Decreases externality, selling less, (BCDE) o Eliminated DWL 8. Government and Government Failure - Olympics – why fund/subsidize athletes, CBC (broadcasting)? o Public – happy, sense of pride o National prestige o After event, we all talk about it – post-game happiness o Positive consumption externality o CBC – broadcasted, not pay-per-view channel which limits number of viewer [5] Rent Control – DWL created Cap and Trade Government Failure - What 2 examples have in common? o Solve a problem, but didn’t actually o Good intentions, maybe for other reasons o Fails to maximize allocative efficiency - What is government failure? o Fails to act in the “public interest” o What government does, why they do it Democracy - Churchill – says “best of the worst” - What are the other forms? o Dictator  One person’s decisions – not representative, biased  Tends to corrupt - Democracy – representative and responsible Representation Methods - Direct (pure) democracy (referendum) o Timely, cost, transaction cost high o Not all places have same issue, local issues vary o Not everyone informed o Doesn’t reflect strength of preferences – only one vote per person o Declining interest - Representative democracy (with g
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