ECON 1000 Chapter Notes - Chapter 19: Progressive Tax, Opportunity Cost, Regressive Tax

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ECON 1000 Full Course Notes
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ECON 1000 Full Course Notes
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Correct for externalities --> environmental acts, smoking by laws. Legal and social framework --> laws, legislation, etc. Provide foods and services --> military, hydro, education, health care. Between 1929-1933 --> gdp decreases, businesses failed, banks closed, unemployment increase after stock market crash. Classical theory - no longer useful as lowering prices, wages and interest rates did not lead to full employment. One of the first economists to propose the government had to spend its way out of the depression by hiring workers in major public work projects. Canadian economy returned to full employment (fe) A philosophy that the government should intervene to help people who are poor, sick, unemployed as well as provide equal access to 3 main areas (security, health & education) Major change from laissez-faire capitalism (supported by more traditional economists) Transfer payments: money given to a disadvantaged individuals and households. 3 main problems with canada"s social welfare programs:

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