POL 161 Chapter Notes - Chapter 4: Higher Education, Effective Competition, Purchasing Power Parity

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11 Sep 2017
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The components of political economy: all modern states are strongly involved in the affairs of their economies, states use numerous institutions to shape the economy to further their goals. Public goods: goods, provided or secured by the state, that are available for society and indivisible, meaning that no one private person or organization can own them, generate greater equality bc public can share broadly in their bene ts. Social expenditures: who bene ts: state"s provision of public bene ts [education, health care, transportation, provided by the state to those who nd themselves in circumstances where they require greater care. Regulation: regulations: rules or orders that set the boundaries of a given procedure, may be fundamentally economic in nature [control prices for goods/services, monopoly - market controlled by single producer, essentially social in nature [managing risks] Measuring inequality and poverty: the data does not tell us how the wealth is distributed among a population > gini index.

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