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Economic determinism is a socioeconomic theory that economic relationships (such as being an owner or capitalist or being a worker or proletarian) are the foundation upon which all other societal and political arrangements in society are based.
Weak sustainability is an idea based upon the work of Nobel laureate Robert Solow, [4] [5] [6] and John Hartwick. [7] [8] [9] which states that 'human capital' can substitute 'natural capital'. The weak sustainability paradigm stems from the 1970s.
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being.
The cycle starts with economic stagnation, which can enhance and expose the inefficiencies of a weak government and rule of law that cannot effectively respond to the problem. Because a government is unaccountable or weak, small interest groups can use the government for their specific interests, resulting in rent-seeking and corruption.
A government facing the same information constraints as the private individuals in the economy can nevertheless find Pareto-improving policy interventions. [ 34 ] Greenwald and Stiglitz noted several relevant situations, including how moral hazard may render a situation inefficient (e.g. an alcohol tax may be pareto improving as it reduces ...
"In essence, this money has been stolen from all of us for all these years," said an 84-year-old woman whose late husband's Social Security benefits were slashed. "It's not fair."
Government failure (by definition) does not occur when government action creates winners and losers, making some people better off and others worse off than they would be without governmental regulation. It occurs only when governmental action creates an inefficient outcome, where efficiency would otherwise exist.
The Lagos state government flattened Badia East in February 2013 to clear land in an urban renewal zone financed by the World Bank, the global lender committed to fighting poverty. The neighborhood’s poor residents were cast out without warning or compensation and left to fend for themselves in a crowded, dangerous city.