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In the book Policy and Choice: Public Finance through the Lens of Behavioral Economics economists William J. Congdon, Jeffrey R. Kling and Sendhil Mullainathan argue that though traditional public finance provides a comprehensive framework for policy analysis, insights from behavioral economics can be applied to questions of economic policy ...
David Gal has argued that many of these issues stem from behavioral economics being too concerned with understanding how behavior deviates from standard economic models rather than with understanding why people behave the way they do. Understanding why behavior occurs is necessary for the creation of generalizable knowledge, the goal of science ...
These are referred to as the policy goals: the outcomes which the economic policy aims to achieve. To achieve these goals, governments use policy tools which are under the control of the government. These generally include the interest rate and money supply , tax and government spending, tariffs, exchange rates , labor market regulations, and ...
In the 1978 Chilean national consultation, in addition to the biased question text, the SI ("Yes" to Pinochet and his government) is under a sketch of the flag of Chile while NO is under a lower dark flag. This nudge [35] and other measures got a 79% support for "yes". There are various notable examples of government applications of nudge theory.
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.
The economic policy of the Joe Biden administration, colloquially known as Bidenomics (a portmanteau of Biden and economics), is characterized by relief measures and vaccination efforts to address the COVID-19 pandemic, investments in infrastructure, and strengthening the social safety net, funded by tax increases on higher-income individuals and corporations.
Whereas fiscal lawmaking is left up to the three branches of government, the Fed sets monetary policy, mainly by adjusting interest rates, the money supply and bank regulations to foster economic ...
Since voter behavior influences public officials' behavior, public-choice theory often uses results from social-choice theory. General treatments of public choice may also be classified under public economics. [7] Building upon economic theory, public choice has a few core tenets. One is that no decision is made by an aggregate whole.