According to David Hyman (2011), what happens if you don't have good government?

Q: Every modern society has a government of some sort, and every society has an economy as well. But…

A: Socioeconomics is a field of study that combines elements of sociology and economics to analyze and…

Q: Using your own example explain how the macroeconomic objectives of a government might conflict.

A: Macroeconomic objectives might conflict For example if inflation is reduced unemployment would…

Q: When you hear language like "serve the general good," it's reasonable to be concerned about personal…

A: Common goods in economics are defined as those goods or resources that are rivalrous and…

Q: rade-off between efficiency and equity is of great importance to economists. Why are economists so…

A: In the context of economics, it can be defined as the concept to use the given resources in such a…

Q: Is Conscious Capitalism an illusion? Can someone please explain with an citation at the end.

A: Capitalism is a monetary framework dependent on the private responsibility for method for creation…

Q: Does the economic model or socioeconomic model of social responsibility make more profits? And why?

A: ANS The economic model assumes that society will receive the most benefit when producers are left…

Q: What are the types of market failures in an economy? and gave two examples of each.

A: Market failure occurs when the price system in the economy fails to factor in all the economic…

Q: Describe the public policy cycle? Support your answer with examples.

A: The course of public approach has various stages which communicate in a powerful manner:…

Q: Is there a need for the government to talk about Economics in layman's term? Justify and explain.

A: Government. in general, is known as the authority that is meant to make major decisions regarding…

Q: Consider the first two principles of economics: Choose one of them and state it. Then discuss an…

A: The principle which I have chosen is  "People face trade-offs"  Nothing is free in this world.…

Q: Discuss examples of the different ways that the government intervenes in the economy.

A: Government intervenes refers to an action plan of government or public entity in order to have a…

Q: Every citizen should take basic economics is an example of a positive statement true or false

A: Positive Statements are those which can be tested and proved.  Normative statements are those which…

Q: What are the characteristics of law

A: Law affects and protects the social, political, cultural and economic areas and values of the…

Q: Sometimes political needs override economic needs. For example, bringing inflation under control may…

A: Inflation: It is the increase in the general price level of goods and services in an economy over a…

Q: What is the role of government in an economy. Explain in detail.

A: The institution that a society uses to create and implement its public policies is referred to as…

Q: Compare and contrast political economy and political system.

A: Despite the fact that the terms political economy and political system are sometimes used…

Q: Which is a more serious problem between market failure and government failure?

A: Government intervention to resolve market failures, and to manage the macroeconomy, can fail to…

Q: How do the political system,the economic system and geography of a country affect social behavior.

A: Social behaviour will be behaviour among at least two organic entities inside similar species and…

Q: Social scientists: O want models that look exactly like the real world don't like to make…

A: Social Scientist is a person who is an expert in the study of society and analyses the social…

Q: all the three models (Ricardian, Specific Factors and Heckscher-Ohlin) discuss how trade is always…

A: Autarky is a situation in which the economy is closed, that is no foreign trade. The David Ricardo…

Q: In which type of economy does only the government make economic decisions?

A: The economy in which the only government make or take the economics decisions are the  CENTRALLY…

Q: Why couldn't an economy function without government intervention?

A: An economy needs government intervention for some specfiic purposes because there are various types…

Q: Define theocratic law with example.

A: Theocracy is a form of government which is being ruled by the religious leaders. The laws of the…

Q: How is it possible to bear a cost without realizing it? What are some examples of policies that…

A: Costs are the expenses one has to incur either in the production activities or during the purchase…

Q: Give an example of something that is an economic good for one person and a financial bad for someone…

A: Financial things are the ones that mainly focus on wealth and its maximization. Economic thing…

Q: Are there any circumstances under which society could exist without law?

A: ANSWER   A Society rarely survives without some formed code of conduct. Thus it cannot exist without…

Q: Based upon those notions of self-interest and public interest and the bringing of both into harmony,…

A: The market economy is one in which the forces of supply and demand determine market price and…

Q: Jim says, "I think it's a little like when you have a cold or the flu. You don't need to see a…

A: The area of production, consumption, distribution, and trade of goods and services by different…

Q: economic populism?

A: Economics-It deals with the production, distribution, consumption of goods, and services.

Q: How did sectarian violence influence the shaping of some parts of the West?

A: The sectarian violence is also known as the sectarian strife and this was inspired from the…

Q: What are the two reasons why the government sometimes failed in their programs

A: The Government fails in many times in their programs due to the following reasons Imperfect…

Q: Capitalism

A: ‘Socialism’ and ‘capitalism’ are the two most important types of economy prevailing in our world…

Q: WHAT is an example of the government (laws) shaping the economy or vice versa

A: A government can attempt to shape the pace of economic development through supply-side and…

Q: your own point of view, what is Totalization?

A: Answer (Point of view depends upon the which type of totalization.)   Totalization refer to the…

Q: What is your major take away from Thomas Dye’s definition of public policy)?

A: To find : Highlights from thomas dye definition of public policy.

Q: two economists went to the same university disagree on policies such as minimum wages or higher…

A: Economics, like many fields, is subject to interpretation and personal bias. Two economists can look…

Q: What Are the Advantages and Disadvantages of Policies?

A: A policy is a system of principles being designed in order to guide decisions being made and achieve…

Q: Which of the following actions would Adam Smith most likely have suggested?…

A: The objective of the question is to identify which of the given actions aligns with the economic…

Q: state some flaws in the democratic system of government

A: A democratic system of government is where the power is vested in the hands of the people so that…

Q: Why is the study of economics important to democracy and why is it important for society to have an…

A: ExplanationEconomics is a subject that deals with the relationship between individuals who are…