Abstract This paper examines the Public Choice Theory and deadweight loss as they apply to Indian economic history.
From the Paper "India's economic history has been a case study for economists of the Public Choice Theory school. The maxim held by all free market economists is that people are motivated mainly be their self-interests. Although people often do act based on their concern for other people the basic motive behind a person's actions is typically a concern for their own self. Public Choice theorists take this self interest and ascribe it to the people in power. Public Choice economists believe that people acting in the political marketplace are ..."
Tags: India, economic history, public choice theory, deadweight loss
Abstract This paper examines the theoretical concept of consumer surplus and investigates whether it is measurable. Specifically, the author attempts to demonstrate that consumer surplus can describe a definite conceptual idea, but that any attempt at quantifying results is a logical contradiction.
Introduction and Thesis
The Concept
The Measurement
The Problem of Measurement
Conclusions
From the Paper "Before beginning a theoretical analysis of the concept of consumer surplus, a brief sketch of the thoughts of other authors is in order. According to George Stigler (1965, p.79), the history of the concept can be traced back to Jules Dupuit (1884), and his search for a justification of public works. Alfred Marshall (1920, p.103) first coined the term "consumer' surplus" to describe for a consumer "the excess of the price he would be willing to pay rather than going without the thing, over that which he actually does pay." Thus the reference to Marshallian Consumer Surplus came into the lexicon."
Abstract This paper explains that the euro has served as the greatest economic policy experiment, uniting several large countries and facilitating greater competition, trade and financial stability. The paper points out that the euro spawned a new era of competition for Eurozone businesses, radically reducing transaction costs, creating a broader pool of savings with a diversified set of options for borrowers and increasing competition between legal environments. The paper also reports that the implications from increased international trade due to the euro include the elimination of deadweight loss and a gain to consumers. The paper concludes that the euro will continue to play a critical part as the Information Age continues to mold previously segmented economies into one thriving global economy.
Table of Contents:
The Globe
Unprecedented Competition
Trade Amplification
Financial Stability
Conclusion
From the Paper "It is intuitive that sharing a common currency increases trade between a pair of countries, but the major question is why. Rose simply admits that he does not know. He speculates that a common currency might mean greater political commitment to a long-term economic integration or perhaps greater financial integration between two countries. While the reason behind this is still a puzzle, it nevertheless has many implications for both the EMU and the increasingly global economy."
Tags: competition eurozone, gravity model, internet integrating
