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The debate over legal requirements of a balanced federal budget has gained new life. A requirement would have strong implications for future fiscal policy. Done right, a requirement will allow Congress to combine a balanced budget with policy goals such as growth and full employment. Done wrong,...
Persistent link: https://www.econbiz.de/10013040528
one-commodity setup (pure distributive social system). Non-cooperative distributive equilibrium is characterized, and its … pure distributive social systems to general social systems that combine competitive market exchange with the non … property in two versions of the theory successively: the general social systems of Section 4; and the important special case of …
Persistent link: https://www.econbiz.de/10014023678
We formulate a rule for allocating asylum seekers that is based on the social preferences of the native workers of the … receiving countries. To derive the rule, we construct for each country a social welfare function, SWF, where the social welfare … relative income. In a utilitarian manner, we combine the social welfare functions of the countries into a global social welfare …
Persistent link: https://www.econbiz.de/10014502780
We formulate a rule for allocating asylum seekers that is based on the social preferences of the native workers of the … receiving countries. To derive the rule, we construct for each country a social welfare function, SWF, where the social welfare … relative income. In a utilitarian manner, we combine the social welfare functions of the countries into a global social welfare …
Persistent link: https://www.econbiz.de/10014518659
We analyze investment decisions when information is costly, with and without delegation to an agent. We use a rational-inattention model and compare it with a canonical signal-extraction model. We identify three "investment conditions". In "sour" conditions, no information is acquired and no...
Persistent link: https://www.econbiz.de/10011667675
The worst global downturn since the Great Depression has caused ballooning budget deficits in most nations, as tax revenues collapse and governments bail out financial institutions and attempt countercyclical fiscal policy. With notable exceptions, most economists accept the desirability of...
Persistent link: https://www.econbiz.de/10013083044
A utilitarian social planner who maximizes social welfare assigns the available income to those who are most efficient …
Persistent link: https://www.econbiz.de/10013119062
A utilitarian social planner who maximizes social welfare assigns the available income to those who are most efficient … equality ; Social welfare maximization ; Relative income …
Persistent link: https://www.econbiz.de/10009349040
A utilitarian social planner who maximizes social welfare assigns the available income to those who are most efficient … equality ; Social welfare maximization ; Relative income …
Persistent link: https://www.econbiz.de/10009355518
When individuals’ utility is a convex combination of their income and their concern at having a low relative income (the weights attached to income and to the concern at having a low relative income sum up to one), the maximization of aggregate utility yields an equal income distribution. This...
Persistent link: https://www.econbiz.de/10010490143