Concept and Need of Social Security Measures
Concept of Social Security Measures Social security measures are programs and policies designed to provide financial support and assistance to […]
Economics, MEC 205
Economics
Pigou Approach to Social Welfare
The Pigou Approach to Social Welfare, named after economist Arthur Cecil Pigou, primarily deals with how to address the negative externalities (such as pollution) that arise from market activities and the resulting impact on social welfare.
Efficiency Wage Model
The Efficiency Wage Model suggests that paying workers higher wages than the market equilibrium can lead to increased productivity. By offering above-market wages, employers can boost worker morale, reduce turnover, and improve overall performance. This blog explores the theory behind efficiency wages, how they influence worker effort, and their impact on firm productivity and the broader economy.
Evolution of International Monetary System
The evolution of the international monetary system reflects the changing economic and political landscape over centuries, involving a shift in global financial practices. Here is an overview of its main stages
Trends in the International Monetary and Financial Systems
The international monetary and financial system has undergone significant transformations over the decades, adapting to global economic shifts, crises, and technological advancements.
Forms of Economic Integration
Economic integration refers to the unification of economic policies between different countries, which typically involves reducing or eliminating trade barriers.
Multilateral Framework of International Trade
A multilateral framework of international trade refers to the system in which multiple countries cooperate to establish rules and agreements governing trade relationships between them.
Causes of Market Failure
Market failure happens when free markets fail to allocate resources efficiently, leading to a loss in social welfare. This blog post explores the core concept of market failure, its major causes—including externalities, imperfect competition, public goods, and imperfect information—and how each contributes to inefficiency in real-world markets.
Social Welfare: Concept and Approaches
This concept forms the foundation of various social welfare functions in economics, each offering a different approach to how society’s welfare is aggregated from individual utility levels.
Dual Federalism Governance Model
Dual federalism, often termed “layer cake federalism,” is a model of governance in which the powers and responsibilities of the federal and state governments are distinctly separated.