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HOUSEHOLD: The consuming population of an economy, which pretty much includes every living, breathing human being in a nation. The key contrast here is with business, the organizations responsible for production. In terms of the circular flow, households buy production from businesses through product markets and supply resources to business through factor markets. Check out the household sector for more.

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Lesson 9: Macro Basics | Unit 5: Issues Page: 14 of 16

Topic: Politics <=PAGE BACK | PAGE NEXT=>

Policy perspectives are filled with differing politics and political philosophies.

Reasons for differing views of the 'best' economic policies:

  • First: Human beings are different, with different likes, dislikes, tastes, preferences, values, beliefs, ideologies and opinions. This is the source of differences on what is considered the 'best' for the economy.
  • Second: Human beings often have vested interests in the consequences of the policies. They personally benefit from a policy. While self-interest is okay, the question is whether self-interests of the few prevent greater welfare of the many.

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ASYMMETRIC INFORMATION

Information is not equally available to everyone. Asymmetric information results because efficient information search inevitably stops short of compete information. Some people obtain more benefits from information than others, are willing to incur higher search costs, and thus end up knowing more. Or they incur lower information search costs and have easier access to the information. In a market, sellers tend to have more information about the good than buyers. Asymmetric information gives rise to adverse selection, moral hazard, and the principal-agent problem. These problems can be lessened through signalling and screening.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. "

-- John Quincy Adams, 6th US president

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National Longitudinal Survey
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