econ

• Externalities

  • Montreal protocol signed in 1987 -> decreased use of ozone depleting substances
  • EU's tradable permits for carbon, 2005 - reduced carbon emissions without having negative economic impacts on firms in terms of revenue, profit and employment
  • Columbia junk food tax in 2023
  • Financial aid to students to help them pay for college in the US
• According to a study done, the EU's tradable permits for carbon reduced carbon emissions without having negative economic impacts on firms in terms of revenue, profit and employment
• Economic objectives

  • Hyperinflation in Germany after the first world war, 1924 was 100 trillion times higher than in 1914
  • Great depression, US, 1930s, deflation - Low AD, Recessions, falling income, cyclical unemployment, Government intervention -> the new deal, Stimulus demand
  • China economic growth, reduced poverty, improve living standards
  • 1920s, US recession with high unemployment, self corrected 1922
  • Covid, US government, unemployment benefits, hundreds of billions
  • US has high GDP per capita but high Gini coefficient, contrasts Belarus
  • South side of Chicago, persistent unemployment, crime
  • Venezuela, hyperinflation, 2010s, 35% contraction 2014-2019
  • Zimbabwe, 2000s, inflation, imbalance of payments
  • Spain: 14% unemployment (high job protection), Singapore: 2% unemployment (no minimum wage)
• Japan lost decade - Early 1990s, deflation eroded consumer and business confidence, leading to declining spending and investment, GDP declined by 0.1% in 1991, 0.5% in 1992, 0.6% in 1993
• National defense

  • Ministry of defense, 1947
  • The U.S. military relies on private military
• Newfoundland in 1960s, fishery collapsed in 1990s
• US fishing, catch limits and licenses