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Micro 23.pdf
- 4. Quizmaster
- 7. Chapter 20 Political Economy and Public Choice
- 9. Individual, Groups, Dictator Choose,Vote, Impose Choices
- 11. Producers, Consumers, and Entrepreneurs Politicians and Bureaucrats Incentives
- 12. Personalize the benefits Socialize the costs Private Choice Public Choice
- 13. Special Interests or General Public Who is more informed?
- 14. The reason there will be no change is because the people who stand to lose from change have all the power. And the people who stand to gain from change have none of the power. -Machiavelli
- 15. The person with the knowledge should have the power to make the decision Knowledge and Power
- 17. Benefits of Learning vs. Costs of Learning Rational Ignorance
- 18. Chapter 24 Asymmetric Information, Moral Hazard, and Adverse Selection
- 19. moral hazard to act differently because someone else will pay the costs
- 21. adverse selection making a bad choice due to lack of information
- 23. Minor - 5 classes Concentration - 6 classes Economics
- 24. Minor Concentra tion ECON 200 Microeconomics ECON 201 Macroeconomics ECON 350 Development Economics ECON 353 Money, Banking, and Business ECON 360 International Economics Electives - Pick 1 from 4 options
- 26. 1997 2020 $40,000 Increased by 167% You get 0.375 of a degree $148 Decreased by 99.0% You get 100 TVs Large-Screen TV $15,000 College Degree $15,000 In the past 23 years a college degree has become 267 times more expensive relative to TVs 100 ÷ .375 = 267
- 27. 1997 2020 Large-Screen TV 1997 2020 Nominal Price $15,000 $148 Average Hourly Income $12.50 $24.60 Time Price in Hours 1,200 6 Time Price Declined by 99.5% Resource Abundance Multiplier: 200 Percentage Change in Personal Resource Abundance: 19,900 percent
- 28. 1980 2018
- 29. Time Price Database 1980 2018
- 30. 1980 2018 $14.99 $22.95 Change Reduced by 80% $22.46 Per Hour $6.85 Per Hour 3.35 Hours 0.67 Hours 5x
- 31. 1980 2018 $71.98 $459.95 Change Reduced by 95.2% $22.46 Per Hour $6.85 Per Hour 67.1 Hours 3.2 Hours 21x
- 32. 1980 2018 $62.89 $459.95 Change Reduced by 95.8% $22.46 Per Hour $6.85 Per Hour 67.1 Hours 2.8 Hours 24x
- 33. 1980 2018 $36.80 $399.85 Change Reduced by 97.2% $22.46 Per Hour $6.85 Per Hour 58.4 Hours 1.6 Hours 36x
- 35. 2018 8.3 hours 1 day 1980 196 hours 24 days Reduced
- 36. Monopoly
- 37. Chapter 14 Price Discrimination and Price Strategy
- 38. Chapter 16 Networks, Platforms, and Free Goods
- 41. Chapter 19 Public Good and the Tragedy of the Commons
- 42. Chapter 20 Political Economy and Public Choice
- 43. Chapter 24 Asymmetric Information, Moral Hazard, and Adverse Selection