Chapter 1 Iron Law of Public policy? Types of government policies?

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Presentation transcript:

Chapter 1 Iron Law of Public policy? Types of government policies?

Iron law of public policy “For some businesses, profits increase when government acts; for others, profits falls…[E]very act of government no matter what is broader merits or demerits for society at large, creates winners and losers within the competitive sector of the economy.”

Types of public policy Distributive Redistributive Regulatory: Restrictions, monitoring, and forcing companies.

Chapter 2 (1): How the market works? What is the market? Assumptions to understand how the market works? What is Laissez-faire? Why should we support or restrict laissez-faire? The price mechanism

Assumptions to understand how the market works? Individuals: unit of analysis Individuals are self-interested Individuals are rational

Why should we support Laissez-faire? Efficiency Innovation Liberty

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