The private uses of public interests: incentives and institutions

Article Abstract:

The failure of the federal government to achieve Pareto or near-Pareto improvements for the public interest can be explained by four interrelated hypotheses. One such hypothesis is the inability of the government to make commitments. Another is coalition forming and bargaining that result in suboptimal outcomes. The third explanation is destructive competition which is very common in zero-sum games. The last hypothesis for the failure of the government to implement Pareto improvements is the uncertainty about the consequences of change.

Economic policy, Markets (Economics), Social economics, Socioeconomics, Public interest, Welfare economics

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New and old Keynesians

Article Abstract:

The new Keynesian advocates suggest that risk distribution in modern economies may be detrimental to the general economy. This perspective argues for a de-emphasis on the product market and emphasis on the capital and labor markets. The school of thought attempts to explain why some institutions fail to meet expectations by pointing out the delimiting and negative effects of imperfect information on the economy that may result in high unemployment rates in the labor market.

Distribution (Economics), Keynesian economics

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Reflections on the natural rate hypothesis

Article Abstract:

The usefulness of NAIRU (nonaccelerating inflation rate of unemployment) as a tool for academicians and government officials can be determined using three criteria. These include the ability of economists to explain why NAIRU changes, NAIRU's ability to explain inflation rate changes and the importance of the previous criteria for policymaking. The natural rate of unemployment hypothesis was able to pass all of the requirements.

Forecasts and trends, Inflation (Finance), Inflation (Economics)

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