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cdae uvm

cdae uvm

Description

School: University of Vermont
Department: Cmty Dev&Apld Econ
Course: Principles of Community Development Economics
Professor: Joshua farley
Term: Fall 2016
Tags:
Cost: 50
Name: CDAE 061 Final Study Guide
Description: This is the study guide for the cumulative exam on Thursday!
Uploaded: 12/13/2016
20 Pages 205 Views 5 Unlocks
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o What do economists say is the goal?




o What are desirable ends?




∙ What distinguishes ecological economics from conventional (neoclassical) economics?



Economics Final Study Guide Midterm 1 ∙ Neoclassical economics  o Textbook definition   Currently dominant school of economics, characterized by its  marginal utility theory of value, its devotion to the general  equilibrium model stated mathematically, its individualism,  and its reliance on free markets and thIf you want to learn more check out moral pressure constitutes false imprisonment.
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e invisible hand as the  best means of allocating resources, with a consequent  downplaying of the role of government  o Focuses primarily on self regulating market economy  o Built on math framework  o Assumptions  People are rational/self interested/always want more  Economy can and should grow forever  ∙ Ecological economics  o Textbook definition   The union of economics and ecology with the economy  conceived as a subsystem of the earth ecosystem that is  sustained by metabolic flow or throughput from and back to  the larger system   *also see the definition for throughput* o No single methodology (transdisciplinary)  o Built on the assumption that economic system is a subsystem of the global ecosystem   Expands when it needs to o Can’t make something out of nothing (thermodynamics)  o Main goal   Future matters  Ecological sustainability  o Not elegant or simple  Highly complex world  ∙ What distinguishes ecological economics from conventional (neoclassical)  economics? o Pre analytic vision  o Ecological economy is a complex evolving system   Feedback loops   Highly non-linear change   Emergent phenomena   Surprise   Chaotic behavior  Uncertainty and ignorance (in technology and ecology)  o The ever growing circular economy   Exponential economic growth  o The economic system is simple  Human behavior is simple (says economists), they always  want more (selfish)  Market system is simple   We can model the system mathematically and show it moves  toward optimal equilibrium   Perfect knowledge and risk dominate uncertainty and  ignorance  o Physics of Ecology   1st law of Thermodynamics  ∙ you can’t make something from nothing, can’t make  nothing from something  ∙ Natural resources are essential to economic production  ∙ Opportunity cost of economic growth is degradation of  ecosystems   2nd law of Thermodynamics  ∙ entropy increases in the universe = all work requires  energy  ∙ One way flow from natural resources  human made  economic services  waste  ∙ Increase in disorder and uselessness  ∙ Like a digestive system, not a circulatory system  ∙ “throughputs” not “inputs” = things don’t disappear  ∙ Waste emissions further reduce the flow of goods and  services from nature  o Laws of ecology   Conversion of ecosystem structure into economic products  degrades and destroys ecosystems  ∙ Example: biodiversity  ∙ Waste emissions degrade/destroy ecosystems  o Laws of economics   Diminishing marginal returns, opportunity costs and  uneconomic growth   Sustainable growth is an oxymoron   Ever continuing growth in material consumption is an  impossible goal   Economic development is possible but not continuous  economic growth o Uneconomic growth  o Sustainable scale = as economy grows, scale increases   We care about this because we care about future generations  Scale = size of economic system relative to the ecosystem  that contains and sustains it  Comparative and absolute advantage o Absolute   Maria is a better lawyer and typist than Jon  o Comparative   Maria is a better lawyer but only a slightly better typist  than Jon  o If the opportunity to practice law is the cost, then Jon has a  comparative advantage in typing  o Opportunity cost and exchange   Maria types x2 fast as Jon   She gets $200/hr for practicing law   Jon charges $10/hr for typing  She should practice law and pay Jon to type to save both  hours and money  ∙ Sources of comparative advantage   Nations  ∙ Natural resources ∙ Human capital ∙ Built capital   Individual  ∙ Natural abilities ∙ Education and training  ∙ Experience  ∙ Capital  The difference between complements and substitutes o Complement  An increase in the price of one causes a decrease in the  demand of the other   If a decrease in supply of an unpriced good leads to a  decrease in demand for a market good or vice versa o Substitutes   Two goods are substitutes in consumption if an increase in the price of one causes an increase in demand for the other   If increase in supply of an unpriced good leads to a decrease  in demand for a market good and vice versa  ∙ Example: water and water bottle  Opportunity costso Micro level = the best alternative you sacrifice when doing  something else   Allocating resources   Allocating income  ∙ Spend $ on beer and pizza you give it up and it  therefore cannot be spent on books   Allocating time  ∙ If you weren’t doing what you were doing, what  would you be doing? o Macro level = what we give up in ecological opportunities when  the economy grows  Desirable Ends o Definition of economics   Allocation of available resources among alternative  desirable ends, within and between generations  o What are desirable ends?  Is the answer to this based on ethical values or objective  science? (normative or positive?) o What do economists say is the goal?  Endless growth  Satisfaction of individual preferences  ∙ Preferences weighted by purchasing power   Maximization of monetary value  Does sustainability matter?  Distribution?  ∙ Who should own natural goods?  Is stability desirable?  ∙ Job security? Marginal Analysis  Rate of change ∙ Change in one additional unit  ∙ “change in margin”   Diamond water paradox  ∙ Why do diamonds cost more than water? o Use value = total value of all units consumed  o Exchange value = marginal value (last unit)   Basic rules of econ ∙ Optimum occurs when: marginal benefit = marginal  cost  ∙ I’ll keep buying things as long as the benefit is bigger than the $ it costs  ∙ BUT are all benefits measured the same way?Rivalness o An inherent characteristic of certain resources whereby  consumption or use by one person reduces the amount available  for everyone else Excludability  o Legal principle that when enforced allows an owner to prevent  others from using his/her asset  Stock Flow  o Raw materials, ecosystem goods  o Material transformation  o Used up (depletion)  My use leaves less for your use  o Rate/flow can be generally controlled  Ex: we choose how fast we use fossil fuels  Fund service o Ecosystem functions, services, land, machines, labor  o Not transformed into what it produces  o My use may not leave less for you  o Human made fund service resources wear out, not used up  o Rate of use can’t be controlled  Elastic  o More substitutes = more elastic  o Small change in price = large change in quantity demand  Inelastic  o Necessities with few substitutes are inelastic  o Small change in quantity supplied leads to large change in price  o The case for staple foods because they have few substitutes  o The more vertical the line, the more inelastic  Supply and Demand  o Demand curve   Schedule/graph that tells us quantity of a goof that buyers  wish to buy at each price, downward sloping   Consumption (use now) vs. speculation (exchange to sell  later)  Substitution effect ∙ Change in quantity demanded of a good that results  because buyers switch to or away from substitutes  when the price of a good changes (substitutes don’t  always exist—epipens)  Income effect  ∙ Change in quantity demanded of a good that results  because a change in the price of a good changes the  buyer’s purchasing power   When demand shifts, movement along the supply curve   Equilibrium is when the supply/demand lines cross in an  “X”  Determinants of Supply  o In the shoes of the producer  o Weather  o Input prices (costs) o Technology  o Subsidies (increases supply because the cost for the company  making the good goes down because they’re being paid to  produce it) o Expectations  o # of sellers  Determinants of Demand  o In the shoes of the consumer o Income (income goes up, demand generally goes up) o Substitutes  o Complements (tennis gets big, people go buy rackets, also buy  balls)  o Expectations (if you speculate the price of something is going to  go up then you buy it now and demand would increase)  o Tastes  o Advertisements  o Increase in population  Price Elasticity of Demand  o % change in quantity demanded/% change in price  o > 1 = elastic  o < 1 = inelastic  o =1 = unit elastic  o Normal good = income elasticity is + o Inferior good = income elasticity is - Midterm 2 Pareto Efficiency o Increasing the welfare of someone without decreasing the  welfare of someone else o Neoclassical economists say that you cant measure utility  (optimality reached if winners compensate losers) o Equilibrium is pareto efficient  o Ecological economists say to solve sustainability/distribution  problems first before letting markets allocate Invisible Hand  o If one market is making economic profit other firms are going to  allocate their resources to where there’s profit  o You are likely to enter a different market that is making profit  o Organic milk vs. regular milk example  organic makes more  profit so you switch to that market, then organic market gets too  crowded  o Resources are allocated to those who value them most (rationing function of price) o Value is determined by preference and weighted by purchasing  power  o Invisible Hand theoretically minimizes the cost of market  products while ensuring a fair return to producers  o In a competitive market, all firms tend to earn zero economic  profit  Rational Spending rule  o (AKA equimarginal principle of optimization)  Spending should be allocated across goods so that the  marginal utility per dollar is the same for each good  Applies to all goods o Marginal utility = what we would get from one additional unit  Monopoly  o Marginal revenue < price  o Pure monopoly   Most efficient, the only supplier of a unique product with no close subs (patents) o Oligopoly   Firm produces product for only a few rivals produce close  subs (food, media, banking)  Problem with collusion (firms meeting to mess with price  and supply)  o Monopolistic competition   Large # of firms produce slightly different products that are close subs  Brand loyalty (cigarettes)  o Government regulated monopolies can be a good thing Water system = you wouldn’t want multiple companies  involved because it would be too expensive  Natural Monopolies o High fixed costs o Low marginal costs  o Average total cost decreases as output increases/marginal cost  increases  o With one company in control, the cheaper it is the more you  produce  o > 1 company controlling, high fixed costs from all of them would  tale double time for price to decrease  Competitive firms  o Marginal revenue = price  Producer surplus  o The difference between the amount a producer of a good  receives and the minimum amount the producer is willing to  accept for the good  Economic surplus  o Sum of all the individual economic surpluses gained by buyers  and sellers in the market  o Sum of producer and consumer surplus in market  o Maximized @ market equilibrium  o A measure that can be used to determine economic efficiency  Consumer Surplus  o Difference between the total amount that consumers are willing  to pay for a good and the amount they actually pay (market  price)  Deadweight loss  o People that are left out due to price  o Cut out of the market  Fixed factor vs. Variable factor  o Fixed  An input whose quantity cannot be altered in the short run  o Variable   Input whose quantity can be altered in the short run  ∙ Raw materials, temporary workers  Perfectly competitive firm vs. Imperfectly competitive firm o Perfectly comp.   Perfectly elastic demand for product o Imperfect Downward sloping demand curve  Some control over price  Functions of price  o Rationing function  Distributes scarce goods to consumers who value them  most  o Allocative   Directs resources away from overcrowded markets to  markets that are underserved/under-crowded  Law of Diminishing Marginal Utility  o Tendency for the additional utility gained from consuming an  additional unit of a good to diminish as consumption increases  beyond a point  Accounting profit vs. Economic profit vs. Normal profit  o Accounting   Revenue – explicit cost  o Economic   Revenue – (explicit cost + implicit costs (AKA opportunity  costs)) o Accounting profit > economic profit always  o Normal   Covering opportunity costs, breaking even Explicit cost vs. Implicit cost  o Explicit   Wage, rent, materials, payments from running a business  o Implicit   Opportunity costs  Final concepts Lecture notes from Nov 15-Dec 8  11/15/16 ∙ Non-rival and excludable: tragedy of the non-commons  o Why do we have patents?  Why would you develop something if someone else could  just take it away? o When did patents come about? 1790’s in US  1947 international, rarely used before 1980’s  1995 WTO extends protection   2016 TPP further extends protection for patents  ∙ Patents: efficiency and sustainability  o Create inadequate incentives for inventions that provide or  preserve public goods  o Raise costs for research   Profit motive prevents sharing of knowledge  o Monopolies on non-rival resource   Expensive to enforce  o Price ration use; MC (not =) MB  o Examples   New technology for highly efficient solar energy  Non-ozone depleting technologies   Indonesia’s avian flu  ∙ Patents and just distribution  o Samuel Slater  “Father of American industry”   Developed countries own 97% of all patents   Raises costs for research that meets the needs of the poor  ∙ Golden rice (rice with vitamin A in it)  “Standing on the shoulders of giants” ∙ Solution to tragedy of the non-commons o Commons based peer production or social production  o Public investment, common ownership  o Land grant universities (UVM)  o Rate of return on investments in public sector agriculture R+D  60-80% per year  ∙ *iclicker* Non-excludable and non-rival = public good  ∙ Market goods: the theory of externalities  o Externality   “an activity by one agent causes a loss (gain) of welfare of  another agent”  “the loss (gain) of welfare is uncompensated”  o Completely internal to economic process  You can’t produce something from nothing, unavoidable   What are implications for Pareto efficiency? o Externalities and profit maximization  ∙ Values of natural capital = mangrove ecosystems o Structure, raw materials, stock flow resources  Building materials, charcoal, food  o Function, ecosystem services, fund services   Storm protection Habitat, nursery   Waste absorption   Climate stabilization  ∙ Values of conversion = shrimp aquaculture  o High short term profits, heavily promoted by economists  o Shrimp and fish for 3-5 years  Carnivorous, net reduction in food production o Less protein than intact ecosystem o Massive waste output o Irreversible(?) destruction of ecosystem o Why convert? ∙ Impact of conversion  o On natural capital: loss of ecosystem services, loss of fish  production  o On social capital: nearby fishing communities that lose jobs,  move away from families  o On human capital: people need to learn new jobs because they  lose their old ones  ∙ “Optimal” pollution/degradation graph  ∙ Solutions for externalities: Regulations  o Best management practices  o Best available technologies  o Caps on resource extraction, waste emissions   Example: no conversion of mangroves to shrimp  aquaculture  o Non-market mechanism, Producers cannot adjust MC to equal MB  But costs and benefits may not be directly comparable  11/17/16 ∙ Market solution: Property rights  o Who owns the environment? o Polluter “rights” o Sufferer rights  o What about future generations? ∙ Market option 1: property rights  o *graph* ∙ Problems with property rights  o Transaction costs  In absence of transaction costs, no negative externalities   What are transaction costs likely to be for externalities  affecting public goods?  How many people affected by climate change? o Wealth effect o Intergenerational externalities ∙ Market solution 2: Pigouvian taxes o Tax externalities   Ideal tax = marginal cost ∙ Example: gas tax $12/gallon, people would buy more gas guzzling cars  Can costs be measured in monetary terms? o Basic idea   Set price, let this determine Q at which demand = price   Price determines scale  ∙ “Market” Option 2: Pigouvian tax: getting prices right  o *graph* ∙ Market Solution 3: Cap and trade/cap and auction  o 3 steps  Sustainable scale: set cap  ∙ Example: TMDL  Just distribution: determine property rights ∙ Example: do resources belong to those who exploit  them or to the public?  Efficient allocation: tradable quotas (cap and trade) or  public auctions (cap and auction) o Basic rule = scale is price determining  ∙ Market Option 3: Tradable quotas: setting ecologically sustainable scale o *graph* 11/29/16 ∙ What’s better, tax or quota? o Prices adjust to ecological constraints faster then ecosystems  adjust to economic impacts  o Distributional impacts   Taxes  Quota = use quotas with ecological constraints  ∙ Ignorance and Uncertainty  o Perfect markets require perfect information  o Asymmetric information   Nobel prize in 2000  Theory of lemon  o Irreducible ignorance   New technologies  Fossil fuels, etc.  o Time logs  o Ecosystem function  o Solution = better information flows, precautionary principle  ∙ A symmetric preference formation o What forms our preferences? o In what direction are our preferences pushed, towards market or  non-market goods? o Solution = balanced information flows (would change the way we handle things)  ∙ Missing markets  o For a market to work, everyone must be able to participate o Future generations can’t participate in today’s markets  o People without money can’t participate  Example: many indigenous people o How much would the Mona Lisa sell for if it were auctioned off in  St. Albans   Not very much  o Solution = inalienable property rights for future generations  Cheap form of energy maybe  Stable climate  ∙ Taxes and Efficiency  o What’s the impact of taxes?   On market equilibrium?  On efficiency?  On distribution? (who pays them?) ∙ *iclicker* What is deadweight loss? o A: The reduction in total economic surplus that results from the  adoption of a policy ∙ Graphs  o The effect of a tax on the equilibrium quantity and price of  potatoes  o Deadweight loss caused by a tax  o Dead loss caused by externalities  o Taxes can eliminate deadweight loss  o Elasticity of demand and deadweight loss from a tax  ∙ BUT… o The less elastic the demand, the greater share of the tax paid by  the consumer  o What are the distributional implications of taxes on necessities?  o What are the distributional implication of a carbon tax?  Who reduces consumption the most?  o How effective are taxes as a policy to prevent addictive  behavior?  Tobacco example  ∙ Taxes and efficient  o Who pays a tax?  The more inelastic the demand, the more the consumer  pays  The more elastic the supply, the more the consumer pays   When supply is perfectly inelastic, the tax falls entirely on  the producer ∙ What do you think? o If the demand for food is inelastic, why is it not taxed? o Tax on pollution? o Tax on deforestation? o Would a tax on land be efficient?  ∙ How do property taxes currently work? o Tax on combined value of buildings and land  o What is the impact on economic efficiency and distribution? ∙ Demand for land  o What makes land valuable?  What other people do   Examples: swimming pool or school system  o Price is determined by demand o What determines demand?  Population, basic needs   Natural features   Factor of production   Speculation   Public and private investments  o Rent is major expenditure for the poor  ∙ Graphs  o Supply and demand for buildings  o Tax on buildings (production cost) o Tax on land (no production cost)  ∙ Impact of shift in land and tax  o Land prices fall   Price*interest ≤ Net Revenue: P*i ≤ R ∙ Assume R is equal to your current rent. ∙ If you buy your apartment, R is the money you save,  or the money you could make renting it to someone  else. If the interest payments on your loan (P*i) is ≤ R, it makes sense to buy  Must account for taxes = P*t ∙ You pay taxes on real estate, which have to be  subtracted from R. The rule therefore is to buy if P*i ≤ R-P*t  Rearrange to get P*i+P*t ≤ R, which is the same as  P ≤ R/(i+t) ∙ When t increases, P decreases  High t à more money goes to government, less to banks  (i.e. interest on loans). ∙ Total costs for buyer are the same.  Supply is fixed so demand sets the price  o Ends problem of underwater mortgages  With high taxes, if revenue decreases, price decreases and  P*t decreases   With low taxes, if revenue decreases, P decreases, but  interest payments on mortgage don’t  o Ends speculation   If revenue increases, P increases, P*t increases   Land owner doesn’t benefit from price increase   Speculative gains taxed away  o Speculative demand and market instability  12/1/16  ∙ Impact of shift in land tax continued… o Helps reduce urban decay  o With current real estate tax, improving run down buildings  increases taxes  o Shifting taxes off building and onto land means taxes will be the  same for an abandoned building and a high rise apartment o Abandoned buildings no longer affordable on high value land  (urban land)  o Landowners must improve or sell  o Limited impact on rural properties where land values are low and there are fewer buildings  ∙ Housing prices and speculation (chart and graph) ∙ Impact continued… o Increases supply of buildings on most valuable land  Where is the most valuable land?  Rents fall o Reduces urban sprawl  With constant population, more people living in urban  areas = less in rural areas  Much lower infrastructure costs (roads, schools, water,  electricity, etc.) o No deadweight loss ∙ Economic rent vs. economic profit  o Definition: That part of a payment for a factor of production that  exceeds the owner’s reservation price   Think about land, fossil fuels, etc.  o Market forces will not push economic rent to zero because inputs  can’t be replicated easily   But taxes can push it to zero  o Farmer example  An absentee landowner rents farmland to a corn farmer for  $30,000/year  Farmer generates an income (TR-explicit costs) of  $30,000/year (normal profit)  A new government subsidy for ethanol increases revenue  from the farmland by $30,000 year  What happens to the rent, the farmer’s income, and the  price of the land?  With high land tax, increase in value goes to government  ∙ The invisible hand in action  o Assume  An unskilled worker has two job choices ∙ Textile worker ∙ Renting land to grow rice  A state funded irrigation program doubles ag output  without changing the market price.  What happens to income of landless?  What happens to price of land?  Who benefits? ∙ *iclicker* What happens to income of landless? o Answer: If income of landless farmer increases, other landless  people will offer to pay higher rent, until landowner captures all  rent ∙ Impact of a tax on oil  o Tax on in ground value of oil = royalties  o Tax on negative externalities from oil = green tax  o Who pays tax when demand is less elastic than supply?   Higher share of taxes paid by the consumer  ∙ General principles o Tax the wealth created by nature of society   “Tax what we take, not what we make” o Tax the bads, not the goods  Tax unhealthy foods or tobacco, etc.  Economics of Climate Change ∙ Goals  o Ecological sustainability  o Just distribution  o Efficient allocation ∙ Thresholds o Stock threshold   What’s a safe level? 350 ppm?  450 ppm?  CO2 vs. CO2e o Flow threshold   Emissions exceed absorption  12/6/16 ∙ Surprises, emergent phenomena and tipping points  o Time lags and uncertainty   How long before we know the effects of 400 ppm? ∙ Recovery time  o Paleocene Eocene thermal maximum   170,000 years  ∙ Impacts on essential, non-substitutable resources (food, water,  ecosystem, extreme water events, risk of irreversible changes)  ∙ Distribution: Mitigation  o Equal reductions per country? o Equal emissions per capita? o Accounting for accumulated stocks  ∙ Distribution: Adaptation  o Adaptation fund  o Who will pay for green technologies?   Private sector?  Public sector? ∙ Efficiency issues  ∙ Mainstream issues  ∙ Market failures  o Fossil fuels: market goods with negative externalities  o Climate stability: pure public good  Impossible for individuals to choose how much to consume  o Waste absorption capacity: open access regime   Creating property rights   Once we choose acceptable level of emissions, markets  could allocate  o Green technology: knowledge required to solve problem is non rival, excludable  o Ignorance and uncertainty  o Missing generations ∙ The Challenge *graph* ∙ Solutions o Do the benefits of halting climate change justify the costs? o How do we measure costs and benefits that occur in the future? o Discounting   Opportunity cost of money (ex: 7%) Pure time preference   Richer future (stern review example)  Uncertainty  ∙ Basic tools  o Prescription   CAFÉ standards, banning coal, etc. o Penalties   Taxes and fines  o Payments   Subsidies and public investments  o Property rights   Tradable permits   Common asset trust   Inalienable rights for future generations  o Persuasion   Do the right thing o Power  International power imbalances   One dollar, one vote or one person, one vote? 12/8/16 ∙ The Nature of reality  o The earth is finite  o The economy is a physical system o Etc. ∙ The order of analysis  o What are desirable ends? o What are the scarce resources? o What is the nature of the scarce resources? o How do we allocate? o We can only decide how to allocate after we know what we  wants, and the resources we have to attain it ∙ Desirable ends: what makes people happy? o Money? = once basic needs are met, no o Desiring less = people who are fine with what they have  o Family and friends  o Community  o Helping others  o Getting old  o Gratitude = keeping a list of things that we’re grateful for  ∙ Satisfaction and income *graph* ∙ Economics should be a science, not an ideology  o Science: empirical testing of hypotheses and theories o Ideology: refuse to test hypotheses or refuse to discard them  when new evidence comes along  o Starting from the assumption that the markets (private property  rights) are always the best is an ideology  o Staring with the assumption that socialism (public property  rights) is always best is ideology  ∙ The economic system is inherently complex o We depend on natural resources, and must understand both  physics and ecology  o Some resources meet the criteria for efficient allocation but most don’t   Plus market efficiency may not be desirable  o Human desires are complex  o Human motivations are complex  o Markets are never perfect   But market instruments offer powerful tools  ∙ Market model is super simplified  o Natural resources are infinite  o Most goods and services fit the market model  o Only money matters, more is always better   Calories model of nutrition  o Only concern is efficient allocation  o Prices are the only required feedback loop  ∙ Economists should consider: o Ecological sustainability  o Social justice  o Efficient allocation  o Whatever tools and feedback loops are required to achieve these goals  ∙ Trade offs  o Conventional course vs. this course  ∙ Would addressing ecological problems be a sacrifice? ∙ How do we get there? o Information flows   Transparent government   Independent media   Education o Changing the rules  o Changing the goals  o Changing the paradigm   What is possible? ∙ Transcending the paradigm o Not everything I taught you is true  o Systems evolve, knowledge improves  o What is true now may not be true in the future o Never blindly accept what you learn in college ∙ Sustainability doesn’t require sacrifice, economic growth does  Assignment #12

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