### 经济代写|微观经济学代写Microeconomics代考|THE STANDARD TEXT

statistics-lab™ 为您的留学生涯保驾护航 在代写微观经济学Microeconomics方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写微观经济学Microeconomics代写方面经验极为丰富，各种代写微观经济学Microeconomics相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|微观经济学代写Microeconomics代考|Public choice and government failure

If markets fail to allocate resources efficiently, government policy could potentially correct it. Our major examples were (i) a Pigouvian tax (or subsidy) to offset an external cost (or benefit); (ii) competition policy, regulation or public ownership to deal with monopoly power; and (iii) providing public goods if the private sector failed to do so adequately. Because the social costs of some market failures are smaller than the costs of government action, sometimes it’s better for government to do nothing.

Up to this point, we have implicitly assumed that governments will appropriately address such economic inefficiencies. But why couldn’t we also have government failures as well as market failures? These could occur if government policymakers fail to recognize the problem, if they don’t have the information to address it adequately, or if they choose inappropriate policies, perhaps creating greater inefficiencies. We need theories of the political marketplace, where policies are determined, to assess the likelihood of government success or failure.

In the same way that we assume that self-interested consumers maximize utility and firms maximize profits, we could assume that actors in the political marketplace also act in their own self-interest. Public choice theory uses this approach. It originated in the United States in the late 1950 and the 1960 with the work of economists including James Buchanan, winner of the 1986 Nobel Memorial Prize in Economics.

In this view, politicians, motivated by the desire for money, prestige and power, seek to gain and to keep public office by attracting the votes that are needed to do that. Bureaucrats are assumed to want to maximize the size of their bureaus and budgets, as this provides them with greater pay and status. People, in their role as voters, support those policies which most closely conform to their own economic interests. They can also further those interests by lobbying politicians, donating to political parties and so on.

What determines which policies will be chosen? Among other things, that depends on the nature of the political institutions and the way that people can express their preferences about policy choices.

The median voter model Let’s consider a simple example of this influential model that’s relevant to the subject of this chapter.

The policy in question is how much income to redistribute to reduce income inequality. This could involve setting income tax rates and providing certain cash transfers to households. Different people will have different preferences, depending upon their interests. Those with low incomes would prefer a significant reduction in income inequality (e.g. through progressive taxes and cash transfers of income to themselves), while at the other extreme those with high incomes would prefer that no inequality-reducing redistribution take place. Imagine voters lined up from left to right, those on the left preferring the largest reduction in inequality, those on the right preferring the least reduction.

## 经济代写|微观经济学代写Microeconomics代考|The costs of taxation

Taxation is costly not only because it is costly for government to collect the revenues and for individuals and business to comply with the tax law, but because it influences economic decisions. These include decisions by households about what and how much to buy and how much to save, and decisions by firms about what to produce and how and where to produce those things.

If the decisions of consumers and firms in the absence of taxes would lead to an efficient allocation of resources, then taxes must cause inefficiency if they change those decisions. We saw this in the analysis of an excise tax using the supply and demand framework in Chapter 3 . In that case, the result was a loss to society of producing less of the taxed good. This loss occurs because some mutually beneficial exchanges no longer take place. A similar analysis can be done for any kind of tax. As long as taxes influence choices that would otherwise be optimal, they create ‘efficiency losses’.

## 经济代写|微观经济学代写Microeconomics代考|The distribution of income and wealth

Countries are usually compared using per-person average income. Because of inequality, however, we need to know about the distribution of income and of wealth to judge how a society is doing in terms of equity. Inequality has been increasing in many countries in recent decades, leading to debate about why this has happened. It has also led to questions about what, if anything, to do about it.

The distribution of income The distribution of income can be measured in two ways. One is the functional distribution of income, breaking income down into its sources like wages and salaries, rent, and profits as we did in Chapter $8 .$ The Classical economists from Adam Smith to Karl Marx used this approach to think about the incomes of workers, landowners and capitalists. This distinction is now no longer as relevant, so economists now focus on the distribution of household incomes.

Incomes can be measured in different ways. ‘Market income’ includes wages and salaries and income from savings (dividends, interest, capital gains). Alternatively, ‘disposable income’ is market income plus cash transfers from government minus income taxes and other direct taxes on wages and salaries (e.g. premiums to national pension plans or for unemployment insurance). Comparing the two allows us to see some of the effects of government on the distribution of income.

Suppose, as in Figure 9.1, households are lined up on the horizontal axis from the lowest income on the left to the highest income on the right. The vertical axis shows the percentage shares of total household income that various groupings of households have. In this example, the poorest 50 per cent of households have 20 per cent of total market income. If household incomes were equally distributed, those households would have 50 per cent of total

income, the amount shown on the 45 -degree line. The gap between the points showing actual household incomes (called the Lorenz curve) and this reference line indicates the nature and extent of market income inequality.

Income inequality can be summarized in a single number to aid in comparing inequality over time and across countries. The most widely used measure that summarizes the entire income distribution is the Gini coefficient. This is the ratio of the area between the Lorenz curve and the 45 -degree line and the entire area under the 45 -degree line. In Figure $9.1$, the Gini coefficient for market incomes is $(A+B) /(A+B+C)$. Its value ranges between zero and one. It’s zero if income is equally distributed; it’s 1 if one household has everything. This method is commonly used to measure both inequality in a country over time and to compare inequality in different countries.

The Gini coefficient can also show how taxation and government transfers of money to households change the distribution of income among households. If governments act to reduce inequality, the Lorenz curve shifts as shown in Figure 9.1. In the example, the half of households with the lowest incomes now have 35 percent of total disposable income compared with 20 percent before taxes and transfers. The Gini coefficient now falls to $A /(A+B+C)$. The extent of redistribution can be measured by the difference in the two Gini coefficients.

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## MATLAB代写

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