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I studied PPE at Lady Margaret Hall college, Oxford University, and currently work as an Economics A Level teacher. I have also examined several different economic units for Edexcel AS and A2.
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Taxation can be used to correct market failures, but taxes can have adverse effects themselves. One of such effect is the deadweight loss that results when taxes are imposed on goods and services.
Assume that the market for Good A is in equilibrium, both consumer and producer surplus are maximised and there is no deadweight loss. An indirect tax is imposed and this policy is likely to cause deadweight losses and changes in producer and consumer surplus.
Based on the above scenario/evidence, you are required to illustrate diagrammatically and the use of appropriate discussion to address the new equilibrium point and all the changes which are likely to occur.
Devi Chand ji
If Indian govt get black money deposited in foreign banks it will be good for Indian economy. It will create supply side and make economic cycle wide.
But note one thing this will not make India America or France. It will not have any big effect on economy.
Main problems of India lie in high population, low development in human resources, corruption etc. Even if govt receive this money, govt can waste this money by improper using as it generally does.
Steve V
We just study economic environment in economics not psychological. Yes IQ is related with economic development , but other things like banking laws etc are more important. It is very difficult to determine direct relation between development of IQ and economic development practically. Actually everything like political development , economic development, technical development etc all are related with each other only because it is human being who make is starting and final factor of these things. For example, countries like Germany, America etc are not just ahead in economic development against countries like Pakistan, Iran, Nepal etc, They are also advance in political , freedom, technology, sports etc.
We can not give much weightage to such issues in economics.
If India gets back the black money parked in Swiss accounts, how will it affect India’s economy?
Hi, and thanks for an interesting blog :)
A subject I’d like to see addressed is the one raised by Richard Lynn and Tatu Vanhanen (among others), and explained most recently in “IQ and Global Inequality”. See http://en.wikipedia.org/wiki/IQ_and_Global_Inequality
This work shows that the size of a country’s economy (per capita GDP) is largely determined by the average IQ (Intelligence quotient) in that country. Given this information, one could easily have predicted (for example) that the first Euro-zone countries to hit a real financial crisis would be Greece, Ireland and Portugal, given their average national IQs of 92, 93 and 95 respectively. Why is this subject addressed by psychologists but never by economists? Are we so bound by Political Correctness that we must ignore such valuable information?
On Jan 2009 I asked a question on the greek current acc deficit, the fixed EUR rate, the lack of competiveness and the debt load and you expanded briliantly on the dangers of the twin deficits and the deteriorating greek credit quality. Now i just need to make a comment that all the analysts, all the policymakers and all the technocrats are taliking about all the possible solutions on the Greek saga with one huge undisclosed assumption in the back of their minds which is a relic of the past: that there won’t be another global recession any time soon. I believe that the bus. cycle will be much more volatile than it used to be and all projections are off if we slow down meaningfully again (politics will be unpredictable). I have been thinking about the possible consequences on such a scenario and they are just horrible. I would therefore like to ask your opinion on the probability of such a recession and your view on how quickly Europe will debacle in such a scenario. Thanks