Explain why equilibrium of supply and demand is desirable.
ECO 365 Week 2 Markets and the Economics of the Public Sector
You have been assigned to a team that has the responsibility of preparing a paper consisting of 1,750 words for the governor’s next economic conference. Your paper should address the following:
Explain why equilibrium of supply and demand is desirable.
Explain the following concepts using the concept of consumer and producer surplus:
o Efficiency of markets
o Costs of taxation
o Benefits of international trade
Discuss how externalities may prevent market equilibrium and the various governments policies used to remedy the inefficiencies in markets caused by externalities.
Analyze the difference between the efficiency of a tax system and the equity of a tax system as it refers to the costs imposed on taxpayers using the benefits principles.
Cite a minimum of 3 peer-reviewed sources, not including your textbook.
Format consistent with APA guidelines.
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In the wake of the collapse of communism in Eastern Europe and the Soviet Union, many analysts thought that democracy had triumphed as the most desirable and prevalent form of government globally.
Prompt: In the wake of the collapse of communism in Eastern Europe and the Soviet Union, many analysts thought that democracy had triumphed as the most desirable and prevalent form of government globally. But only 30 years later, in 2020, that wave of liberal democracy appears to be receding in favor of a tide of illiberalism and autocracy. If this is true, then what do you think are the main causes of democratic decline and the seeming rise of alternatives to it? Additional notes: I have included a list of all the class readings. The sources that are used to write this essay should ONLY come from the class readings. Please use parenthetical citations only (e.g. surname, page number). No outside research is allowed to answer the prompt. All questions from the prompt must be answered. Class Readings: ● Francis Fukuyama, Political Order and Political Decay (POPD), Chapters 1 and 2, pp. 23-51. ● Nils Gilman, Mandarins of the Future: Modernization Theory in Cold War America(Baltimore, MD: Johns Hopkins University Press, 2003), chap. 1, “Modernization Theory and American Modernism.” ● Francis Fukuyama, Origins of Political Order (OPO), Preface and Chapter 1, pp. Ix-25. ● Francis Fukuyama, OPO pp. 26-94 and 460-475. (Malthus to end of p. 475). ● Francis Fukuyama, POPD, pp. 52-80 ● Charles Tilly, “War Making and State Making as Organized Crime,” in Bringing the State Back In, Evans, Peter B., Rueschemeyer, Dietrich and Skocpol, Theda eds., (Cambridge, 1985), pp. 169-191. ● Amartya Sen, “Development as Freedom”, 1999, pages 1-34. ● Abhijit Banerjee and Esther Duflo, “Poor Economics”, 2011, 1-42 (the Introduction) ● Seymour Martin Lipset,“Some Social Requisites of Democracy,” American Political Science Review 53 (1959): 79-84. ● POPD chapters 27-28, pp. 399-426. ● Stoner, Diamond, Girod, and McFaul, “Transitional Successes and Failures: The International-Domestic Nexus,” in Stoner and McFaul, Transitions to Democracy, pp. 3-24. ● Bäck, Hanna and Axel Hadenus, 2008. “Democracy and State Capacity: Exploring a J-Shaped Relationship,” Governance21(1): 1-24. ● Robert D. Putnam, “Social Capital and Institutional Success,” in Making Democracy Work: Civic Traditions in Modern Italy, Princeton U Press, 1993. ● Robert D. Putnam, “Bowling Alone: America’s Declining Social Capital,” Journal of Democracy 6(1), 1995: 65-78. ● Sheri Berman, “Civil Society and the Collapse of the Weimar Republic,” World Politics 49(3), 1997. ● POPD, Chapters 12 and 22, pp. 185-197, 322-334. ● Francis Fukuyama, Identity: The Demand for Dignity and the Politics of Resentment (New York: Farrar, Straus and Giroux, 2018), chapters 7, 11 and 12. ● Larry Diamond, selections from Ill-Winds: Saving Democracy From Russian Rage, Chinese Ambition, And American Complacency, (New York: Penguin Press, 2019), pp. 17-19 and 53-80. ● Andreas Schedler, “The Menu of Manipulation,” Journal of Democracy13(2), 2002: 36-50. ● Lucan A. Way and Steven Levitsky, “The Rise of Competitive Authoritarianism,” Journal of Democracy13(2), 2002: 51-65. ● Brian Z. Tamanaha, “This History and Elements of the Rule of Law,” Singapore Journal of Legal Studies, 2012: 232-46. ● Erik G. Jensen, “The Rule of Law and Judicial Reform: The Political Economy of Diverse Institutional Patterns and Reformers’ Responses,” in Jensen and Heller, Beyond Common Knowledge: Empirical Approaches to the Rule of Law (Stanford University Press: 2003), p. 338-42. ● OPO chapter 19, pp. 276-289.