IGNOU MEC-106: Public Economics – Tutor Marked Assignment 2024-25 Below are the links to the complete solved answers for all questions in the MEC-106 assignment as per the 2024-25 session. Section-A (20 Marks Each) “The overall welfare of the society essentially depends on the individual utility level”- In the light of this statement, explain the […]
MEC-106: Public Economics – Solved Assignment 2024-25 Read More »
Introduction Macroeconomic stability is essential for sustained growth, employment, and social welfare. When this stability is disrupted, the economy experiences macroeconomic instabilities, leading to volatile growth, inflation, unemployment, or external imbalances. Understanding the causes of such instabilities and the policy tools to address them is vital for economic governance. What are Macroeconomic Instabilities? Macroeconomic instabilities
Introduction Fiscal deficit is a key macroeconomic indicator that reflects the financial health of a government. It occurs when the government’s total expenditure exceeds its total revenue, excluding borrowings. Understanding the fiscal deficit and its financing mechanisms is crucial for analyzing public finance sustainability and its implications on the economy. What is Fiscal Deficit? Fiscal
Introduction This answer provides concise explanations of four important economic and policy concepts: Global Peace Index, Nash Equilibrium, Dual Federalism, and Sink Costs. These topics reflect various dimensions of public economics, from strategic behavior in game theory to structural aspects of governance and investment. i) Global Peace Index (GPI) The Global Peace Index is a
Introduction Public and private expenditures play crucial roles in the economy. While private expenditure is driven by individual choices for personal satisfaction, public expenditure is made by the government to promote social welfare and economic stability. Understanding the distinction between them and the appropriate level of public spending is vital for efficient fiscal policy. H.
Introduction Local public goods and services are essential components of any society, especially in decentralized governance systems. These goods are provided by local governments to address the specific needs of communities. Understanding their characteristics and analyzing the extent to which citizen-consumer choices are acknowledged helps improve public service delivery at the grassroots level. Features of
Introduction Market failure occurs when the free market, operating on its own, does not allocate resources efficiently, leading to a net loss in social welfare. It indicates a situation where individual decisions driven by self-interest fail to result in socially desirable outcomes. One of the major forms of market failure is monopoly power, where a
Introduction The welfare of society is a core concern in public economics. The assertion that “the overall welfare of the society essentially depends on the individual utility level” reflects a foundational idea in welfare economics — that individual preferences and well-being are the building blocks of societal well-being. This response covers the various approaches to
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