Defenitios Flashcards
Data
Facts collected
Information
Data with “meaning”
Evidence
Information that affects the existing beliefs of people about features of problems you are studying
Market Failure
technical properties of good or service
Market Failure reasons
- making it hard to collect payment
- hard to collect true cost of good or service
- hard for consumers to know true quality of good or service
- cost of producing marginal unit not worth it based on demand
Define Complementarity
when two or more activities complement each other to be more productive
example of complementarity
increased public works construction can combat unemployment
define development
sequence of operations may be arranged to take advantage of developmental process
example of development
welfare agency can assess clients for employability before sending them out to search for a job
Define exchange
unrealized possibilities for exchange can increase social value.
example of exchange
reimbursing an agency for services it renders to another agency’s clients or customers
alternatives
policy options, alternative courses of actions, alternative strategies of intervention to solve problem
Dominance
when one policy choice is clearly more efficient than the rest (more effective, more economical)
Garbage can theory
solutions looking for a problem.
solutions that exist waiting for problems to exist
Moral hazard (undesirable side effect)
insulating people from the consequences of their own choices
-unemployment benefits = people don’t look for jobs
Rent seeking (undesirable side effect)
seeking govt help to carve out economic nich for them, for example asking them to regulate their competition, so they are left with no competition
Twenty Dollar Bill Test
Why hasnt anyone picked it up yet?
why hasnt anyone thought about your idea of its so good
Grandma Bessie test
Must be able to enunciate what you are trying to do in less than minute, must go back to drawing board
Iteration
re-examine what you are doing, constantly making choices
example of iteration
redefining the problem
unanticipated consequences
consequences that were not known when the policy was invented
-issues created by policy that were not known
Emergent
issue that arises rapidly and you must confront it
Increments
many choices will be made upon incremental differences
-all outcomes are in/decrements
-something counts .25 cents more/less and that makes you choice it
System Models
- market models
- Production models
- Conformity models
- evolutionary models
values and philosophy
integrated in 4th step
-a possible criteria is a standard used to judge the goodness of a projected policy outcome that are associated with each of the alternatives
burden of justification
even if you lay out options and attach projected outcomes to them, you still cannot escape justifying the projections
