POLI 100 FINAL Flashcards
Skills-biased technological change (SBTC)
Inequality might increase if some skills are more valued than others in a high tech-economy. More complex skills get paid more, because there is a higher demand for them. SBTC does NOT explain the wealth disparities we see in the top .1%.
Gini Index
A statistic that shows the distribution of wealth in a country on a scale from 0 to 1. The higher the coefficient, the more unbalanced wealth distribution is (US is at 0.41).
Super PAC (527 group)
“Super PACs” (political action committees) that can raise unlimited funds and spend them on “nonconnected campaigning”. they cannot coordinate with a candidate or party. Their goal is to influence elections by shaping how candidates are viewed; all in order to get their desired policies enacted.
Citizens United v. FEC
A 2010 supreme court landmark decision which freed corporations and unions to spend money on advocation for the election or defeat of political candidates. They however were forbidden from contributing directly to candidates or political parties.
Internal Revenue Service
The revenue service for the US federal government, which is responsible for collecting US federal taxes, enforce federal tax laws, process tax returns, and perform audits (they will come for you).
Fixed-rate mortgage
A mortgage loan where the interest rate remains the same throughout the term of the loan. This means you will know exactly how much interest you’ll pay over the span of your loan.
Home Mortgage Interest Deduction
An interest deduction that is paid on home mortgages. People who own their house can reduce their taxable income through this.
Amortization
Paying back a debt through periodic installments over time, or spreading out loan payments over time.
Compound Interest
The interest you earn on interest. You pay the interest on what is owed, and eventually on the interest you’ve paid as well. Each time you make a payment, some of that payment will pay down the interest that has accrued since the initial purchase. This can result in paying much more than the sticker price of an item.
Tax Bracket
Tax brackets show you the tax rate you will pay on each portion of your taxable income. They mark the range of incomes taxed at a given rate.
Consumer Financial Protection Bureau (CFPB)
Protects consumers from deceptive and abusive company practices. They take action against companies that break the law. Will sue your socks off if you are a bad guy who happens to run a bad company. Maintains a fair marketplace and develops rules to do so.
Collective Bargaining
A process of negotiation between employers and a union (group of employees/workers), with the goal of regulating salaries, conditions, and benefits.
Federalism
A mode of government that involves federal and state governments, where certain powers are shared, others are exclusive to one or the other.
Duverger’s Law
Proportional representation systems foster multi-party systems. We have two parties because of the way our rules for elections are set up (plurality-rule). The rules force the result.
Expressed Powers
Things that are explicitly stated in the Constitution. Examples would be coin money, declare war, raise an army, etc.
Germane
“Relevant”. Amendments to proposed bills must be politically related to the proposed legislation.
Amicus Curiae
Friend of the Court. An impartial individual/organization who is permitted to assist a court by offering expertise/service that the court officials could not. Also an example of an Information Subsidy.
V=P(B)-(C)
Anthony Downs Equation. Participation in politics is calculated by cost/benefits but also by how voting psychologically impacts the voter. Voting is irrational!
Selection Bias
1936 Literary Digest. Polling one demographic, or at least not selecting a representative sample of the population for a poll.
Social Desirability Bias
Psychological. People are more likely to choose answers that are socially desirable.
Response Bias
Addresses why people respond or don’t respond when given the opportunity to respond or not respond.
Mobilization Bias
Pluralism is not balanced. Political agendas may be manipulated by influential/upper class groups.
Prospective Vote
A or B? Hard. You hold both candidates up and evaluate each one based on their utility to you. The problem is that we rarely have that much information, and only very sophisticated voters will bother to calculate a candidates utility.
Retrospective Vote
Was A okay? Easy. Evaluate candidates based on how the candidate has done. (Did they fulfill their campaign promises, did they have any scandals, is life good???). A potential danger is that people blame/associate a candidate for things out of their control.
Framing
One of three main theories of influence. Framing is a method in which political parties or candidates will present facts in a manner that makes them/their party, along with their policies, favorable compared to the others.
Funnel of Causality
Why we vote the way we vote. The funnel of causality refers to the factors that contribute to our party identification, which determines how we vote and who we associate with politically.
Judicial Precedent
Previous (and important) legal principles help inform lower courts and subsequent cases.
monetary policy
Central Banks use monetary policy to manage economic fluctuations and create price stability (low and stable inflation rate). Open market operations, changing reserve requirements, discount rates, etc.
fiscal policy
US government uses fiscal policy with the goal of maintaining a healthy economy. Adjust tax rates and government spending.
cabinet secretary
the person in charge of coordinating policy and managing the flow of information between the president and the federal departments. also responsible for representing the Cabinets interests to the White House.
regulatory capture
When regulatory agencies are dominated by the interests they are meant to regulate rather than public interest.
civil service
civil servants who are employed by the executive, legislative, or judicial branches of the federal government. they are hired rather than elected. an example would be teachers. salary paid by taxpayers.
