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Chapter 18: Q.6 (page 451)
What are some steps the government can take to encourage research and development?
Direct government funding of R&D, tax incentives for R&D, protection of intellectual property.
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Explain whether or not you agree with the premise of the Ricardian equivalence theory that rational people might reason: 鈥淲ell, a higher budget deficit (surplus) means that I鈥檓 just going to owe more (less) taxes in the future to pay off all that government borrowing, so I鈥檒l start saving (spending) now.鈥� Why or why not?
Explain how cuts in funding for programs such as Head Start might affect the development of human capital in the United States.
Under what condition would crowding out not inhibit long-run economic growth? Under what condition would crowding out impede long-run economic growth?
Explain why the government might prefer to provide incentives to private firms to do investment or research and development, rather than simply doing the spending itself?
Why have many education experts recently placed an emphasis on altering the incentives that U.S. schools face rather than on increasing their budgets? Without endorsing any of these proposals as especially good or bad, list some of the ways in which incentives for schools might be altered.
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