IAS General Studies (M) – Indian Economy
SHORT NOTES – I
4. Nash Equilibrium : An important concept in game theory, a Nash equilibrium occurs when each player is pursuing their best possible strategy in the full knowledge of the strategies of all other players. Once a Nash equilibrium is reached, nobody has any incentive to change their strategy. It is named after John Nash, a mathematician and Nobel prize-winning economist.
5. Negative income tax : A way of building redistribution into the taxation system by taking money from people with high incomes and paying it to people with low incomes. Because it takes place automatically through the tax system, it may attach less stigma to the receipt of financial help than some other forms of welfare assistance. However, it may also discourage recipients from working to increase their income , which is why some countries have introduced a form of negative income tax that is available only to the working poor. In the United States, this is known as the earned income tax credit.
14. Countervailing duties: duties (tariffs) that are imposed by a country to counteract subsidies provided to a foreign producer Current account: Part of a nation’s balance of payments which includes the value of all goods and services imported and exported, as well as the payment and receipt of dividends and interest. A nation has a current account surplus if exports exceed imports plus net transfers to foreigners. The sum of the current and capital accounts is the overall balance of payments.
39. Amartya Sen: Amartya Kumar Sen, is an Indian economist, philosopher, and a winner of the Bank of Sweden Prize in Economic Sciences (Nobel Prize for Economics) in 1998, for his work on famine, human development theory, welfare economics, the underlying mechanisms of poverty, and political liberalism. Among his many contributions to development economics, Sen has produced work on gender inequality. He is currently the Lamont University Professor at Harvard University.
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