Well I want you to think about this, the transactions in a market whether it's stickers or jars of mayonnaise or whatever it is, consumers voluntarily hand our money to get something and they do that because they get something that's a greater value than the green sheets of paper. The benevolent dictator has no stake in the game. At the point gamma I know I don't want to stop short of gamma because if I were to somehow stop anything short of gamma as a benevolent dictator, I would know that there's a there is some value for that. If you have any questions, or need the bot to ignore the links, or the page altogether, please visit this simple FaQ for additional information. So consumers are handing over voluntarily green sheets of paper to get products that they value in excess of those green sheets of paper. We will examine one key externality, pollution, and construct a policy prescription to mitigate the negative efficiency impacts of this externality. Gaddafi's rule objectively fails that criteria. We call those consumer surplus; excessive value above what you actually had to pay to get that product and producer surplus; excess of price or revenue in excess of what you really would have needed given your cost structure to offer that unit. But if they do fit that and we do see a competitive outcome, it turns out that competitive outcome is the best outcome we could ever hope for, okay? I know that stopping at this point would be wrong. I'm going to go back because I'm going to really mess this picture up now. And that's the outcome of the competitive market. But instead the market actually gives them this amount. • Explain when and why the government might intervene with regulatory authority or antitrust litigation to lessen inefficiencies in some markets. I'm just showing you the general shape of these. But the benevolent dictator knows for sure that that total gap would be the sum of consumer surplus and producers surplus for that particular output level Alpha.

"Benevolent dictators" are always self-appointed, they are alpha types who want to keep ownership and control, but offload the work to the crowd and get free publicity.--87.162.35.138 (talk) 14:23, 17 March 2010 (UTC), I don't have any sources, but oftentimes economic modelers use the construct of a benevolent dictator to describe an altruistic planner who optimizes the entire economic system's operation for the common good. [3] The HDI of Libya was 0.801 in 1997,[6] which would be considered "high human development", making it the most developed nation in Africa, and nowadays comparable to nations in Eastern Europe and South America in terms of development. After using this metric to consider the efficiency of the competitive market, we will introduce a different market structure, monopoly, and use our efficiency metric to evaluate the equilibrium resource allocation under monopoly. This dictator is a benevolent dictator. Should be in article?--PlanespotterA320 (talk) 23:44, 13 May 2017 (UTC), Pedro II of Brazil actually ruled with an elected parliament and a Prime Minister. Market Failure describes situations where markets fail to find the efficient outcome. Much economic activity takes place in markets with just a handful of very large producers. The benevolent dictator wants to make society better. Any one of those tendencies would disqualify his rule as being classified as a benevolent dictatorship, but he fails all of those criteria. Larry DeBrock is a fantastic professor. There appears to be disagreement over whether Gadaffi belongs in this article as he was in fact a dictator who did many horrific things. Maybe Google Books has more hits. We need to come up with a goal then. I don't.

This course is part of the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. The size of the pie is this big. Don't stop short of that, that's also bad, go right to that point. Okay, if we're going to divide it up that way. As what I want to do produce. So for us this gamma is basically what we'll call the socially, I don't write it all out, socially optimal output. So if the benevolent dictator wants to do is to push all the way out to that particular value. puggo (talk) 23:46, 15 April 2020 (UTC). The strike price just decide who gets what share. So let's think about this. 129.186.252.43 (talk) 18:15, 2 August 2011 (UTC), It would seem that a benevolent dictator does more good for his or her country than the waste that ensues when an elected government is corrupted by external money just to get elected. He may have raised the country's HDI, but this was also while pilfering its coffers frequently for himself. That is a transfer from other taxpayers to different taxpayers or non taxpayers depending on what their income level is. I sincerely loved this class. Dictators such as Castro, Khadafi and to some extent Chavez have put their lives on the line so that their homeland could be run more efficiently to the benefit of its citizens who receive free medical care, education and transport. Right now, we don't know what the price is and we're not really interested in that. We want to construct a measure of efficiency that will allow us to evaluate the attractiveness of these equilibrium market outcomes. Producer surplus would be equal to the $5 they get minus the $2 that they would have done it for, which is 3, and that makes social gain be equal to 5 consumer surplus, plus 3 producer surplus which is 8.

That's unambiguously better and if you as society don't like the distribution later, go back and cut it up. At best the claim for Gaddafi as a benevolent dictator should be controversial, and not worthy of a separate thread.WeifengYang (talk) 23:46, 6 January 2018 (UTC), How was he not one? Let's call this Alpha. Different market structures produce different levels of efficiency.

The benevolent dictator just knows that the size of the pie is going to grow by eight because of the existence of that unit. Now we need to combine these two and so to make this happen, we're going to introduce a new player to our lecture series. Well, the size of the pie is getting smaller because every units that we go past gamma is costing society more than what society values it, that's a net negative amount, the pie is shrinking. Suppose right now, bear with me, let's assume that price is eight dollars. Words that economists like to use is the rent that what consumers are getting above and beyond what they need to. Well that's a different issue. We knew that, we looked at that, we understood that's the market outcome. Once again, thank you to 98.202.127.55 for pointing out these issues. I get 8 minus 2 which is equal to 6. I made the following changes: When you have finished reviewing my changes, please set the checked parameter below to true or failed to let others know (documentation at {{Sourcecheck}}). In case you're looking to start sections on other leaders, I have transcribed the previous entries and their "citations" here: Bourguiba[1] Park Chung-hee[2] Roosevelt[3] Qaboos bin Said al Said[4] Kagame[5][6][7] Abdullah II of Jordan[8][9] Ferdinand Marcos[10], I will be playing gatekeeper for a while here. Cost of resources burned up is just two. To capture this interdependence, we consider collusive arrangements among a small number of rivals as well as the use of simple game theoretic techniques to model equilibrium. Well, it turns out, That yardstick that we have, the benevolent dictator's yardstick, which says maximize the size of the pie. Editors have permission to delete these "External links modified" talk page sections if they want to de-clutter talk pages, but see the RfC before doing mass systematic removals. Now what's important for you to understand is that when we talk about resource allocation, we mean to talk about the way the market is clearing, however might not be a market, maybe it's a dictator, maybe it's the king. In addition, many of the claims made in the previously existing blurb were simply official state propaganda, and were revealed as untrue after he was no longer in power.

I do jest a little bit but it seems that many of the descriptions themselves seem to include this as an example of benelovency. Firm Level Economics: Markets and Allocations, University of Illinois at Urbana-Champaign, Managerial Economics and Business Analysis Specialization, Construction Engineering and Management Certificate, Machine Learning for Analytics Certificate, Innovation Management & Entrepreneurship Certificate, Sustainabaility and Development Certificate, Spatial Data Analysis and Visualization Certificate, Master's of Innovation & Entrepreneurship.

I might add the King of Bhutan to it who measures the success of his country in accordance to the standard "GNH" or "Gross National Happiness"! And what would producer surplus look like? Firm Level Economics: Markets and Allocations, University of Illinois at Urbana-Champaign, Managerial Economics and Business Analysis Specialization, Construction Engineering and Management Certificate, Machine Learning for Analytics Certificate, Innovation Management & Entrepreneurship Certificate, Sustainabaility and Development Certificate, Spatial Data Analysis and Visualization Certificate, Master's of Innovation & Entrepreneurship. Because open source software may be forked, such "dictatorships" are fully voluntary and incorporate the democratic ideal of "consent of the governed". No special action is required regarding these talk page notices, other than regular verification using the archive tool instructions below. I have just modified one external link on Benevolent dictatorship. (Might be worth seeing this Reddit thread for some examples, if not great citations.)

This approach should (fingers crossed) lead to constructive argument and a more informative article than the current bickering over a small (but growing) sentence of the lead. We will determine the monopoly equilibrium price and quantity and efficiency properties. Now, given these general shapes, I'm going to pick an output level and let's just call this output level Alpha. Upon successful completion of this course, you will be able to: So the benevolent dictator he's down out to push people around, the benevolent dictator wants to see society get the most efficient outcome. What you need to know is go all the way out here, and that will make the pie as large as possible.

Externality, Economics, Game Theory, Market (Economics). • Explain how different market structures result in different resource allocations. The benevolent dictator wants to make sure the pie for society is as large as possible, and that happens by going out to this point, which we'll call Q socially optimal, okay? The following Wikimedia Commons file used on this page or its Wikidata item has been nominated for deletion: Participate in the deletion discussion at the nomination page. The benevolent dictator can't tell who gets what. I'll show you a supply curve and I'll show you a demand curve.