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•What is biased technological change? What is market power? •How are economic institutions related to political...

•What is biased technological change? What is market power? •How are economic institutions related to political institutions? •How might political economy help explain World War I? •What were the human costs of the war? The economic costs? •You are the finance minister of a new Eastern European republic. •What sort of monetary system would you design for your new state? •In particular, how do you want your exchange rate to work? •What is the trilemma? How does it relate to the gold standard? •What is the balance of payments formula? What happens if a country is pegged too high? Too low? •What is the alternative to devaluing your currency if you run out of reserves? •What is a banking run? What is debt-deflation? •Why did the recession spread globally? •Why did devaluation help countries recover? •How fast was the recovery?

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Biased technological change occurs when a technological transformation creates more aggregate demand for a certain type of labour or labour with high skills as opposed to unskilled labour. Technological transformations are assumed to be factor-neutral, so such a change is considered to be biased. These changes result in higher wage disparities between the two groups.

Market Power is the power exercised by a certain firm or employer in the product market and factor market respectively. It allows the firm to discriminate against the consumers and extort higher profits from them. When only one firm controls the output of the entire market, the firm is known as a monopoly and the firm enjoys the highest degree of market power.

Economic Institutions vs Political Institutions: Economic Institutions design strategies to maximise the size of the economic pie by increasing the amount of economic output. These institutions are mainly concerned with the smooth functioning and growth of the economy. Political Institutions ensure that the strategies that are undertaken are enforced and carried out smoothly. Political Institutions ensure smooth functioning of the economic institutions. Therefore, an increase in the efficiency of political institutions will increase the efficiency of economic institutions.

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