- Oct 2018
Federalism has the capability of being both bad and good. It just depends who you ask. On one side the advantages of fedaralism is it creates more effectiveness and makes the government stable. On the other hand federalism is risky it gets expensive, lead to a complex tax system and is slow in responses to crisis.
- Federalism figures prominently in the U.S. political system. Specifically, the federal design spelled out in the Constitution divides powers between two levels of government—the states and the federal government—and creates a mechanism for them to check and balance one another. As an institutional design, federalism both safeguards state interests and creates a strong union led by a capable central government.
- Jun 2018
Mechanism design studies solution concepts for a class of private-information games. Leonid Hurwicz explains that 'in a design problem, the goal function is the main "given", while the mechanism is the unknown. Therefore, the design problem is the "inverse" of traditional economic theory, which is typically devoted to the analysis of the performance of a given mechanism.' So, two distinguishing features of these games are: that a game "designer" chooses the game structure rather than inheriting one that the designer is interested in the game's outcome
Advantages over traditional game theory for token econimics:
- a game "designer" chooses the game structure rather than inheriting one
- that the designer is interested in the game's outcome