Exam 2 SMC Policy

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4 Terms

1
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The Lesson

“The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy”;

tendency to ignore the 2nd iteration: We only see the short-term consequences

2
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The broken glass dilemma

actually a good thing; glassmaker now has business and this stimulates the economy

3
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Right vs wrong

4
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Julie’s outcome