Discussion: Externalities and Public Goods

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Discussion: Externalities and Public Goods

Discussion: Externalities and

Is education a public good? Does education have external benefits? If so, what are some of those public benefits? In your opinion are the external benefits large or small? Why? What should government do to promote the efficient provision of products that have external benefits? If you think that government should put more resources into education, what might be some of the opportunity costs of that decision? How would an economist determine the right amount of government support for education?

 

………………………….Answer preview…………………….

For something to be considered a public good, it must exhibit two characteristics. Firstly, it must be non-exclusivity in consumption whereby the nonpayers will not be excluded for consuming it. Secondly, it must be non-rivalry in its consumption whereby the consumption by one party will not diminish the benefits to another person…………………………

APA

339 words

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